Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Indian Railway Catering & Tourism / Equity Bottom-Up

Indian Railway Catering & Tourism (IRCTC IN)

<a href="https://www.smartkarma.com/entities/indian-railway-catering-and-tourism-corporation-limited" target="_blank" data-smartkarma-citation="entities:33951:1" rel="noopener">Indian Railway Catering and Tourism (IRCTC IN)</a> has given a superficial return to the shareholders since it has got listed on the Indian bourses. The company is in news post the announced split of shares in the ratio of 1:5. On October 28, 2021, the split of share of the company got effected.On the same day i.e. October 28, 2021, post market hours, the company informed exchanges that Ministry of Railways vide above referred letter has conveyed its decision to share the revenue earned from convenience fee collected by IRCTC in the ratio of 50: 50 w.e.f.  November 1, 2021.  The stock got hammered next morning by more than 28%; later during the day i.e. October 29, 2021, the company again informed exchanges that Ministry of Railways has withdrawn its order for sharing convenience fee, as a result stock got recovered and closed at ~7.5% down from the previous close.There are few grey areas in the news created around the company and in this insight we try to analyse the situation and possible way ahead the Ministry may be eyeing for.

Indian Railway Catering and Tourism (IRCTC IN) has given a superficial return to the shareholders since it has got listed on the Indian bourses. The company is in news post the announced split of shares in the ratio of 1:5. On October 28, 2021, the split of share of the company got effected.On the same day i.e. October 28, 2021, post market hours, the company informed exchanges that Ministry of Railways vide above referred letter has conveyed its decision to share the revenue earned from convenience fee collected by IRCTC in the ratio of 50: 50 w.e.f.  November 1, 2021.  The stock got hammered next morning by more than 28%; later during the day i.e. October 29, 2021, the company again informed exchanges that Ministry of Railways has withdrawn its order for sharing convenience fee, as a result stock got recovered and closed at ~7.5% down from the previous close.There are few grey areas in the news created around the company and in this insight we try to analyse the situation and possible way ahead the Ministry may be eyeing for.

IRCTC Limited: The Possible Implication Of Regulatory Fiasco

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

PB Fintech (PBF), India’s largest online platform for insurance and lending products, aims to raise up to US$793m via selling a mix of primary and secondary shares in its India IPO. The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. As per Frost &amp; Sullivan, the company is a leader in the online sphere in both segments. Despite Paisabazaar having taken a hit due to COVID-19, the company has managed to grow its revenue by 80% over FY19-21. In addition, it has been able to rein in expenses as well leading to an improvement in margins. Although, it was still making losses in FY21. On the flip side, its growth has come on the back of large ad spending and given the transactional nature of both of its platforms combined with the increase in competition, its ad spending will probably remain high. We have covered most aspects of the deal in our previous notes,  <a href="https://www.smartkarma.com/insights/pb-fintech-policybazaar-pre-ipo-the-positives-fast-growth" target="_blank" rel="noopener">PB Fintech (Policybazaar) Pre-IPO - The Positives - Fast Growth</a> and <a href="https://www.smartkarma.com/insights/pb-fintech-policybazaar-pre-ipo-the-negatives-patchy-data-strategy-missteps" target="_blank" rel="noopener">PB Fintech (Policybazaar) Pre-IPO - The Negatives - Patchy Data, Strategy Missteps</a>.In this note, we will talk about updates since our last note and valuations.

PB Fintech (PBF), India’s largest online platform for insurance and lending products, aims to raise up to US$793m via selling a mix of primary and secondary shares in its India IPO. The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. As per Frost &amp; Sullivan, the company is a leader in the online sphere in both segments. Despite Paisabazaar having taken a hit due to COVID-19, the company has managed to grow its revenue by 80% over FY19-21. In addition, it has been able to rein in expenses as well leading to an improvement in margins. Although, it was still making losses in FY21. On the flip side, its growth has come on the back of large ad spending and given the transactional nature of both of its platforms combined with the increase in competition, its ad spending will probably remain high. We have covered most aspects of the deal in our previous notes,  PB Fintech (Policybazaar) Pre-IPO - The Positives - Fast Growth and PB Fintech (Policybazaar) Pre-IPO - The Negatives - Patchy Data, Strategy Missteps.In this note, we will talk about updates since our last note and valuations.

PB Fintech (Policybazaar) IPO - Increasing Competition Will Keep Ad Spending High

Telco/Internet specialist

Kirk Boodry

Redex Research

The Oyo listing should be a win for Softbank Group, which owns 47% (pre-listing) for a mere $1.1bn but initial pricing talk of $10-12bn seems wildly optimistic when matched against comparable valuations for premium online travel companies like Airbnb (implied Oyo value $4bn) or India tech ($7bn). Last year we thought this was worthless, so the turnaround is a pleasant surprise but we would not be buyers over INR 80/share ($7bn).

The Oyo listing should be a win for Softbank Group, which owns 47% (pre-listing) for a mere $1.1bn but initial pricing talk of $10-12bn seems wildly optimistic when matched against comparable valuations for premium online travel companies like Airbnb (implied Oyo value $4bn) or India tech ($7bn). Last year we thought this was worthless, so the turnaround is a pleasant surprise but we would not be buyers over INR 80/share ($7bn).

Oyo and Softbank Group - This Would Be Generously Valued at $4-7bn but that Keeps CEO Under Water

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CarTrade Tech raised around US$400m in its India IPO. The company is backed by Warburg Pincus and Temasek.
CarTrade Tech (CTT) is an online auto portal for sale of cars and two-wheelers in India. It is a multichannel auto platform with coverage and presence across vehicle types and value-added services through its various brands, namely: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.
We have covered various aspects of the deal in our previous notes, <a href="https://www.smartkarma.com/insights/cartrade-tech-pre-ipo-acquisition-adjusted-growth-remains-lows" target="_blank" rel="noopener">CarTrade Tech Pre-IPO - Acquisition adjusted growth remains low</a> and <a href="https://www.smartkarma.com/insights/cartrade-tech-ipo-too-expensive-for-our-taste" target="_blank" rel="noopener">Cartrade Tech IPO - Too Expensive for Our Taste</a>.
In this note, we will talk about the trading dynamics.
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CarTrade Tech raised around US$400m in its India IPO. The company is backed by Warburg Pincus and Temasek.
CarTrade Tech (CTT) is an online auto portal for sale of cars and two-wheelers in India. It is a multichannel auto platform with coverage and presence across vehicle types and value-added services through its various brands, namely: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.
We have covered various aspects of the deal in our previous notes, CarTrade Tech Pre-IPO - Acquisition adjusted growth remains low and Cartrade Tech IPO - Too Expensive for Our Taste.
In this note, we will talk about the trading dynamics.


Cartrade Tech IPO Trading - Decent Demand but It Remains Expensive

CarTrade Tech aims to raise around US$400m in its India IPO. The company is backed by Warburg Pincus and Temasek.CarTrade Tech (CTT) is an online auto portal for sale of cars and two-wheelers in India. It is a multichannel auto platform with coverage and presence across vehicle types and value-added services through its various brands, namely: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.In 4Q21 (period ending March 21), its platforms had an average of 31.99m unique visitors per month and 814,316 vehicles were listed for auction in FY 2021. Although, most of the prior growth appears to have come via acquisitions. Were one to adjust for the acquisitions, the underlying growth doesn’t appear to be very strong.We have covered various aspects of the deal in our previous note, <a href="https://www.smartkarma.com/insights/cartrade-tech-pre-ipo-acquisition-adjusted-growth-remains-lows" target="_blank" rel="noopener">CarTrade Tech Pre-IPO - Acquisition adjusted growth remains low</a>.In this note, we will run the deal through our ECM framework and talk about pricing.

CarTrade Tech aims to raise around US$400m in its India IPO. The company is backed by Warburg Pincus and Temasek.CarTrade Tech (CTT) is an online auto portal for sale of cars and two-wheelers in India. It is a multichannel auto platform with coverage and presence across vehicle types and value-added services through its various brands, namely: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.In 4Q21 (period ending March 21), its platforms had an average of 31.99m unique visitors per month and 814,316 vehicles were listed for auction in FY 2021. Although, most of the prior growth appears to have come via acquisitions. Were one to adjust for the acquisitions, the underlying growth doesn’t appear to be very strong.We have covered various aspects of the deal in our previous note, CarTrade Tech Pre-IPO - Acquisition adjusted growth remains low.In this note, we will run the deal through our ECM framework and talk about pricing.

Cartrade Tech IPO - Too Expensive for Our Taste

United States

Makemytrip Ltd. offers travel services over the Internet.  The Company operates websites that allow travelers to research and plan trips and book airline tickets, hotels, packages, rail tickets, bus tickets, and rental cars. Makemytrip also offers access to travel insurance.

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Makemytrip Ltd (MMYT US)

IRCTC Limited: The Possible Implication Of Regulatory Fiasco

There are few grey areas in the news created around the company regarding convenience fee sharing. In this insight we try to analyse the situation...

Nitin Mangal

PB Fintech (Policybazaar) IPO - Increasing Competition Will Keep Ad Spending High

PB Fintech, India’s largest online platform for insurance and lending products, aims to raise up to US$793m in its India IPO. The company is backed...

Sumeet Singh

Oyo and Softbank Group - This Would Be Generously Valued at $4-7bn but that Keeps CEO Under Water

An Oyo listing is a likely win for Softbank, which owns 47% for a mere $1.1bn but pricing talk of $10-12bn is optimistic compared to the $4-7bn...

Kirk Boodry

Cartrade Tech IPO Trading - Decent Demand but It Remains Expensive

CarTrade Tech raised around US$400m in its India IPO. The company is backed by Warburg Pincus and Temasek. It is an online portal for sale of cars...

Sumeet Singh

Cartrade Tech IPO - Too Expensive for Our Taste

CarTrade Tech aims to raise around US$400m in its India IPO, via a 100% secondary selldown. The company is backed by Warburg Pincus and Temasek.

Sumeet Singh

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