Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

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 Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>Insight on SEBI's new consultation paper on review of Certain Aspects of the Closing Auction Session(CAS) , Market Timings and Settlement Methodology for Derivatives Contracts.</li>
<li>We discuss the various aspects of the paper presented by SEBI. </li>
<li>Finally, we discuss how the impacts the NSE IPO which is opening this week.</li>
</ul>


Insight on SEBI's new consultation paper on review of Certain Aspects of the Closing Auction Session(CAS) , Market Timings and Settlement Methodology for Derivatives Contracts.
We discuss the various aspects of the paper presented by SEBI. 
Finally, we discuss how the impacts the NSE IPO which is opening this week.


NSE IPO - New SEBI Consultation Paper on CAS - Why It Eases the Worries a Bit

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>SEBI has approved the draft prospectus of NSE. As per news reports, the management has completed extensive roadshows and is looking to launch the IPO as early as 21st September.</li>
<li>The new Closing Auction Scheme by SEBI impacts options trading—the NSE's primary revenue driver.</li>
<li>Renewed focus on NSE's dependence on options revenue amid SEBI's regulatory crackdown is raising concerns that the exchange’s valuation is stretched too high.</li>
</ul>


SEBI has approved the draft prospectus of NSE. As per news reports, the management has completed extensive roadshows and is looking to launch the IPO as early as 21st September.
The new Closing Auction Scheme by SEBI impacts options trading—the NSE's primary revenue driver.
Renewed focus on NSE's dependence on options revenue amid SEBI's regulatory crackdown is raising concerns that the exchange’s valuation is stretched too high.


NSE: SEBI Approves IPO; Valuations Seem Demanding Amid CAS Fracas

<ul>
<li>This insight discusses in detail about NSE upcoming IPO and why it is fighting on all fronts.</li>
<li>We discuss 5 areas which could potentially impact NSE's near term earnings.</li>
<li>Finally, we discuss on IPO valuation and our view on the same.</li>
</ul>


This insight discusses in detail about NSE upcoming IPO and why it is fighting on all fronts.
We discuss 5 areas which could potentially impact NSE's near term earnings.
Finally, we discuss on IPO valuation and our view on the same.


NSE IPO: Fighting on All Fronts - CAS, New Capital Norms, Clearing Corp, MSE & Others

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.

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>We spent the past week meeting ECM focused clients in Hong Kong.</li>
<li>Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.</li>
<li>In this note, we talk about some of the feedback for the upcoming IPOs and placements.</li>
</ul>


We spent the past week meeting ECM focused clients in Hong Kong.
Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.
In this note, we talk about some of the feedback for the upcoming IPOs and placements.


Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a>, India's largest stock exchange, is seeking to raise about US$2.6 billion. </li>
<li>The IPO comprises a fully secondary share offering. Subscription is expected to open the week of 14 September at a rumoured revised price band of Rs1,700–1,785.</li>
<li>The investment case is bearish as NSE is a dominant, high-margin franchise carrying real regulatory-driven revenue and competitive risk concentrated in options, its core revenue line.</li>
</ul>



National Stock Exchange (NSEIN IN), India's largest stock exchange, is seeking to raise about US$2.6 billion. 
The IPO comprises a fully secondary share offering. Subscription is expected to open the week of 14 September at a rumoured revised price band of Rs1,700–1,785.
The investment case is bearish as NSE is a dominant, high-margin franchise carrying real regulatory-driven revenue and competitive risk concentrated in options, its core revenue line.


National Stock Exchange of India IPO: The Investment Case

India

National Stock Exchange of India Ltd. provides securities exchange and market infrastructure services. The Company offers trading, clearing-related services, market data, indexes, listings, and investor education. The company serves investors, brokers, listed companies, financial institutions, and market participants in India.

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National Stock Exchange of India (NSE IN)

NSE IPO - New SEBI Consultation Paper on CAS - Why It Eases the Worries a Bit

Insight on SEBI's new consultation paper on review of Certain Aspects of the Closing Auction Session, Market Timings and Settlement Methodology for...

Sreemant Dudhoria

NSE: SEBI Approves IPO; Valuations Seem Demanding Amid CAS Fracas

Initially touted as the largest public offering in India, NSE's IPO has been scaled back sharply. The valuations have dropped from their original...

Himanshu Dugar

NSE IPO: Fighting on All Fronts - CAS, New Capital Norms, Clearing Corp, MSE & Others

This insight discusses in detail about NSE upcoming IPO and why it is fighting on all fronts. Discuss 5 areas which could potentially impact NSE's...

Sreemant Dudhoria

Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong. This note contains some of the key takeaways from the upcoming listings.

Sumeet Singh

National Stock Exchange of India IPO: The Investment Case

NSE, India's largest stock exchange, is seeking to raise about US$2.6 billion. In this note, I discuss the investment case.

Arun George

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