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

ICICI Prudential Asset Management Company / Equity Capital Markets

ICICI Prudential Asset Management Company (ICICIAMC IN)

ICICI Prudential Asset Management Company

<ul>
<li>Ipru AMC, the largest AMC with high active AUM share and 60+% of Equity AUM boasts of one of the best operating metrics in the industry.</li>
<li>The IPO is being priced in line with peers based on FY25 accounting PE (40x vs 40-44x), however, based on Core PE the relative valuations stands at 40x vs 48/52x</li>
<li>We are bullish on the industry/company from a long-term perspective, although near-term valuations may look fully priced in light of regulatory tightening of profit pool and intensifying competition.</li>
</ul>


Ipru AMC, the largest AMC with high active AUM share and 60+% of Equity AUM boasts of one of the best operating metrics in the industry.
The IPO is being priced in line with peers based on FY25 accounting PE (40x vs 40-44x), however, based on Core PE the relative valuations stands at 40x vs 48/52x
We are bullish on the industry/company from a long-term perspective, although near-term valuations may look fully priced in light of regulatory tightening of profit pool and intensifying competition.


ICICI Prudential AMC - Reasonably Priced for the Longer Term.

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.

Manipal Health Enterprises Ltd / Equity Capital Markets

Manipal Health Enterprises Ltd (1217834D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health Enterprises</a> (MHEL) is looking to raise about US$1bn in its upcoming India IPO. </li>
<li>MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Manipal Health Enterprises (MHEL) is looking to raise about US$1bn in its upcoming India IPO. 
MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Manipal Hospitals Pre-IPO - The Negatives - Growth Mostly Via Acquisitons

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health</a> (MHEL) is looking to raise about US$1bn in its upcoming India IPO. </li>
<li>MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Manipal Health (MHEL) is looking to raise about US$1bn in its upcoming India IPO. 
MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.
In this note, we talk about the positive aspects of the deal.


Aequitas: Manipal Hospitals Pre-IPO - The Positives - Strong Earnings Growth

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

<ul>
<li>SBI Funds Management is coming to market via a <strong>100% Offer for Sale of ~20.37 crore shares</strong>, with no fresh capital raise.</li>
<li>The IPO provides exposure to <strong>India’s structurally underpenetrated asset management industry</strong>, led by a strong banking distribution franchise.</li>
<li>A high-quality AMC franchise with scale advantages, but valuation discipline and market-cycle sensitivity will be critical for investors.</li>
</ul>


SBI Funds Management is coming to market via a 100% Offer for Sale of ~20.37 crore shares, with no fresh capital raise.
The IPO provides exposure to India’s structurally underpenetrated asset management industry, led by a strong banking distribution franchise.
A high-quality AMC franchise with scale advantages, but valuation discipline and market-cycle sensitivity will be critical for investors.


SBI Funds Management IPO: Does Market Leadership Translate into Premium Growth?

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company (UCL IN)</a> (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

India

HDFC Asset Management is a leading Indian investment manager, serving as the asset management arm of HDFC Bank. It provides a comprehensive suite of savings and investment products, including mutual funds, portfolio management services (PMS), and alternative investment funds (AIF) across various asset classes. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1999 (commenced operations in 2000).

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HDFC Asset Management (HDFCAMC IN)

ICICI Prudential AMC - Reasonably Priced for the Longer Term.

Ipru AMC is up 28% since listing and now trades at a 10-12% premium vs closest peers Nippon and HDFC AMC. After a flattish QoQ performance impacted...

Himanshu Dugar

Aequitas: Manipal Hospitals Pre-IPO - The Negatives - Growth Mostly Via Acquisitons

Manipal Health Enterprises (MHEL) is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Aequitas: Manipal Hospitals Pre-IPO - The Positives - Strong Earnings Growth

Manipal Health (MHEL) is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

SBI Funds Management IPO: Does Market Leadership Translate into Premium Growth?

SBI Funds Management's IPO offers exposure to India's asset management industry through 100% Offer for Sale, emphasizing valuation discipline and...

Sudarshan Bhandari

Aequitas: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ICICI Prudential AMC - Reasonably Priced for the Longer Term.

Ipru AMC is up 28% since listing and now trades at a 10-12% premium vs closest peers Nippon and HDFC AMC. After a flattish QoQ performance impacted...

Himanshu Dugar

Aequitas: Manipal Hospitals Pre-IPO - The Negatives - Growth Mostly Via Acquisitons

Manipal Health Enterprises (MHEL) is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Aequitas: Manipal Hospitals Pre-IPO - The Positives - Strong Earnings Growth

Manipal Health (MHEL) is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

SBI Funds Management IPO: Does Market Leadership Translate into Premium Growth?

​SBI Funds Management's IPO offers exposure to India's asset management industry through 100% Offer for Sale, emphasizing valuation discipline and...

Sudarshan Bhandari

Aequitas: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

SBI Funds Management's IPO offers exposure to India's asset management industry through 100% Offer for Sale, emphasizing valuation discipline and...