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

FSN E-Commerce Ventures (Nykaa) / Equity Bottom-Up

<ul>
<li>As part of our Narrative and Numbers themed Annual Report insights, we shift our focus to <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) (NYKAA IN)</a>.</li>
<li>We focus on Nykaa Fashion due to its financial significance in spite of not being a material subsidiary warranting the need for board review on materiality policy.</li>
<li>Notable issues demanding scrutiny include (1) Declining Financials, (2) Inconsistent Reporting, (3) Misleading Narrative, and (4) Elevated Executive Compensation.</li>
</ul>


As part of our Narrative and Numbers themed Annual Report insights, we shift our focus to FSN E-Commerce Ventures (Nykaa) (NYKAA IN).
We focus on Nykaa Fashion due to its financial significance in spite of not being a material subsidiary warranting the need for board review on materiality policy.
Notable issues demanding scrutiny include (1) Declining Financials, (2) Inconsistent Reporting, (3) Misleading Narrative, and (4) Elevated Executive Compensation.


NYKAA IN | Nykaa Fashion Appears to Be Mismanaged and in Need of a Change

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>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> plans to raise around US$2.2bn via a follow-on public offering.</li>
<li>The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering.
The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.
In this note, we will run the deal through our ECM framework and talk about the deal dynamics.


Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Forensics and Corporate Governance Analyst, Beat the Street

Nimish Maheshwari

Forensics and Corporate Governance 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

Forensic Accounting

<ul>
<li>Recent RBI and SEBI actions unveil irregularities in <a href="https://www.smartkarma.com/entities/jm-financial-ltd" target="_blank" data-smartkarma-citation="entities:7475:1" rel="noopener">JM Financial (JM IN)</a> Products IPO financing, exposing risks in NBFC-led subscriptions.</li>
<li>Ensuring market integrity and investor protection, regulatory scrutiny highlights governance lapses, urging transparency and accountability.</li>
<li>Prompts investor caution, demanding rigorous scrutiny of financial intermediaries, and reinforcing the need for robust regulatory oversight.</li>
</ul>


Recent RBI and SEBI actions unveil irregularities in JM Financial (JM IN) Products IPO financing, exposing risks in NBFC-led subscriptions.
Ensuring market integrity and investor protection, regulatory scrutiny highlights governance lapses, urging transparency and accountability.
Prompts investor caution, demanding rigorous scrutiny of financial intermediaries, and reinforcing the need for robust regulatory oversight.


Governance Under Scrutiny: RBI, SEBI Probe on JM Financial

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

<ul>
<li>In Aug 2022, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.</li>
<li>Leading to a selldown by <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


In Aug 2022, Zomato (ZOMATO IN) completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.
Leading to a selldown by Softbank Group (9984 JP) in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.
In this note, we will talk about the lock-up dynamics and recent updates.


Zomato Lock-Up - Last of the Softbank Selldown

India

FSN E-Commerce Ventures Private Limited providese-retailing beauty and personal care solutions. The Company offers comprehensive selection of makeup, skin and hair care, bath body, fragrance, grooming appliances, personal care, and health and welness categories. FSN E-Commerce Ventures serves customers worldwide.

FSN E-Commerce Ventures (Nykaa) (NYKAA IN)

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FSN E-Commerce Ventures (Nykaa) (NYKAA IN)

NYKAA IN | Nykaa Fashion Appears to Be Mismanaged and in Need of a Change

We highlight concerns about FSN E-Commerce Ventures (Nykaa), focusing on Nykaa Fashion's declining financials, inconsistent reporting, misleading...

Pranav Bhavsar

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

Governance Under Scrutiny: RBI, SEBI Probe on JM Financial

Recent RBI & SEBI's regulatory actions reveal irregularities in JM Financials' IPO financing, NCD subscription & Governance issues.

Nimish Maheshwari

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NYKAA IN | Nykaa Fashion Appears to Be Mismanaged and in Need of a Change

We highlight concerns about FSN E-Commerce Ventures (Nykaa), focusing on Nykaa Fashion's declining financials, inconsistent reporting, misleading...

Pranav Bhavsar

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

Governance Under Scrutiny: RBI, SEBI Probe on JM Financial

​Recent RBI & SEBI's regulatory actions reveal irregularities in JM Financials' IPO financing, NCD subscription & Governance issues.

Nimish Maheshwari

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

Recent RBI & SEBI's regulatory actions reveal irregularities in JM Financials' IPO financing, NCD subscription & Governance issues.