Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Quantitative Analysis

<ul>
<li>Buy the Dip is everywhere in market commentary and is widely used as shorthand for price action, often without a clear or consistent definition.</li>
<li>We examine possible definitions and return metrics from acting on those definitions across major markets.</li>
<li>Surprising and distinct trends emerge from the data and help explain the prevalence of Buy the Dip themed commentary.</li>
</ul>


Buy the Dip is everywhere in market commentary and is widely used as shorthand for price action, often without a clear or consistent definition.
We examine possible definitions and return metrics from acting on those definitions across major markets.
Surprising and distinct trends emerge from the data and help explain the prevalence of Buy the Dip themed commentary.


Buying the Dip: What It Means and How It Has Played Out Across Macro Markets

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

ICICI Prudential AMC / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC</a> raised around US$1.2bn in its upcoming India IPO.</li>
<li>IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Meesho Limited operates as an online retailer. The Company retails apparels, jewelries, personal care, home and kitchen, footwear, bags, kids essentials, and electronics items at lower prices for resellers and consumers. Meesho serves customers in India.

<ul>
<li>Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers</li>
<li>We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers</li>
<li>IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).</li>
</ul>


Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).


Meesho - Potential Play on Value E-Commerce

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> will split into 5 independent listed entities: Vedanta Aluminium, Vedanta Oil &amp; Gas, Vedanta Power, Vedanta Iron &amp; Steel/Ferrous Materials, residual Vedanta Ltd (like zinc, silver). </li>
<li>Existing shareholders will receive one share in each of the 4 demerged entities for every one share held in Vedanta Ltd (1:1 ratio).</li>
<li>The Mumbai bench of NCLT approved Vedanta Ltd (VEDL IN) demerger plan on December 16 lead to streamline operations, improve management focus, and unlock shareholder value.</li>
</ul>



Vedanta Ltd (VEDL IN) will split into 5 independent listed entities: Vedanta Aluminium, Vedanta Oil &amp; Gas, Vedanta Power, Vedanta Iron &amp; Steel/Ferrous Materials, residual Vedanta Ltd (like zinc, silver). 
Existing shareholders will receive one share in each of the 4 demerged entities for every one share held in Vedanta Ltd (1:1 ratio).
The Mumbai bench of NCLT approved Vedanta Ltd (VEDL IN) demerger plan on December 16 lead to streamline operations, improve management focus, and unlock shareholder value.


Vedanta's Radical Split: 6 New Titans for a Post-Demerger World

Hong Jie Seow

Independent Insight Provider

Wakefit Innovations / Equity Capital Markets

Wakefit Innovations Limited produces and distributes mattresses. The Company offers orthopaedic memory foam mattresses, protectors, and sleeping pillows, as well as furniture and furnishing products. Wakefit Innovations serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wakefit-innovations" target="_blank" data-smartkarma-citation="entities:45405:1" rel="noopener">Wakefit Innovations (1684049D IN)</a> raised US$144m in its India IPO.</li>
<li>Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Wakefit Innovations (1684049D IN) raised US$144m in its India IPO.
Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak

Indian Blocks Bazaar
Indian Blocks and Placements

Buying the Dip: What It Means and How It Has Played Out Across Macro Markets

An examination of how Buy the Dip can be defined, how often it appears and what the data show when those definitions are applied across major macro...

John Ley

ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

Vedanta's Radical Split: 6 New Titans for a Post-Demerger World

Vedanta Ltd (VEDL IN) to split into 5 independent listed entities, streamlining operations, improving focus, and unlocking shareholder value.

Nimish Maheshwari

Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak

Wakefit Innovations, a direct-to-consumer sleep and home-solutions company founded in 2016, raised US$144m in its India IPO, with a focus on...

Hong Jie Seow

Buying the Dip: What It Means and How It Has Played Out Across Macro Markets

An examination of how Buy the Dip can be defined, how often it appears and what the data show when those definitions are applied across major macro...

John Ley

ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

Vedanta's Radical Split: 6 New Titans for a Post-Demerger World

​Vedanta Ltd (VEDL IN) to split into 5 independent listed entities, streamlining operations, improving focus, and unlocking shareholder value.

Nimish Maheshwari

Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak

​Wakefit Innovations, a direct-to-consumer sleep and home-solutions company founded in 2016, raised US$144m in its India IPO, with a focus on...

Hong Jie Seow

Vedanta Ltd (VEDL IN) to split into 5 independent listed entities, streamlining operations, improving focus, and unlocking shareholder value.

Wakefit Innovations, a direct-to-consumer sleep and home-solutions company founded in 2016, raised US$144m in its India IPO, with a focus on...