Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>In 2025, Indian mainboard IPOs raised approximately INR 1.83 trillion of capital.</li>
<li>In this Insight, we review our hits and misses in the Indian Primary Market with focus on companies where post issue market cap was above USD 1 billion.</li>
<li>We review the initial rationale for each company before the IPO and how it played out immediately on the listing day.</li>
</ul>


In 2025, Indian mainboard IPOs raised approximately INR 1.83 trillion of capital.
In this Insight, we review our hits and misses in the Indian Primary Market with focus on companies where post issue market cap was above USD 1 billion.
We review the initial rationale for each company before the IPO and how it played out immediately on the listing day.


2025: A Review of Our Hits and Misses in the Indian Primary Market

<ul>
<li>Despite the broad-based weakness in Indian equity market, insider buying in December 2025 was very strong and broad-based esp in Mid/Small cap category.</li>
<li>We highlight 60 large, mid and small cap companies that experienced insider buying during December 2025 with total transaction value of USD 95 million, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
</ul>


Despite the broad-based weakness in Indian equity market, insider buying in December 2025 was very strong and broad-based esp in Mid/Small cap category.
We highlight 60 large, mid and small cap companies that experienced insider buying during December 2025 with total transaction value of USD 95 million, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.


Insider Activity: Who Bought Their Own Stock in December?

Equity Capital Markets

ICICI Prudential AMC / Equity Capital Markets

<ul>
<li>
<strong>A Business So Perfect, It’s Almost Boring</strong> : Industry Tailwinds, Leader and extra ordinary return on equity makes <a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC (570643Z IN)</a> an attractive long term investment.</li>
<li>In this insight, we also present reasons why the near term listing gains may not be so attractive.</li>
<li>Business and industry insights, valuation comparison and our view on this IPO are presented in this insight</li>
</ul>



A Business So Perfect, It’s Almost Boring : Industry Tailwinds, Leader and extra ordinary return on equity makes ICICI Prudential AMC (570643Z IN) an attractive long term investment.
In this insight, we also present reasons why the near term listing gains may not be so attractive.
Business and industry insights, valuation comparison and our view on this IPO are presented in this insight


ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC</a> raised around US$1.2bn in its upcoming India IPO.</li>
<li>IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

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

<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.

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ICICI Prudential AMC (570643Z IN)

2025: A Review of Our Hits and Misses in the Indian Primary Market

In 2025, Indian mainboard IPOs raised INR 1.83 trillion; this insight reviews our hits and misses in Indian Primary Market for companies with post...

Sreemant Dudhoria,CFA

Insider Activity: Who Bought Their Own Stock in December?

Robust insider buying activity observed in the last week of December'25. Notable large names are Bajaj Finance, Supreme Industries, Acutaas...

Sreemant Dudhoria,CFA

ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

We expect a strong listing for ICICI Prudential AMC today, as the timing of SEBI’s mutual fund regulatory overhaul (17 Dec’25) could not have been...

Sreemant Dudhoria,CFA

ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

ICICI Prudential AMC - Reasonably Priced for the Longer Term.

Ipru AMC, the largest AMC with strong operating metrics, is priced in line with peers for its IPO but regulatory changes and competition limit...

Himanshu Dugar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2025: A Review of Our Hits and Misses in the Indian Primary Market

​In 2025, Indian mainboard IPOs raised INR 1.83 trillion; this insight reviews our hits and misses in Indian Primary Market for companies with post...

Sreemant Dudhoria,CFA

Insider Activity: Who Bought Their Own Stock in December?

Robust insider buying activity observed in the last week of December'25. Notable large names are Bajaj Finance, Supreme Industries, Acutaas...

Sreemant Dudhoria,CFA

ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

We expect a strong listing for ICICI Prudential AMC today, as the timing of SEBI’s mutual fund regulatory overhaul (17 Dec’25) could not have been...

Sreemant Dudhoria,CFA

ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

ICICI Prudential AMC - Reasonably Priced for the Longer Term.

​Ipru AMC, the largest AMC with strong operating metrics, is priced in line with peers for its IPO but regulatory changes and competition limit...

Himanshu Dugar

In 2025, Indian mainboard IPOs raised INR 1.83 trillion; this insight reviews our hits and misses in Indian Primary Market for companies with post...

Ipru AMC, the largest AMC with strong operating metrics, is priced in line with peers for its IPO but regulatory changes and competition limit...