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 Bottom-Up

<ul>
<li>Crizac is a play on growth of overseas education. Its network of agents help candidates file University applications, which are then processed by Crizac before passing it to the universities</li>
<li>Universities are increasingly outsourcing application and assessment processes to tap inbound students from emerging markets like India/China. 7mn people study abroad today, off which 3+mn are from India and China.</li>
<li>IPO is priced attractively at TTM PE of 28x. We estimate FY27 EPS of 11-13 and potential multiple of 30x implying an upside of 35-60% from IPO price of 245</li>
</ul>


Crizac is a play on growth of overseas education. Its network of agents help candidates file University applications, which are then processed by Crizac before passing it to the universities
Universities are increasingly outsourcing application and assessment processes to tap inbound students from emerging markets like India/China. 7mn people study abroad today, off which 3+mn are from India and China.
IPO is priced attractively at TTM PE of 28x. We estimate FY27 EPS of 11-13 and potential multiple of 30x implying an upside of 35-60% from IPO price of 245


CRIZAC IN: Upcoming IPO - Niche B2B Educational Platform: Should You Subscribe?

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.

Equity Capital Markets

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

Research and Strategy for the Education Sector, Schoolhouse Solutions

Edward Slade

Research and Strategy for the Education Sector

Schoolhouse Solutions

Schoolhouse is a strategy and research provider for the Education sector. We publish differentiated reports and bespoke research on the sector, focused on private and public companies in Asia-Pacific. Our team has decades of experience working with Education companies ranging from K-12 to Tertiary and Edtech.

Strategy and Research Provider

<ul>
<li>Crizac has had a successful IPO, pricing at 28x PE. </li>
<li>Before any aftermarket premium, the company is already at a significant valuation premium to other global education stocks.</li>
<li>CRIZ has too many risks to justify a high rating. 95% of revenues come from India-UK student placement, aggregating applications for 10,362 agents.   </li>
</ul>


Crizac has had a successful IPO, pricing at 28x PE. 
Before any aftermarket premium, the company is already at a significant valuation premium to other global education stocks.
CRIZ has too many risks to justify a high rating. 95% of revenues come from India-UK student placement, aggregating applications for 10,362 agents.   


Crizac (CRIZ:NS). Sell into the Aftermarket.

<ul>
<li>Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (NYKAA IN)</a>.</li>
<li>He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in FSN E-Commerce Ventures (NYKAA IN).
He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Nykaa Block - US$140m Selldown by Banga Family

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

<ul>
<li>Crizac’s INR 860-crore, 100% OFS IPO opens at INR 233-245, giving investors exposure to its fast-growing B2B overseas-education marketplace.</li>
<li>International student demand is booming, yet 95 % of revenue hinges on UK-Canada-Ireland; any visa tightening or pricing shock could squeeze growth.</li>
<li>Valuation looks fair and model asset-light, but high concentration and no fresh funds temper enthusiasm.</li>
</ul>


Crizac’s INR 860-crore, 100% OFS IPO opens at INR 233-245, giving investors exposure to its fast-growing B2B overseas-education marketplace.
International student demand is booming, yet 95 % of revenue hinges on UK-Canada-Ireland; any visa tightening or pricing shock could squeeze growth.
Valuation looks fair and model asset-light, but high concentration and no fresh funds temper enthusiasm.


India

Crizac Limited is an education-technology company that facilitates international student recruitment. It operates a proprietary B2B platform connecting students and recruitment agents with global higher education institutions in countries like the UK, Canada, Republic of Ireland, Australia, and New Zealand, streamlining the application and admission lifecycle. Crizac is headquartered in Kolkata, India, and was founded in 2011.

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

Crizac (CRIZAC IN)

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

Crizac (CRIZ:NS). Sell into the Aftermarket.

Crizac is an Indian education agent that has just IPO'd. The shares began trading today. The stock is overvalued vs global peers. It has a risky...

Edward Slade

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

Crizac Limited IPO Analysis

Crizac's OFS IPO offers investors exposure to fast-growing B2B overseas-education marketplace, but high revenue concentration and potential risks...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CRIZAC IN: Upcoming IPO - Niche B2B Educational Platform: Should You Subscribe?

Crizac is down 30% after it hit the upper end of our FV range (360-390). The correction is driven by negative sentiment after policy changes in US...

Himanshu Dugar

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

Crizac (CRIZ:NS). Sell into the Aftermarket.

Crizac is an Indian education agent that has just IPO'd. The shares began trading today. The stock is overvalued vs global peers. It has a risky...

Edward Slade

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

Crizac Limited IPO Analysis

​Crizac's OFS IPO offers investors exposure to fast-growing B2B overseas-education marketplace, but high revenue concentration and potential risks...

Nimish Maheshwari

Crizac's OFS IPO offers investors exposure to fast-growing B2B overseas-education marketplace, but high revenue concentration and potential risks...