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ICICI Direct IPO report on Uniparts India Ltd

UniParts India (UPI), incorporated in 1994, is a leading supplier of systems and components for the off-highway market in the agriculture and construction, forestry and mining and aftermarket sectors. It has presence in over 25 countries. UPI has 6 manufacturing facilities (5 in India, 1 in USA) • Its key product includes 3-point linkage systems (3PL) & precision machined parts (PMP) which together constitute over 90% of its sales. It also manufactures adjacent products like Hydraulics, PTO & fabrications. In terms of value, as of FY22, UPI has an estimated 16.7% market share of the global 3PL market and an estimated 5.9% market share in the global PMP market in the CFM (construction, forestry and mining) sector.

Valuation and Outlook

We assign SUBSCRIBE rating on UPI amidst healthy financials, precision component product profile and inexpensive valuations.

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