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

Equity Capital Markets

ICICI Prudential AMC / Equity Capital Markets

<ul>
<li>Ipru AMC, the largest AMC with high active AUM share and 60+% of Equity AUM boasts of one of the best operating metrics in the industry.</li>
<li>The IPO is being priced in line with peers based on FY25 accounting PE (40x vs 40-44x), however, based on Core PE the relative valuations stands at 40x vs 48/52x</li>
<li>We are bullish on the industry/company from a long-term perspective, although near-term valuations may look fully priced in light of regulatory tightening of profit pool and intensifying competition.</li>
</ul>


Ipru AMC, the largest AMC with high active AUM share and 60+% of Equity AUM boasts of one of the best operating metrics in the industry.
The IPO is being priced in line with peers based on FY25 accounting PE (40x vs 40-44x), however, based on Core PE the relative valuations stands at 40x vs 48/52x
We are bullish on the industry/company from a long-term perspective, although near-term valuations may look fully priced in light of regulatory tightening of profit pool and intensifying competition.


ICICI Prudential AMC - Reasonably Priced for the Longer Term.

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

Equity Bottom-Up

<ul>
<li>ICICI Securities Shareholders will consider delisting proposal at the end of March-24 which will decide its fate</li>
<li>Swap Ratio based on current prices offers limited downside for I-Sec Shareholders if delisting goes through.</li>
<li>There could be potential upside of 20% if delisting fails.</li>
</ul>


ICICI Securities Shareholders will consider delisting proposal at the end of March-24 which will decide its fate
Swap Ratio based on current prices offers limited downside for I-Sec Shareholders if delisting goes through.
There could be potential upside of 20% if delisting fails.


ICICI Securities : A Special Situation Play with Limited Downside

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Nuvama Wealth Management / Equity Bottom-Up

<ul>
<li>Nuvama Wealth is capitalizing on India's burgeoning financialization trend, with its re-branding and strategic focus on affluent and ultra-high-net-worth individuals (UHNIs) driving strong growth in client assets and profitability. 
</li>
<li>As India’s wealth management market matures and faces increasing regulatory scrutiny, Nuvama’s differentiated model position it uniquely to capture a larger share of the shifting landscape.</li>
<li>
Nuvama’s integrated platform and execution-focused management team are navigating industry-wide challenges, from tightening regulatory framework to sustain a growth trajectory that is outperforming peers and creating long-term value.</li>
</ul>


Nuvama Wealth is capitalizing on India's burgeoning financialization trend, with its re-branding and strategic focus on affluent and ultra-high-net-worth individuals (UHNIs) driving strong growth in client assets and profitability. 

As India’s wealth management market matures and faces increasing regulatory scrutiny, Nuvama’s differentiated model position it uniquely to capture a larger share of the shifting landscape.

Nuvama’s integrated platform and execution-focused management team are navigating industry-wide challenges, from tightening regulatory framework to sustain a growth trajectory that is outperforming peers and creating long-term value.


The Beat Ideas: Nuvama Wealth – India’s Affluence Story at the Right Price?

Thematic (Sector/Industry)

<ul>
<li>India's wealth management sector is at an inflection point, with listed firms showing robust growth driven by rising affluence and a cultural shift to financial savings.</li>
<li>With favorable demographics and increasing financialization, the sector is poised for a multi-decade growth trajectory, making it a compelling long-term story for investment.</li>
<li>Here we are comparing 4 wealth management giants in different parameters and what there management is saying about future growth.</li>
</ul>


India's wealth management sector is at an inflection point, with listed firms showing robust growth driven by rising affluence and a cultural shift to financial savings.
With favorable demographics and increasing financialization, the sector is poised for a multi-decade growth trajectory, making it a compelling long-term story for investment.
Here we are comparing 4 wealth management giants in different parameters and what there management is saying about future growth.


Thematic Report: PEER ANALYSIS of India's Wealth Management Giants

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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.

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates.


Anthem Biosciences IPO - D&M Vertical Continues to Drive CRDMO Business

India

Anand Rathi Wealth Limited operates as a finance company. The Company offers wealth management, investment banking, corporate finance advisory, broking, and distribution services. Anand Rathi Wealth serves customers in India.

Anand Rathi Wealth Management (ANANDRAT IN)

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Anand Rathi Wealth Management (ANANDRAT IN)

ICICI Prudential AMC - Reasonably Priced for the Longer Term.

Ipru AMC, the largest AMC with strong operating metrics, is priced in line with peers for its IPO but regulatory changes and competition limit...

Himanshu Dugar

ICICI Securities : A Special Situation Play with Limited Downside

ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.

Nimish Maheshwari

The Beat Ideas: Nuvama Wealth – India’s Affluence Story at the Right Price?

SEBI has granted approval on October 1, 2025, for the Company to act as sponsor and set up Nuvama Mutual Fund, including schemes under the...

Sudarshan Bhandari

Thematic Report: PEER ANALYSIS of India's Wealth Management Giants

India's wealth management sector is experiencing robust growth due to rising affluence and a cultural shift to financial savings, making it a...

Nimish Maheshwari

Anthem Biosciences IPO - D&M Vertical Continues to Drive CRDMO Business

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the RHP updates.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ICICI Prudential AMC - Reasonably Priced for the Longer Term.

​Ipru AMC, the largest AMC with strong operating metrics, is priced in line with peers for its IPO but regulatory changes and competition limit...

Himanshu Dugar

ICICI Securities : A Special Situation Play with Limited Downside

​ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.

Nimish Maheshwari

The Beat Ideas: Nuvama Wealth – India’s Affluence Story at the Right Price?

SEBI has granted approval on October 1, 2025, for the Company to act as sponsor and set up Nuvama Mutual Fund, including schemes under the...

Sudarshan Bhandari

Thematic Report: PEER ANALYSIS of India's Wealth Management Giants

​India's wealth management sector is experiencing robust growth due to rising affluence and a cultural shift to financial savings, making it a...

Nimish Maheshwari

Anthem Biosciences IPO - D&M Vertical Continues to Drive CRDMO Business

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the RHP updates.

Akshat Shah

Ipru AMC, the largest AMC with strong operating metrics, is priced in line with peers for its IPO but regulatory changes and competition limit...

ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.

India's wealth management sector is experiencing robust growth due to rising affluence and a cultural shift to financial savings, making it a...