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

Central Mine Planning Design Institute Ltd (CMPDIL) / Equity Capital Markets

Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)

Central Mine Planning Design Institute Ltd (CMPDIL)

<ul>
<li>After a blockbuster listing for <a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> earlier this year, <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a> is back with another Offer for sale.</li>
<li>CMPDI is the technical consulting arm of the Coal Ministry of India that has been institutionalised to support the Coal industry value chain throughout its project lifecycle</li>
<li>The deal has been valued attractively at the midpoint of valuations commanded by similar Indian public-sector enterprises despite its relatively superior profile. Expect a listing pop notwithstanding the market environment.</li>
</ul>


After a blockbuster listing for Bharat Coking Coal Limited (BCCL) (7535956Z IN) earlier this year, Coal India Ltd (COAL IN) is back with another Offer for sale.
CMPDI is the technical consulting arm of the Coal Ministry of India that has been institutionalised to support the Coal industry value chain throughout its project lifecycle
The deal has been valued attractively at the midpoint of valuations commanded by similar Indian public-sector enterprises despite its relatively superior profile. Expect a listing pop notwithstanding the market environment.


CMPDIL: Powering Indian Coal Mining by Mapping the Depths - Priced for a 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/central-mine-planning-design-institute-ltd-cmpdil" target="_blank" data-smartkarma-citation="entities:45267:1" rel="noopener">Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)</a> raised around US$200m in its all-secondary India IPO.</li>
<li>CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN) raised around US$200m in its all-secondary India IPO.
CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Central Mine Planning Design Institute Ltd (CMPDIL) / Equity Bottom-Up

<ul>
<li>CMPDIL IPO with strong financials, 61% market share, expanding client base, and consistent growth in revenue and margins.</li>
<li>Strong parentage, high margins, and visible demand from Coal India capex support stability, but lack of fresh capital and coal dependency limit near-term growth trigger.</li>
<li>CMPDI offers a stable, high-return consulting business with strong fundamentals, best suited for long-term investors, though structural risks around coal dependence and OFS structure remain.</li>
</ul>


CMPDIL IPO with strong financials, 61% market share, expanding client base, and consistent growth in revenue and margins.
Strong parentage, high margins, and visible demand from Coal India capex support stability, but lack of fresh capital and coal dependency limit near-term growth trigger.
CMPDI offers a stable, high-return consulting business with strong fundamentals, best suited for long-term investors, though structural risks around coal dependence and OFS structure remain.


CMPDI IPO: Powering India’s Mining Growth Story

<ul>
<li>
<a href="https://www.smartkarma.com/entities/central-mine-planning-design-institute-ltd-cmpdil" target="_blank" data-smartkarma-citation="entities:45267:1" rel="noopener">Central Mine Planning Design Institute Ltd (CMPDI) (0180301D IN)</a> is looking to raise around US$200m in its all-secondary India IPO.</li>
<li>CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.</li>
<li>In this note, we talk about the company’s historical performance and IPO valuations.</li>
</ul>



Central Mine Planning Design Institute Ltd (CMPDI) (0180301D IN) is looking to raise around US$200m in its all-secondary India IPO.
CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.
In this note, we talk about the company’s historical performance and IPO valuations.


Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Central Mine Planning &amp; Design Institute has launched IPO to raise up to INR 18.4B. The company plans to sell 107.1M shares at between INR 163 - 172 per share.</li>
<li>CMPDIL offer consultancy and support services for the entire spectrum of coal and mineral exploration and mine planning and design services.</li>
<li>This valuation appears to be reasonable and cheap when compared to its peers like RITES and Engineers India. We would recommend the investors to subscribe to the issue.</li>
</ul>


Central Mine Planning &amp; Design Institute has launched IPO to raise up to INR 18.4B. The company plans to sell 107.1M shares at between INR 163 - 172 per share.
CMPDIL offer consultancy and support services for the entire spectrum of coal and mineral exploration and mine planning and design services.
This valuation appears to be reasonable and cheap when compared to its peers like RITES and Engineers India. We would recommend the investors to subscribe to the issue.


Central Mine Planning & Design IPO: Robust Business Model In Place, Designed for a Sustained Growth

India

Central Mine Planning Design Institute Ltd (CMPDIL) provides consultancy and support services across the full range of coal and mineral exploration, mine planning and design. Its services cover the entire lifecycle of mining operations, from exploration to mine closure.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)

CMPDIL: Powering Indian Coal Mining by Mapping the Depths - Priced for a Listing Pop

After a benign listing, CMPDIL has caught investor attention and is up 40/55% from the issue /listing price. 2H results were lower due to one-off...

Himanshu Dugar

Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues

Central Mine Planning Design Institute Ltd (CMPDI) raised around US$200m in its all-secondary India IPO. In this note, we talk about the demand and...

Akshat Shah

CMPDI IPO: Powering India’s Mining Growth Story

Coal India's CMPDI IPO offers a stable, high-return consulting business with strong fundamentals, but structural risks around coal dependence and...

Sudarshan Bhandari

Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line

Central Mine Planning Design Institute Ltd (CMPDI) is looking to raise around US$200m in its all-secondary India IPO. In this note, we talk about...

Akshat Shah

Central Mine Planning & Design IPO: Robust Business Model In Place, Designed for a Sustained Growth

Central Mine Planning & Design launches IPO to raise INR 18.4B, offering consultancy services for coal and mineral exploration. Valuation seems...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CMPDIL: Powering Indian Coal Mining by Mapping the Depths - Priced for a Listing Pop

After a benign listing, CMPDIL has caught investor attention and is up 40/55% from the issue /listing price. 2H results were lower due to one-off...

Himanshu Dugar

Aequitas: CMPDI IPO Trading - Muted Demand Trend Continues

Central Mine Planning Design Institute Ltd (CMPDI) raised around US$200m in its all-secondary India IPO. In this note, we talk about the demand and...

Akshat Shah

CMPDI IPO: Powering India’s Mining Growth Story

​Coal India's CMPDI IPO offers a stable, high-return consulting business with strong fundamentals, but structural risks around coal dependence and...

Sudarshan Bhandari

Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line

Central Mine Planning Design Institute Ltd (CMPDI) is looking to raise around US$200m in its all-secondary India IPO. In this note, we talk about...

Akshat Shah

Central Mine Planning & Design IPO: Robust Business Model In Place, Designed for a Sustained Growth

​Central Mine Planning & Design launches IPO to raise INR 18.4B, offering consultancy services for coal and mineral exploration. Valuation seems...

Tina Banerjee

Coal India's CMPDI IPO offers a stable, high-return consulting business with strong fundamentals, but structural risks around coal dependence and...

Central Mine Planning & Design launches IPO to raise INR 18.4B, offering consultancy services for coal and mineral exploration. Valuation seems...