Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear (CAMPUS IN)</a> has received the court's approval for amalgamation of Campus AI Pvt Ltd into the standalone entity.</li>
<li>Amidst the plethora of positive rationale for the amalgamation, the one that stands out from the rest is the cleaning up of the books of campus activewear. </li>
<li>With the amalgamation scheme, the company also gets rid of the negative capital reserve balance. Is this the only adjustment, or are there more things to clean?</li>
</ul>



Campus Activewear (CAMPUS IN) has received the court's approval for amalgamation of Campus AI Pvt Ltd into the standalone entity.
Amidst the plethora of positive rationale for the amalgamation, the one that stands out from the rest is the cleaning up of the books of campus activewear. 
With the amalgamation scheme, the company also gets rid of the negative capital reserve balance. Is this the only adjustment, or are there more things to clean?


Campus Activewear Amalgamation: Is It for Book Cleansing?

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

Life Insurance Corporation of India / Equity Capital Markets

Life Insurance Corporation of India (LICI IN)

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPOs front, LIC's lists tomorrow, while Delhivery's bookbuild wasn't great.</li>
<li>There were no major placements this week, with even Air New Zealand failing to hold its deal price.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPOs front, LIC's lists tomorrow, while Delhivery's bookbuild wasn't great.
There were no major placements this week, with even Air New Zealand failing to hold its deal price.


ECM Weekly (15th May 22) - LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

Rainbow Children's Medicare / Equity Capital Markets

<ul>
<li>Rainbow Children’s Hospital (RCH) raised around US$200m via issuing a mix of primary and secondary shares in its India IPO.</li>
<li>RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.</li>
<li>In this note, we will talk about our the trading updates.</li>
</ul>


Rainbow Children’s Hospital (RCH) raised around US$200m via issuing a mix of primary and secondary shares in its India IPO.
RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.
In this note, we will talk about our the trading updates.


Rainbow Children’s Hospital IPO Trading - Decent Anchor, Strong Insti Subs but Limited Upside

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPOs front, LIC's anchor book wasn't great while Delhivery finally launched its IPO and Hong Kong market saw its first launch in a while.</li>
<li>Placements remained few and far between with only <a href="https://www.smartkarma.com/entities/air-new-zealand-ltd" target="_blank" data-smartkarma-citation="entities:815:1" rel="noopener">Air New Zealand (AIR NZ)</a> launching its shortfall bookbuild.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPOs front, LIC's anchor book wasn't great while Delhivery finally launched its IPO and Hong Kong market saw its first launch in a while.
Placements remained few and far between with only Air New Zealand (AIR NZ) launching its shortfall bookbuild.


ECM Weekly (9th May 22) - LIC, Campus, Rainbow, Delhivery, Shieldus, Yunkang, PAG, Keep, Air NZ

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Campus Activewear / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear Ltd (1535013D IN)</a> India IPO raised around US$184m. The IPO was a 100% secondary selldown.</li>
<li>The overall subscription rate for Campus had led the likes of Zomato, PAYTM and PB Fintech, and was most similar to that of Polycab India.</li>
<li>Campus’ growth outlook and vertically integrated model should warrant it to trade at a premium to Metro Brands, while at a discount to Relaxo, given the latter’s more diversified offering. </li>
</ul>



Campus Activewear Ltd (1535013D IN) India IPO raised around US$184m. The IPO was a 100% secondary selldown.
The overall subscription rate for Campus had led the likes of Zomato, PAYTM and PB Fintech, and was most similar to that of Polycab India.
Campus’ growth outlook and vertically integrated model should warrant it to trade at a premium to Metro Brands, while at a discount to Relaxo, given the latter’s more diversified offering. 


Campus Activewear IPO Trading - Strong Bookbuild and Anchor

India

Campus Activewear is a prominent Indian company engaged in the design, manufacturing, marketing, and distribution of sports and athleisure footwear and accessories. The company offers a diverse range of products including running shoes, walking shoes, sneakers, sandals, and slippers under the 'Campus' brand for men, women, and children. Campus Activewear is headquartered in New Delhi, India, and was founded in 2005 as a lifestyle-oriented sports and athleisure brand.

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Campus Activewear (CAMPUS IN)

Campus Activewear Amalgamation: Is It for Book Cleansing?

Through the amalgamation, did the management admit that the books needed to be cleaned. Are there any transactional aspects or specs of dirt in the...

Nitin Mangal

ECM Weekly (15th May 22) - LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Rainbow Children’s Hospital IPO Trading - Decent Anchor, Strong Insti Subs but Limited Upside

Rainbow Children’s Hospital raised around US$200m in its India IPO. In this note, we look at the subscription levels and talk about the trading...

Sumeet Singh

ECM Weekly (9th May 22) - LIC, Campus, Rainbow, Delhivery, Shieldus, Yunkang, PAG, Keep, Air NZ

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Campus Activewear IPO Trading - Strong Bookbuild and Anchor

Campus Activewear Ltd (1535013D IN) India IPO raised around US$184m. The overall subscription rate had led the likes of Zomato, PAYTM and PB...

Clarence Chu

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52-week Range

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