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.

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 100% Offer for Sale of ~20.37 crore shares, with no fresh capital raise.</li>
<li>The IPO provides exposure to India’s structurally underpenetrated asset management industry, 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?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 19 stocks with passive inflows from global trackers while 8 could have passive outflows in February.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 19 stocks with passive inflows from global trackers while 8 could have passive outflows in February.


India: Potential Free Float Changes & Passive Flows in February 2026

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

<ul>
<li>
A Business So Perfect, It’s Almost Boring : 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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

ICICI Prudential Asset Management Company / Equity Bottom-Up

<ul>
<li>ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.</li>
<li>It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.</li>
<li>The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.</li>
</ul>


ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.
It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.
The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.


ICICI Prudential AMC IPO: The Market Leader in Active Fund Management

India

Nippon Life India Asset Management Limited is one of India's largest asset management companies, serving as the investment manager for Nippon India Mutual Fund. The company offers a diversified suite of investment solutions including mutual funds, exchange-traded funds (ETFs), portfolio management services, alternative investment funds, pension funds, and offshore advisory mandates. It was founded in 1995 and is headquartered in Mumbai, India.

Nippon Life India Asset Management (NAM IN)

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Nippon Life India Asset Management (NAM 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

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

India: Potential Free Float Changes & Passive Flows in February 2026

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in February. Passive trackers will need to...

Brian Freitas

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

ICICI Prudential AMC IPO: The Market Leader in Active Fund Management

ICICI Prudential AMC leads as India's largest asset management company with a 13.3% market share, managing INR 10.15 trillion QAAUM and reporting...

Nimish Maheshwari

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

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

India: Potential Free Float Changes & Passive Flows in February 2026

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices in February. Passive trackers will need to...

Brian Freitas

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

ICICI Prudential AMC IPO: The Market Leader in Active Fund Management

​ICICI Prudential AMC leads as India's largest asset management company with a 13.3% market share, managing INR 10.15 trillion QAAUM and reporting...

Nimish Maheshwari

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

ICICI Prudential AMC leads as India's largest asset management company with a 13.3% market share, managing INR 10.15 trillion QAAUM and reporting...