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

Atlanta Electricals / Equity Capital Markets

<ul>
<li>Atlanta is the third largest manufcaturer of transformers in India. With recent capex coming online, it boasts of capacity and product offering in line with the market leaders.</li>
<li>The company has a strong order book of 1,600cr and given the fairly short execution timeline is positioned to deliver 25-30% growth in FY26.</li>
<li>We believe IPO is being fairly valued at 20-24 times FY26 EBITDA, implying a 30-35% discount vs market leader <a href="https://www.smartkarma.com/entities/transformers-rectifiers-india-ltd" target="_blank" data-smartkarma-citation="entities:4606:1" rel="noopener">Transformers &amp; Rectifiers (India) Ltd (TRIL IN)</a> </li>
</ul>


Atlanta is the third largest manufcaturer of transformers in India. With recent capex coming online, it boasts of capacity and product offering in line with the market leaders.
The company has a strong order book of 1,600cr and given the fairly short execution timeline is positioned to deliver 25-30% growth in FY26.
We believe IPO is being fairly valued at 20-24 times FY26 EBITDA, implying a 30-35% discount vs market leader Transformers &amp; Rectifiers (India) Ltd (TRIL IN) 


Atlanta Electricals: IPO Priced at 30% Discount to Peers. Can Bid for Listing Pop

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.

Aditya Infotech Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aditya-infotech-ltd" target="_blank" data-smartkarma-citation="entities:43994:1" rel="noopener">Aditya Infotech Ltd (6596564Z IN)</a> (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>AIL is a CCTV/video surveillance provider company offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aditya Infotech Ltd (6596564Z IN) (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.
AIL is a CCTV/video surveillance provider company offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Aditya Infotech IPO Lockup Expiry- Has Continued Its Good Run, Dixon Tech Could Book Gains

India

Atlanta Electricals Limited operates as a transformer manufacturing company. The Company manufactures power, auto, furnace, and inverter and special duty transformers. Atlanta Electricals serves customers in India.

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Atlanta Electricals (ATLANTAE IN)

Atlanta Electricals: IPO Priced at 30% Discount to Peers. Can Bid for Listing Pop

Atlanta, the third largest transformer manufacturer in India, is poised for 25-30% growth in FY26 with a strong order book and competitive pricing...

Himanshu Dugar

Aequitas: Aditya Infotech IPO Lockup Expiry- Has Continued Its Good Run, Dixon Tech Could Book Gains

Aditya Infotech (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Atlanta Electricals: IPO Priced at 30% Discount to Peers. Can Bid for Listing Pop

​Atlanta, the third largest transformer manufacturer in India, is poised for 25-30% growth in FY26 with a strong order book and competitive pricing...

Himanshu Dugar

Aequitas: Aditya Infotech IPO Lockup Expiry- Has Continued Its Good Run, Dixon Tech Could Book Gains

Aditya Infotech (AIL) raised around US$151m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

Atlanta, the third largest transformer manufacturer in India, is poised for 25-30% growth in FY26 with a strong order book and competitive pricing...