PE backed IPOs India Trendbook 2018 - EY
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PE backed IPOs India Trendbook 2018 Disclaimer: This analysis excludes IPOs listed on the SME platform. PE backed IPOs– India Trendbook 2018 1
Contents 2 PE backed IPOs– India Trendbook 2018 Disclaimer: This analysis excludes IPOs listed on the SME platform.
05 Foreword 06 IPO activity overview – A historic perspective 10 Sector-wise analysis of IPO activity 14 Performance analysis of IPOs 18 Regulatory and tax update 20 Indian IPO trends and outlook 2018 24 About EY’s IPO Advisory Practice 32 About EY’s Investor Relations Practice 36 About EY’s Private Equity Services Practice Disclaimer: This analysis excludes IPOs listed on the SME platform. PE backed IPOs– India Trendbook 2018 3
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 in the emerging markets context, wherein the are an important exit route for private equity (PE) value add brought in by PE investors comprises backed companies. In 2017, Indian companies of operational improvements, putting in place raised US$11.6 billion across more than 38 IPOs governance structures and streamlined processes (excluding SME IPOs) making it the best ever year in and controls to take care of the pains and complexity terms of IPO proceeds. Of this, IPOs by PE backed that comes hand in hand with growth. companies in 2017 represented 55% by volume and 38% by value. 2017 was also a record year for PE Outlook for PE backed IPOs remains correlated with investments and exits in India, one where aggregate the fortunes of the Indian capital markets. As opined PE investment equaled 1% of the country’s GDP. In in the recently published Global IPO Trends: Q1 the period to May 2018, the strong momentum has 2018 report by EY Global, “the Indian IPO market continued, with seven PE backed IPOs adding up to is expected to remain robust in 2018 due to the US$174 million. resilient nature of the economy and strong domestic liquidity. The IPO pipeline is healthy with dozens This report provides a historical analysis of PE of companies looking to go public later this year, a backed IPOs in India over the past five years, significant proportion of which are PE backed.” The between 2013 and April 2018. This includes capital markets are however impacted by certain analysis of top PE backed IPOs by key sectors, value global factors like the spike in oil prices, US Fed rate and volume. We have also attempted to summarize tightening, recent stance of the US on international the top recent tax/regulatory changes impacting trade policies, geopolitical tensions and local factors either IPO exits by PE investors or impacting the like the upcoming elections in 2019, all of which general taxability of stock market investors. have contributed to rise in volatility since February 2018. This volatility could potentially delay some From a performance perspective, on an average IPOs. However, the medium term outlook for PE PE backed IPOs have outperformed non-PE backed backed IPOs remains positive in our view. IPOs, compared to their offer price across time periods. Both PE backed and non-PE backed IPOs We hope you enjoy reading this report and find it have performed better than the Index1 (please see useful. Do share your feedback with us. page 15 for further details). This is not surprising Vivek Soni Sandip Khetan Partner and National Leader Partner and National Leader, Private Equity Services Financial Accounting Advisory EY India 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 5
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 6 5 5 5 4 4 4 1,000 3 3 2 1,381 2 1,243 1 1 1 1,522 183 228 368 15 0 0 0 0 112 54 33 293 306 284 730 1,016 633 2,080 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Till April 2013 2014 2015 2016 2017 30, 2018 Value of Proceeds(US$m) Number of PE backed IPOs 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% 83% 80% 78% 80% 60% 80% 60% 67% 60% 57% 72% 39% 56% 55% 43% 40% 43% 42% 50% 33% 30% 30% 20% 0% 0% 0% 0% 0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Till April 2013 2014 2015 2016 2017 30, 2018 Value of PE backed IPO proceeds as % of total 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 7
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 Issue size Fund houses Issuer IPO exits (US$m) Temasek 5 3,096 Healthcare Global Enterprises Limited, Godrej Agrovet Limited, SBI Holdings Life Insurance Company Limited, ICICI Prudential Life Insurance Advisors 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 4 365 Power Mech Projects Limited, Parag Milk Foods Limited, Dixon Equity Advisors Technologies India Limited Sequoia Capital 4 285 Just Dial Limited, Equitas Holdings Limited, Quick Heal Technologies India Limited, Prataap Snacks Limited Netherlands 3 541 Equitas Holdings Limited, Ujjivan Financial Services Limited, MAS Development Finance Financial Services Limited Fairwinds Asset 3 229 Khadim India Limited, Shankara Building Products Limited, Amber Managers 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 2 432 Dr. Lal Path Labs Limited,Equitas Holdings Limited Ventures 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 Power and utilities Pension Plan Investment Board (CPPIB) 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 9
Sector analysis (2013-April 2018) Exhibit 7: Sector cut by number of IPOs Financial services Technology 5 13 20 DIP Infrastructure 4 16 Number of 4 RCP Pharmaceuticals Number of PE backed non–PE backed 4 IPOs (39) 3 IPOs (66) Healthcare Food and agriculture 5 Media & Logistics 8 entertainment 5 5 5 3 4 Others 3 Source: EY Analysis of NSE and VCCEdge Data. RCP – Retail and Consumer Products | DIP – Diversified Industrial Products ►► 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 1,436 1,945 Financial services Technology 454 266 DIP Infrastructure 638 Non-PE 331 PE backed backed IPO IPO proceeds proceeds 458 RCP Pharmaceuticals (US$10,481 m) 510 (US$10,284 m) 5,420 5,587 634 Healthcare Logistics 288 301 Automotive Aeronautics 356 1,157 251 Power Others 353 and utilites 383 Source: EY Analysis of NSE and VCCEdge Data. RCP – Retail and Consumer Products | DIP – Diversified Industrial Products ►► Financial services recorded some of the largest IPOs between 2013 and April 2018 ►► Financial services IPOs that were PE backed were primarily of banks and NBFCs while the non-PE backed IPOs were of large public sector insurance companies Disclaimer: This analysis excludes IPOs listed on the SME platform. PE backed IPOs– India Trendbook 2018 11
Financial services accounted for more than 50% of all IPO proceeds raised by both PE backed and non-PE backed companies Top 3 PE backed IPO sectors by proceeds Top 3 non-PE backed IPO sectors by proceeds Financial services Financial services Issue size (US$m) PE IPOs (#) Issue size (US$m) PE IPOs (#) 5,587 13 5,420 5 Food and agriculture Infrastructure Issue size (US$m) PE IPOs (#) Issue size (US$m) PE IPOs (#) 912 8 1,157 5 Pharmaceuticals Aviation Issue size (US$m) PE IPOs (#) Issue size (US$m) PE IPOs (#) 634 4 638 1 Source: EY Analysis of NSE and VCCEdge Data. Exhibit 9: Sub-sectors of top PE backed IPO sectors by proceeds Sectors Sub-sectors US$m Volume(#) Financial services Insurance 3,101 3 Banks 875 2 NBFC 765 3 Miscellaneous 528 5 Home finance 504 2 Food and agriculture Food processing 434 4 Food and beverages 245 2 Agriculture 178 1 Pesticides and agro chemicals 54 1 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 - - 2 - 1 1 products E-commerce 1 Education - - - - 1 - Financial services 1 - - 5 6 1 Food and agriculture 1 3 2 2 - 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 1 1 - 1 2 - products 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 13
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% 53% 52% 51% 50% 48% 47% 46% 44% 41% 40% 40% 35% 34% 32% 29% 28% 29% 28% 30% 21% 21% 19% 20% 14% 16% 10% 10% 7% 1% 1% 0% 1 month 1qtr 2qtrs 3qtrs 4qtrs 5qtrs 6qtrs 7qtrs 8qtrs 9qtrs 10qtrs 11qtrs 12qtrs Non-PE backed IPOs PE backed IPOs 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 lim- ited 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 15
Exhibit 12: Average absolute performance of IPOs in the financial services sector 336% 335% 304% 289% 285% 267% 235% 185% 153% 135% 122% 85% 66% 67% 48% 48% 42% 42% 44% 47% 31% 37% 39% 21% 24% 29% 35% 11% 16% 6% 1% 3% 3% 1% 6% -15% -10% 1 month 1qtr 2qtrs 3qtrs 4qtrs 5qtrs 6qtrs 7qtrs 8qtrs 9qtrs 10qtrs 11qtrs 12qtrs Non-PE backed IPOs PE backed IPOs 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% 150% 143% 130% 110% 102% 89% 86% 85% 90% 80% 78% 70% 58% 46% 49% 50% 29% 33% 32% 25% 28% 27% 30% 20% 16% 18% 19% 10% 8% 8% 12% 12% 10% 1% 2% 2% 5% -10% -1% 1 month 1qtr 2qtrs 3qtrs 4qtrs 5qtrs 6qtrs 7qtrs 8qtrs 9qtrs 10qtrs 11qtrs 12qtrs Non-PE backed IPOs PE backed IPOs 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% 66% 58% 55% 60% 52% 54% 48% 40% 35% 27% 20% 15% 16% 10% 13% 4% 2% 2% 5% 7% 4% 2% 1% 3% 4% 4% 5% 5% 1% 0% -4% -20% -14% -14% -13% 1 month 1qtr 2qtrs 3qtrs 4qtrs 5qtrs 6qtrs 7qtrs 8qtrs 9qtrs 10qtrs 11qtrs 12qtrs Non-PE backed IPOs PE backed IPOs 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 tech- nology IPOs recorded a modest return in line with the index Exhibit 15: Average absolute performance of IPOs in the infrastructure sector 110% 90% 70% 56% 54% 55% 48% 50% 32% 30% 25% 13% 12% 13% 16% 17% 12% 7% 9% 7% 11% 9% 10% 1% 1% 2% 4% -10% -6% -16% -12% -14% -30% -28% -26% -26% -31% -34% -33% -50% -52% -70% 1 month 1qtr 2qtrs 3qtrs 4qtrs 5qtrs 6qtrs 7qtrs 8qtrs 9qtrs 10qtrs 11qtrs 12qtrs Non-PE backed IPOs PE backed IPOs 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 17
Regulatory and tax update
Tax implications Implication of capital gains on ►► Please note that the cost of acquisition is relevant from grandfathering past gains standpoint sale of Indian company shares in ►► Considering the ambiguity, two broad views emerging an “offer for sale” under IPO are as under: ►► In absence of determination of cost as on ►► Historically, long-term capital gains on listed equity 31 January 2018, the charging mechanism fails shares held for more than 12 months were eligible for a ►► Fair Market Value shall be the price that the shares tax exemption, subject to payment of securities transac- would ordinarily fetch on sale in the open market tion tax (STT) ►► We are awaiting clarifications from the Central ►► Subsequently, Finance Bill 2018 introduced levy of tax Board of Direct Taxes (being the apex body) in this at the rate of 10% (excluding applicable surcharge and regard to ensure clarity and certainty 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 Computation of period of holding from 1 April 2018 ►► Deemed cost of acquisition as on 31 January 2018 ►► Capital gains shall be treated as long term in nature is prescribed for listed and unlisted equity shares to provided the relevant equity shares have been held for grandfather past gains (if any) atleast twenty four months prior to the relevant date of ►► On 24 April 2018, the Central Board of Direct Taxes “offer for sale” under IPO issued draft notification that protects genuine cases on ►► If the gains are treated as short term in nature (i.e., non STT based acquisitions (such as bonus issue, rights shares are held for less than twenty four months prior issue, etc.) to the relevant date of “offer for sale”), the applicable capital gains tax rate shall be 15% (excluding applicable surcharge and cess) Capital gains on sale of equity ►► Irrespective of the above, the relief under relevant tax shares in an IPO treaties may continue to be available, subject to satis- faction of all conditions for claiming benefit under the ►► The shares sold in an “offer for sale” under IPO are of 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 for 14% of total IPOs in 2Q2018 and 16% of IPOs in 1H2018. In terms of proceeds, Indian exchanges ►► Overall, Indian IPO activity in 1H2018 was at a accounted for 5% of global proceeds in both 2Q2018 comparatively higher level than 1H2017 and saw 90 and 1H2018 IPOs raise US$3.9 billion driven by solid activity in ►► Out of 90 IPOs that were listed in 1H2018, 15 listed 1Q2018. This was 27% and 28% higher than 1H2017 both on National (NSE) and Bombay (BSE) accounting activity in terms of number of issues and proceeds for 93% of the total proceeds for 1H2018. National SME respectively, as companies tried to take advantage recorded 47% (42) of all IPOs listed, contributing a mere of the liquidity in the markets on the back of a solid 5% to the country’s proceeds in 1H2018. Similarly, 2017 Bombay SME recorded 37% (33) of all IPOs listed, ►► However, activity slowed down a bit in 2Q2018 contributing 2% to the total proceeds primarily owing to increased volatility in the stock ►► For 1H2018, top five sectors in terms of number of markets. 2Q2018 saw 36 IPOs raise US$1.7 billion IPOs were – industrials (27), consumer staples (18), which was 33% and 24% lower than 1Q2018 in terms materials (14), consumer products (10) and technology of number of issues and proceeds respectively. This (5) was mainly due to the sharp correction in the last ►► By way of proceeds, the top sectors were – industrials couple of months, thereby wiping out whatever gains (US$1.5 billion), financial sector (US$1.5 billion), the fresh issues had garnered consumer staples (US$279 million), TMT (US$160 ►► Compared with 2Q2017, Indian IPO activity million) and health care (US$158 million) witnessed mixed results in 2Q2018. While the ►► First day average returns for companies that have activity was up by 6% in terms of number of IPOs, it started trading by 31 May are at +6.2%, while the was down by 29% in terms of proceeds current YTD returns (as of 31 May 2018) are at +3.0%. ►► Globally, Indian exchanges recorded the highest IPO Comparatively, BSE Sensex gave +4% returns during activity in terms of number of issues, accounting this period while Nifty 50 gains were at +3% Disclaimer: This analysis excludes IPOs listed on the SME platform. PE backed IPOs– India Trendbook 2018 21
Outlook ►► Several companies have lined up for IPO plans worth The outlook for the rest of 2018 looks positive, driven by US$5 billion in the coming months, consequently the relatively stable equity markets and sound corporate earn- prospects for India IPO activity are bright for the rest of ings. Stripping away the volatility driven by global factors the year. The stock market is seeing a lot more volatility seen since February 2018, steady investor confidence and this year and thus the time window for listings will get the rise in domestic capital participation in the equity mar- shorter as compared to last year. Also, a certain level kets is encouraging a healthy IPO pipeline across sectors of uncertainty surrounding the next year’s general elec- and markets. In general, earnings growth across key sectors tions may impact the overall IPO activity in the country has been positive. Conversely, while the micro is improving / expected to improve, the macro is facing headwinds ►► However, going by the response last year, the deal sizes are expected to get larger. Inflows of domestic capital In general, India should continue its IPO boom due to the remains strong leading to many opportunities for com- resilient nature of the economy, strong domestic liquidity panies to take the IPO route and a strong pipeline of DRHPs filed with SEBI ►► PSUs expected to go for listing this year include six On the downside, new geopolitical tensions and uncer- state-owned entities — Indian Renewable Energy De- tainties on the EY IPO Sentiment Radar TM velopment Agency (IREDA), Rail Vikas Nigam, IRCON can play spoilsport International, RITES, Garden Reach Shipbuilders and Engineers and Mazagon Dock - as the government ►► Trade wars between the US and China / Europe / rest intends to unlock the true value of such PSUs and bring of the world could impact global trade and slowdown in greater accountability growth across economies ►► Financial services, infrastructure and consumer compa- ►► Italy’s debt crisis and UK’s progress on Brexit could nies with strong growth continue to be favourable bets. cause a flight to safety making emerging market curren- We do expect some pressure on deals in sectors where cies like India extremely vulnerable to adverse fluctua- companies have failed to deliver earnings or are prone tions to corporate governance concerns ►► Spike in oil prices can cause India’s fiscal deficit to bal- ►► The rising renewable energy industry is likely to witness loon as well as stoke inflation a surge in IPO activity as they look to tap the country’s ►► Unwinding of the stimulus by the US Fed can have far capital markets. Many companies in this sector are reaching impact on emerging markets preparing for initial public offerings. However, they may ►► Impending general elections and any fears of a frac- face challenges given the volatile equity markets, lack tured mandate could suddenly cause the investor senti- of clarity on long term policies, industry outlook and ment to turn negative overvaluation issues ►► 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 aquacul- ture production is estimated to touch a record seven lakh tonne during the current fiscal and reach one mil- lion 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 22 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 ►► Preserve optionality with early IPO may impact investor sentiment for IPOs. readiness preparations Pre-IPO companies should analyze how these factors ►► Prepare early to complete your IPO quickly may affect their business and ultimately their impact in narrow IPO windows on the timing and value of their transaction in view of ►► Be flexible in timing and pricing their chosen IPO destination. 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 An IPO being a special transaction requires seasoned growth. professionals to make it a success. There are multiple advisors who are party to this transaction: ►► An IPO is not simply a one-time financial transaction, rather it’s a milestone in a complex transformation 1. Bankers from private to public company. 2. Legal Counsels ►► While the market looks promising, companies that are 3. Auditors fully prepared will be best able to leverage the window 4. Regulators of the current IPO opportunity IPO readiness gaps Strong equity IPO project story execution GAAP analysis Reporting and co-ordination IPO offering Reporting acceleration documents and disclosures Timely and Data room accurate financials management Audit committee Prospectus Financial Audit What’s changing preparations communications for you Stock exchange Investor relations listing requirements Indian GAAP / SEBI / Ind-AS / IFRS ICDR / LODR Governance Disclosure and reporting Estimates and Demerger / controls assumptions Business acquisitions Accounting Optimal tax policies and structuring procedures 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 Project Management Office Staff augmentation ►► Understand current state and ►► Coordination amongst ►► ►Accounting close assistance the IPO plan all internal and external ►► ►GAAP Conversion (Indian GAAP/ ►► ►Perform diagnostics and gap stakeholders Ind-AS) analysis ►► ►Data room management ►► ►Assist in the preparation of ►► ►Develop plans to address gaps ►► ►Milestone monitoring financial information required in ►► ►Recommendations ►► ►Dashboards IPO ►► ►Staff augmentation ►► ►KPI mapping and alignment based on company strategy Governance, risk and controls Tax planning and restructuring Benchmarking ►► ►Board composition; ►► ►Structuring of the proposed ►► Benchmarking accounting committee formation business acquisition policies disclosures, processes and ►► ►Board governance guidelines, ►► ►Review of documents KPI in relation industry peers committee charters, code of ►► ►Evaluate alternate options ►► ►Recommendations to improve conduct, etc. processes based on ►► ►Recommendation and ►► Enterprise Risk Management market and peer comparison finalization of proposed option ►► ►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 companies and individuals 26 PE backed IPOs– India Trendbook 2018
Benefits of having EY Save time Reduce cost and Increase transaction Share pressure certainty knowledge Merchant Reputed Banking & professional Transaction Tax firm having Services under a global single umbrella footprint Focused Capital Markets Team having Offering experience of merchant more than 100 banking years services* Well positioned Updated knowledge base in to advise the ever-changing regulatory No conflicts of environment interest Experienced professionals, industry databases and Impeccable best practices track record Recognized among regulators, exchanges and inter-mediaries *EY Merchant Banking Services is a Securities Exchange Board of India (SEBI) registered merchant banker PE backed IPOs– India Trendbook 2018 27
IPO readiness 28 1 IPO readiness and destination assessment and diagnostics ............................................................................................. 2 Analyze capital structure options (debt vs. equity mix options) ...................................................................................... 3 Support in preparing IPO beauty contest (e.g., organization, questionnaire for investment banks, lawyer, IR agency) .... Strategy 4 Peer group analysis covering readiness aspects (e.g., KPIs, segment reporting, GAAP and IR) .................................................... Align operational 5 Support for and creation of a holistic integrated IPO fact book and brief investor presentation .................................................... goals with your Strategy 6 Assistance with and review of IPO valuation models (e.g., use of multiple methods to find own valuation range) .......................... finance strategy 7 Support for business plan and creation of KPIs (pre- and post-money view) ....................................................................................... 8 Evaluation of sustainability story and reporting requirements, plus regulatory analysis ........................................................................ PE backed IPOs– India Trendbook 2018 1 Tax optimization of shareholder and exit structure .......................................................................................................... Structures 2 Creation and optimization of transparent company structure in line with segment reporting and equity story .............................. and taxes 3 Support in creating the potential issuer (country of registration) and chosen capital structure .................................................... Establish a 4 Support in creating the issuer's legal form, articles and bylaws of corporate governance system chosen .................................. transparent taxes 5 Support for specific IPO issues of tax accounting (review and assistance) ................................................................................... company 6 Design and creation of corporate governance structure and specific rules of procedure for the management board ............................ structure and Structures and 7 Design of future shareholders' influence following IPO (articles, voting rights, share classes and majorities) ......................................... optimize taxes Structures and taxes listing services overview 1 GAAP and IFRS conversion (diagnostic reviews, conversion implementation plans and full conversion) .............................. 2 Assistance with fast and advanced closing process for financial statements ................................................................... 3 Support for and preparation of required reports and financial statements disclosures for prospectus ................................ Financial 4 Support for and improvement of forecasting systems and capabilities (including working capital model) ..................................... Prepare all 5 Evaluation of IPO accounting issues (e.g., segment reporting and revenue recognition) ............................................................ finance-related Financial Financial 6 Audit and assurance services for financial statements required during and post-IPO .......................................................................... infrastructure 7 Opinion on annual financial statements, internal controls and management letter ............................................................................. 8 Evaluation of the appropriateness and suitability of current debt facilities .......................................................................................... 1 IT effectiveness assessment and process improvement services ...................................................................................... Your IPO work plan and EY’s IPO and 2 Assistance with operational carve out and separation issues (e.g., IT and HR) ............................................................................ Systems 3 Transfer pricing analysis and documentation for ongoing related party transactions .................................................................. Build the right 4 Support for and testing and improvement of risk management systems ..................................................................................... supporting 5 Support for and testing and improvement of compliance systems (including fraud and bribery) ......................................................... systems to Systems 6 Identification and documentation (e.g., entity-level controls, IT general controls and business process controls) .................................. fulfill ongoing 7 Evaluation of existing controls, identification of weaknesses and ongoing testing of control effectiveness ............................................ requirements 8 Internal audit planning and performance of internal auditing .............................................................................................................. 1 Assistance with setting up IR (internal organization, processes, infrastructure and ownership) ..........................................
7 Evaluation of existing controls, identification of weaknesses and ongoing testing of control effectiveness ............................................ 8 Internal audit planning and performance of internal auditing .............................................................................................................. 1 Assistance with setting up IR (internal organization, processes, infrastructure and ownership) .......................................... 2 Preparation of whistle-blower program and hotline ................................................................................................................... Functions 3 Support with establishing compliance officer and internal compliance levels ............................................................................... Manage investor 4 Support with IR strategy (e.g., equity story building, KPIs, media plan, communication lines and policies) .................................... relations, 5 Review of effectiveness of investor relations with regard to meeting investor demands ....................................................................... Compliance, 6 Training of external reporting process owners in IFRS for capital market communication .................................................................... and boards and Functions 7 Setup of an internal and external IPO communications plan ............................................................................................................... committees 8 Review requirements for corporate secretarial and legal resources ................................................................................................... 1 Review of the incentive schemes of key people ............................................................................................................... 2 Assistance with recruiting new hires (board composition, supervisory board members and IR officer) .......................................... 3 Creation of long-term employee incentive plan ....................................................................................................................... Leadership 4 Creation of stock option plans according to company’s goals and capital market eligibility .......................................................... Build credibility 5 Training of employees on capital market issues (e.g., insider regulation, ad hoc disclosure and directors dealings) ............................. and board 6 Documentation of new capital market status in employment contracts and compliance levels .............................................................. independence Leadership 7 Development of relevant internal policies and manuals (e.g., code of conduct, ethics, ESG and CSR) ................................................... 8 Board support (finance policy, corporate governance report, committee and CEO instructions) .......................................................... 1 IPO time line development and tracking of milestones ...................................................................................................... 2 Preparation, organization and operation of IPO data room ............................................................................................... 3 IPO due diligence services (e.g., financial and taxes) according to issuer's and IPO intermediaries‘ requests................................. Timing 4 Strategic IPO advisory providing coaching for the board and assistance with IPO project management ...................................... Design your IPO Timing 5 Dual-track organization of IPO and plan B .............................................................................................................................. value journey 6 Review of registration statement for compliance with rules and regulations of specific exchange and regulator …................................ 7 Setup of a corporate communication calendar for the entire infrastructure from day one ................................................................. What is IPO readiness? IPO considerations and planning You will save time, reduce costs and increase transaction certainty by adopting a structured approach to 12–24 months prior to IPO your IPO journey. We recommend that you start this journey with EY’s IPO readiness service, which covers IPO execution all areas specific to the IPO case and is designed to guide your company through a successful 6–12 months leading up to IPO transformation from private to public status. IPO Being public PE backed IPOs– India Trendbook 2018 29
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 enable progress discussions and hold workstreams progress, address risk, and support realization of accountable to delivering on target roadmap benefits ►► 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 management process to look ahead and proactively Tools identify program risks and develop effective mitigation plans Roadmap monitoring Bi-weekly status reporting 30 PE backed IPOs– India Trendbook 2018
IPO thought leadership IPO destination Global IPO guide trends report Helps you to Explores the determine which major themes capital market and trends or listing zone, currently shaping stock exchange the market and segment through analysis, will support articles and your company’s interviews. strategy. EY’s guide to going public Guides you Investor through the Relations critical factors that go into a Exploring how successful initial investor relations public offering is organised in and the EY IPO companies pre value journey. 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 Uncertainty Risk motivates Results in a higher fosters uncertainty creates risk investors to demand a cost of capital and higher rate of return 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 ►► Enough information to meet regulatory financials 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 Services offered access to the capital markets ►► Design and establish an appropriate IR program EY’s Investor relations practice is grounded in the that help the clients meet the rigorous demands of fundamental equation: the financial community + ►► Draws upon our experience in establishing IR Company’s financial performance programs to bring together a range of ongoing IR support services ►► Our experience with investor and analyst perspec- tives, coupled with our proven methodology helps How that performance is interpreted = drive shareholder value for our clients by the investment community Company’s equity value IR’s build process Where does the IR function stand compared to the best practices? How should IR capability be How should ongoing activities in What should the IR capability designed and implemented? the IR function be managed? look like? As – is Assessment Design and build IR function Ongoing run support 4 weeks 4 weeks TBD Assess current IR state and IR Function Definition align with best Project kick-off practices IR IR Master Plan design and implementation Governance - Support Understand Knowledge Transfer business needs, IR vision/ strategy IR Governance Definition Management Review 34 PE backed IPOs– India Trendbook 2018
EY’s competencies Real-world skills and Full-service experience of research, high-value offering corporate investor relations and capital markets EY’s competencies Measureable Core team comprising performance of MBAs/CAs, rich in experience Disclaimer: This analysis excludes IPOs listed on the SME platform. 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 world. EY has 16 offices spread across 10 cities in India. more than 25 years, with approximately 25,000 seasoned Worldwide, our 247,570 people across 150+ countries professionals worldwide dedicated to the industry and its and 700+ cities are united by our shared values and their business issues. EY serves 74% of the top 300 PE firms unwavering commitment to quality. included in the Global PEI 300 firms list. Private equity ►► EY’s India Private Equity Services Practice has been firms, portfolio companies and investment funds face among the top advisors for private equity deals over the complex challenges. They are under pressure to deploy past ten years. EY has been awarded the “Most Active capital amid geopolitical uncertainty, increased competition, Transaction Advisor” award by Venture Intelligence for higher valuations and rising stakeholder expectations. 2009-2013 and also the “Investment Bank of the Year, Successful deals depend on the ability to move faster, Private Equity” award by VC Circle in 2012 and 2017. drive rapid and strategic growth and create greater value ►► EY’s India Private Equity Services Practice provides val- throughout the transaction life cycle. EY taps its global ue to PE funds and their portfolio companies through its network to help source deal opportunities and combines deep sector and service expertise. EY India is organized deep sector insights with the proven, innovative strategies around key industry verticals in a matrix structure that that have guided the world’s fastest growing companies. enables us to offer an unparalleled blend of industry In India, EY is among the leading providers of advisory, tax, expertise and functional skills. We actively track about transactions and assurance services. The organization is 15 sectors with sector leads driving our penetration in also the number one professional services brand* in India, each of those sectors. 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 34 34 40 49 39 41 43 28 26 29 29 33 21 21 24 18 19 15 21 20 18 19 12 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 EY 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 Fund assurance (Personal tax)� (Assurance and Tax Structuring) Fund Raising (Audit of fund performance) Funds Buyside support (Financial Due Diligence, Buyside advisory Transaction Tax Structuring and Diligence, (M&A and valuations, Fraud, Investigation and Advisory Business DD, Environmental Dispute Services) Services Compliance,CDM Human Capital, Valuations) Portfolio Services Exit readiness Transition (IPO, GAAP Conversion, (Transaction Integration, SOX Compliance, VDD, GAAP Conversion, Governance, Sale Mandates, Clause 49) Controls Assessment, MIS Development, Process Advisory, Standard Operating Procedures) Distressed Assurance Growth (Bank intermediary, working (Assurance, Tax Compliance, Risk Management, (Strategic Options, Technology capital, cost reduction) Corporate Governance Advisory, Internal Audits Security, IT Strategy, Operational and Fraud reviews) Improvement, Market Entry Options & WCM) A B Operating model Global compliance Deal Integrated Value Exit readiness and automation and reporting origination� due diligence creation� and IPO Alternative asset Large asset Large asset Private equity firms Private-equity firms Private equity firms managers need to managers have managers have conduct diligence on face increasing must plan exits drive efficiency hundreds of non-US hundreds of assets across pressure to attract rigorously in order to through multi-year legal entities in non-US legal strategic, financial, fresh capital. This successfully monetize target operating multiple countries entities in multiple tax, operational and requires generating their investment models and and continually countries and HR issues. Firms greater investment during the exit infrastructure create new ones – continually create historically used returns and process in today’s strategies to remain all with different new ones – all with issue-based demonstrating a challenging competitive. These compliance different advisors, managing consistent track environment. align with strategic obligations. Many compliance different parties and record in creating Executives must growth plans by are outsourced and obligations. Many consolidating value in their identify key short- leveraging vendor require local are outsourced and findings at the end portfolio. EY’s value and long-term and service provider knowledge. EY require local of the process. creation solution priorities prior to activities. EY gathers the data, knowledge. EY Employing EY’s addresses these undertaking an IPO defines and leverages local EY gathers the data, integrated diligence challenges across all or alternative monitors data teams familiar with leverages local EY approach at the five stages of the transaction. EY can analytics and key accounting and tax teams familiar with early stages of a deal life cycle, advise deal teams performance laws, performs data accounting and tax transaction provides including deal and portfolio indicators to analytics to identify laws, performs more effective, origination, companies on exit annually assess trends, risks and data analytics to comprehensive diligence, inception, alternatives, assess data governance opportunities and identify trends, diligence on an optimization and exit readiness, and risk against monitors filing risks and asset, giving firms a exit strategy. prepare a business these target requirements. opportunities and distinct competitive for exit/IPO and models. monitors filing advantage. create a value story requirements. for targeted buyers. 38 PE backed IPOs– India Trendbook 2018
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 Large asset managers have The intense competition for a to drive efficiency through multi- hundreds of non-US legal entities in limited number of deals raises year target operating models multiple countries, and continually stakes to win for private equity and infrastructure strategies to create new ones – all with different firms. A proprietary investment remain competitive. These align compliance obligations. Many approach, driven by sector with strategic growth plans by are outsourced and require local insights, enables firms to leveraging vendor and service knowledge. EY gathers the data, confidently place winning bids provider activities. EY defines and leverages local EY teams familiar that generate appropriate returns. monitors data analytics and key with accounting and tax laws, EY’s global origination team turns performance indicators to annually performs data analytics to identify opportunities into actionable assess data governance and risk trends, risks and opportunities and strategies. Our proprietary against these target models. monitors filing requirements. 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 Private-equity firms face Private equity firms must plan diligence on assets across increasing pressure to attract exits rigorously in order to strategic, financial, tax, operational fresh capital. This requires successfully monetize their and HR issues. Firms historically generating greater investment investment during the exit process used issue-based advisors, returns and demonstrating a in today’s challenging environment. managing different parties and consistent track record in creating Executives must identify key short- consolidating findings at the end value in their portfolio. EY’s value and long-term priorities prior to of the process. Employing EY’s creation solution addresses these undertaking an IPO or alternative integrated diligence approach at challenges across all five stages of transaction. EY can advise deal the early stages of a transaction the deal life cycle, including deal teams and portfolio companies provides more effective, origination, diligence, inception, on exit alternatives, assess exit comprehensive diligence on an optimization and exit strategy. readiness, prepare a business for asset, giving firms a distinct exit/IPO and create a value story competitive advantage. for targeted buyers. PE backed IPOs– India Trendbook 2018 39
Focused advisory solutions for private equity backed portfolio companies 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 IPO readiness: public status. Achieving readiness will ensure a strong debut in the capital markets. Getting The first step IPO readiness right means implementing change throughout the business, organization in the IPO and the corporate culture. As a public company, the client will be subject to increased filing value journey 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. Depending on objectives and business context, EY helps the client develop a combination of Performance short-term and long-term strategies to reduce costs, optimize process and bring in efficiency improvement and effectiveness across all layers of business to deliver positive impact on EBITDA by ensuring optimal utilization of both tangible and intangible resources. Analytics: EY helps clients build data and information strategies using various analytics tools to Generate deal with big data to address various areas of business, ranging from opportunity sizing insights to make and feasibility, operations and customer modelling, executive decision making, merger smarter, faster acquisition and valuation. EY helps across the capability value chain ranging from strategy, decisions implementation, hosting and running the analytics functions. Growth Having a broader perspective on the drivers of growth in your business and finding Navigator: innovative ways to accelerate and sustain that growth can give you a competitive advantage. Achieving your That’s why we’ve developed EY Growth Navigator™, an interactive experience that uses the growth EY 7 Drivers of Growth to help you and your leadership team assess your business’s current ambitions and aspirational position, and create a strategic road map to help you get there. Route to Market EY identifies focused opportunities for optimizing cost and growth after full assessment; (RTM): designs new RTM, including different approaches for different segments (customers, regions, Deliver a seasonal demand); identifies the optimal concessionaires’ model taking into account different successful distribution approaches; and supports the implementation of the RTM by providing IT specs strategy for your and additional services (e.g., stock management options). business 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 Cyber requirements with audit and readiness services. EY helps transform the security program security 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. 40 PE backed IPOs– India Trendbook 2018
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