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

<ul>
<li>Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers</li>
<li>We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers</li>
<li>IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).</li>
</ul>


Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).


Meesho - Potential Play on Value E-Commerce

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/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a> raised around US$606m in its India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Meesho (1546271D IN) raised around US$606m in its India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Meesho Ltd IPO Trading - Robust Overall Demand

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.</li>
<li>In this cut, we unveil the first wave of 2026 high conviction ideas, break down the risks and rewards of the Meesho IPO and track upcoming lock-up expiries.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.
In this cut, we unveil the first wave of 2026 high conviction ideas, break down the risks and rewards of the Meesho IPO and track upcoming lock-up expiries.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of M-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Adani Enterprises, Shriram Finance, Bharat Petroleum, One 97 Communications, State Bank of India, GMR Airports, Fortis Healthcare, Oil India, Shriram Finance, Oil India.</li>
</ul>


We analysed the earning revision of component stocks of M-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Adani Enterprises, Shriram Finance, Bharat Petroleum, One 97 Communications, State Bank of India, GMR Airports, Fortis Healthcare, Oil India, Shriram Finance, Oil India.


M-India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

India

FSN E-Commerce Ventures Ltd., operating as Nykaa, is an Indian retail company specializing in beauty, wellness, and fashion products. It sells products online and through physical stores, offering a wide assortment from various brands, including its own. The company is headquartered in Mumbai, India, and was founded in April 2012.

Price Gauge
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Nykaa (NYKAA IN)

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

Meesho Ltd IPO Trading - Robust Overall Demand

Meesho Ltd (ML) raised around US$606m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

This Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...

Pranav Rao

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

M-India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

We analyzed M-India's consensus for Nov 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), Shriram Finance (SHFL IN), Bharat...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

Meesho Ltd IPO Trading - Robust Overall Demand

Meesho Ltd (ML) raised around US$606m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

This ​Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...

Pranav Rao

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

M-India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

We analyzed M-India's consensus for Nov 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), Shriram Finance (SHFL IN), Bharat...

Ke Yan, CFA, FRM

This Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...