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Dealtracker Q3 2020

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Dealtracker Q3 2020 Dealtracker Q3 2020 Providing M&A and PE deal insights October 2020 Volume 16.9 ©2020 Grant Thornton Bharat LLP. All rights reserved. Disclaimer This document captures the list of deals announced based on the information available in the public domain. Grant ThorntonClick Bharat here LLP does not to take addany responsibility for the information, any errors or any decision by the reader based on this information. This document should not be relied upon as a substitute for detailed advice and hence, we do not accept responsibility for any loss as a result of relying on the material contained herein. Further, our analysis of the deal valuestitle is based on on publiclythis available slide information and appropriate assumptions (wherever necessary). Hence, if different assumptions were to be applied, the outcomes and results would be different. Please note that the criteria used to define Indian start-ups include a) the company should have been incorporated for five years or less than five years as at the end of that particular year and b) the company is working towards innovation, development, deployment and commercialisation of new products, processes or services driven by technology or intellectual property. Deals have been classified by sectors and by funding stages based on certain assumptions, whereverClick necessary.to add name ClickAuthors: to add position or firm Pankaj Chopda, Monica Kothari 2©2020©2020 Grant ThorntonGrant Thornton Bharat Bharat LLP. All LLP. rights All reserved.rights reserved. Foreword Further, the drive to accelerate India’s progress towards self-reliance in the raw materials, leadership in technology space and to add to its expanding retail business, powered by e-commerce, have also boosted the deal activity during the quarter. The overall construct of deals is going through a change and the focus is shifting towards deleveraging through equity dilution and big-ticket investments in strong Pankaj Chopda brands with high execution capabilities. However, a significant portion of consolidations driven by stressed situation in the past year has witnessed a drop. Executive Director Contrary to the M&A deal activity, private equity (PE) investments recorded 226 investments worth USD Grant Thornton Bharat LLP 8.5 billion. While the investment volumes saw a 5% and 4% increase compared with Q2 2020 and Q3 2019, respectively. The values recorded a fall of 31% and 15%, respectively, in the same period. Barring the USD 9.5-billion raised by Jio platforms in the Q2, Q3 2020 recorded a 3x increase in the investment 2020 has witnessed one of the biggest economic shocks the world has experienced in values, a sign of recovery after the halted deal activity witnessed on account of a nationwide lockdown decades with the COVID-19 pandemic. The pandemic spread at an alarming speed, infecting imposed due to the pandemic. Majority of the investments during the quarter are driven by strong millions and bringing economic activity to a near-standstill as countries imposed tight investor confidence in companies that performed well during the pandemic and are expected to cause restrictions on movement to halt the spread of the virus. This triggered an urgent need for disruptions in the market due to their technological advancements. action to cushion the pandemic’s health and economic consequences and set the stage for lasting recovery. The recent policies are an effort to rebuild the economy in both the short and Led by Reliance Retail, the retail and consumer sectors clocked USD 5.3 billion in the deal values pie long-term. These involve strengthening health services and putting in place targeted stimulus during the July-September quarter, followed by the telecom sector led with a USD 4.8 billion-investment measures to reignite growth. The path to recovery is also observed in India as it recorded 919 in Jio. The two sectors captured 45% of the total deal values. In addition, energy, e-commerce and deals valued at USD 58.9 billion in YTD 2020 -- a remarkable 23% hike in deal values manufacturing sectors logged billion-dollar deals, together contributing to 25% of total deal values during compared with YTD 2019. the quarter. The start-up sector, on the other hand, continued to attract both strategic and financial investors, representing over 55% of total deal volumes at USD 1.6 billion. IT companies came in second The pace of economic activity normalisation has been picking up through the third quarter (Q3 with 23 deals. E-commerce and pharma companies also remained active, contributing 10% to the deal FY20), and 320 deals worth USD 22.6 billion were reported, which is 41% and 28% higher in volumes. After witnessing a muted activity on account of the COVID-19 crisis, which halted the the values over the same period in 2019 and 2018, respectively. The majority of the USD 1 operations of several industries in the previous quarter, the automotive, media and entertainment, billion+ transactions were primarily a combination of investments raised as part of a infrastructure, real estate, aerospace and defence sector witnessed some activity during the quarter – deleveraging strategy on the back of strong technology platforms and consumer brands, an indication that the activity is likely to pick up in the coming quarters. fundraising to support recovery from the COVID-19 crisis and acquisitions to bail out debt stressed companies. The biggies like Reliance, Jindal, Flipkart, Future Group, among others, As the Indian as well as global markets begin to open, there is a noticeable improvement in investor were frontrunners in executing the big-cheque deals. confidence, which is also likely to boost the deal activity in the coming months. On the flip side, several businesses are still facing challenges related to cash flows, stiff competition, among others, on account There was a steep spike in the mergers and acqusitions (M&A) deal activity in Q3 2020 with of an economic slowdown and depressed capital markets. The uncertainty around Brexit, China in the total values spiraling by over 1.4 times compared with Q3 2019 despite a 7% drop in the deal geopolitical spotlight and its policy aim for decoupling, US-China trade wars and the upcoming US values. The growth in deal values was driven by a 3x increase in the cross-border deal values elections may cause hindrances in the deal market. However, the constant push and tireless efforts by led by Google’s USD 4.4-billion investment in Jio Platforms, followed by Haldia Petrochemicals’ the government and regulatory bodies to stand strong amid all these uncertainties will further improve USD 1.5 billion outbound acquisition of Lummus technology. investor confidence. 3 ©2020 Grant Thornton Bharat LLP. All rights reserved. Deal snapshot 10.0 9.0 8.9 60 9.0 48 48 45 7.9 8.0 39 7.0 37 37 37 40 33 32 6.0 31 35 39 30 32 28 5.0 28 4.3 28 4.0 32 4.3 4.0 3.7 3.4 25 20 3.0 2.0 17 1.8 M&A snapshot M&A 1.9 2.0 1.2 17 1.5 1.5 1.3 1.1 0.9 0.9 0.4 1.0 0.7 0.1 0.0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 values USD billion 2020 values USD billion 2019 volume 2020 volume 7.0 100 5.6 5.8 73 81 78 6.0 5.6 83 77 5.5 77 76 74 71 83 80 68 72 68 5.0 56 56 73 66 73 4.0 3.9 3.7 4.0 65 60 59 3.1 2.0 3.0 2.4 48 2.4 40 2.1 2.2 1.9 PE snapshot PE 2.0 1.3 1.4 1.4 1.1 1.1 0.9 20 1.0 0.6 0.0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 4 ©2020 Grant Thornton Bharat LLP. All rights reserved. Deal snapshot YTD 2020 and YTD 2019 recorded 12 initial public offers (IPOs) each, the issue size totaled to USD 5 billion in YTD 2020 compared to USD 2.2 in YTD 2019. Q3 2020 recorded the highest sum raised in any given quarter since 2011. 10.0 14 16 13 7.9 14 8.0 11 10 12 6.0 8 10 7 8 4.0 5 5 3.4 4 4 1.6 6 3 2.1 3 1.4 1.7 2 2 4 IPO snapshot IPO 2.0 0.8 0.8 0.9 0.7 0.5 0.5 0.3 0 2 0.3 0.0 - Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Issue size USD billion Issue count YTD 2020 recorded 18 qualified institutional placements (QIPs) issues of USD 9 billion -- the highest sum raised in any given year since 2011 and almost three times the sum raised over YTD 2019. This is an encouraging trend for raising funds via this route. 10 6.0 22 25 4.8 5.0 18 6 20 4.0 3.3 4 3.2 15 4 3.0 7 2.5 2.0 1.7 7 1.9 2 10 2.0 6 QIP snapshot QIP 4 1.2 3 3 1.1 0.6 0.6 0.6 5 1.0 0.3 1 0.0 0.1 0.0 - Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Sum raised USD billion Issue count 5 ©2020 Grant Thornton Bharat LLP.
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