Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>The near term impact of ONDC on OFD platforms like Zomato &amp; Swiggy is limited, longer term they will have to move from platform to a network centric model.</li>
<li>An external shock will be required to drive faster ONDC adaption as we have seen in the case of UPI.</li>
<li>Logistics companies especially the ones with express capabilities are likely beneficiaries in case ONDC scales up rapidly. </li>
</ul>


The near term impact of ONDC on OFD platforms like Zomato &amp; Swiggy is limited, longer term they will have to move from platform to a network centric model.
An external shock will be required to drive faster ONDC adaption as we have seen in the case of UPI.
Logistics companies especially the ones with express capabilities are likely beneficiaries in case ONDC scales up rapidly. 


India Food Delivery - Bracing for Disruption (ONDC)

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

<ul>
<li>Delhivery raised around US$680m in its India IPO, the company is backed by a host of financial investors, the largest being Softbank.</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>We have covered various aspects of the deal in our earlier notes. In this note, we talk about the demand and trading dynamics. </li>
</ul>


Delhivery raised around US$680m in its India IPO, the company is backed by a host of financial investors, the largest being Softbank.
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
We have covered various aspects of the deal in our earlier notes. In this note, we talk about the demand and trading dynamics. 


Delhivery IPO Trading - Anchor Book Was Good but Overall Demand Was Still Tepid

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delhivery-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33471:1" rel="noopener">Delhivery (1058656D IN)</a> is the largest and fastest-growing 3PL express parcel delivery player in India. It will launch its Rs52.4 billion ($0.7 billion) IPO on 11 May.</li>
<li>In <a href="https://www.smartkarma.com/insights/delhivery-ipo-yet-to-convincingly-deliver" target="_blank" data-smartkarma-citation="insights:69440" rel="noopener">Delhivery IPO: Yet to Convincingly Deliver</a>, we noted that the negatives outweigh the positives.  </li>
<li>In this note, we look at the valuation metrics. We think that Delhivery is at best fairly valued at the IPO price range. </li>
</ul>



Delhivery (1058656D IN) is the largest and fastest-growing 3PL express parcel delivery player in India. It will launch its Rs52.4 billion ($0.7 billion) IPO on 11 May.
In Delhivery IPO: Yet to Convincingly Deliver, we noted that the negatives outweigh the positives.  
In this note, we look at the valuation metrics. We think that Delhivery is at best fairly valued at the IPO price range. 


<ul>
<li>Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>We have covered various aspects of the deal in our earlier notes. In this note, we talk about valuation. </li>
</ul>


Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
We have covered various aspects of the deal in our earlier notes. In this note, we talk about valuation. 


Delhivery IPO - Thoughts on Valution, Touch-And-Go

<ul>
<li>Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>We have covered various aspects of the deal in our earlier notes. In this note, we will undertake a peer comparison. </li>
</ul>


Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
We have covered various aspects of the deal in our earlier notes. In this note, we will undertake a peer comparison. 


Delhivery IPO - Peer Comparison, What It Gains in Growth It Gives up in Margins

India

Blue Dart Express Limited operates a courier service and an integrated express package distribution company.  The Company offers delivery of packages and documents in India and throughout the world.

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Blue Dart Express (BDE IN)

India Food Delivery - Bracing for Disruption (ONDC)

ONDC is set to offer customers more options, alter business models for online food delivery players and provide a tailwind for express logistic...

Pranav Bhavsar

Delhivery IPO Trading - Anchor Book Was Good but Overall Demand Was Still Tepid

Delhivery raised around US$680m in its India IPO, the company is backed by a host of financial investors, the largest being Softbank. In this note,...

Sumeet Singh

Delhivery IPO: Valuation Insights

In this note, we look at the valuation metrics. We think that Delhivery is at best fairly valued at the IPO price range. Our recommendation is to...

Arun George

Delhivery IPO - Thoughts on Valution, Touch-And-Go

Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest...

Sumeet Singh

Delhivery IPO - Peer Comparison, What It Gains in Growth It Gives up in Margins

Delhivery is now looking to raise around US$700m in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

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