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 Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a> is launching its IPO, consisting of fresh issue worth INR 5.5 bn and offer for sale upto 84.9 mn shares.</li>
<li>The company delivered its first electric scooter in December 2021, and since then it has grown immensely to become a market leader with a share of 35%.</li>
<li>As far as forensics go, one should look out for related party transactions with promoters, some accounting policies, constant losses, need for capex, trend of expenses, etc.</li>
</ul>



Ola Electric (1700674D IN) is launching its IPO, consisting of fresh issue worth INR 5.5 bn and offer for sale upto 84.9 mn shares.
The company delivered its first electric scooter in December 2021, and since then it has grown immensely to become a market leader with a share of 35%.
As far as forensics go, one should look out for related party transactions with promoters, some accounting policies, constant losses, need for capex, trend of expenses, etc.


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.

Brainbees Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions</a> is looking to raise up to US$500m in its upcoming India IPO.</li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.</li>
</ul>



BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO.
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
In our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.


Brainbees Solutions (FirstCry) IPO - Not Very Attractive but It Is Relatively Cheap

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions</a> is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about its updated financials in the RHP.</li>
</ul>



BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. 
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about its updated financials in the RHP.


Brainbees Solutions (FirstCry) IPO - RHP Updates - Growing but Slowing

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Ola Electric is a vertically integrated pure EV player in India with both technology and manufacturing capabilities for EVs and EV components (including battery packs, motors and vehicle frames).</li>
<li>The company’s much awaited IPO is opening for subscription on Friday, and this insight focuses on new data points from the company’s latest Red Herring document (RHD).</li>
<li>Our analysis shows that the company’s top line has continued to expand driven by volume while there has been significant reduction in operating losses in FY03/2024.</li>
</ul>


Ola Electric is a vertically integrated pure EV player in India with both technology and manufacturing capabilities for EVs and EV components (including battery packs, motors and vehicle frames).
The company’s much awaited IPO is opening for subscription on Friday, and this insight focuses on new data points from the company’s latest Red Herring document (RHD).
Our analysis shows that the company’s top line has continued to expand driven by volume while there has been significant reduction in operating losses in FY03/2024.


Ola Electric IPO – RHD Updates: Strong Improvement in Financials

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>India's electric 2-wheeler sales nosedived after March 2024 as the government reduced incentives.</li>
<li>The price gap between electric 2-wheelers and their ICE counterparts has widened significantly with lower incentives.</li>
<li>Despite the overall slowdown, <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a> 's steep market share rise highlights its product prowess, competitive pricing capabilities, and strong brand.</li>
</ul>


India's electric 2-wheeler sales nosedived after March 2024 as the government reduced incentives.
The price gap between electric 2-wheelers and their ICE counterparts has widened significantly with lower incentives.
Despite the overall slowdown, Ola Electric (1700674D IN) 's steep market share rise highlights its product prowess, competitive pricing capabilities, and strong brand.


Slower E2Wheeler Sales with Lower Incentives: Ola Makes Lemonade when Market Throws Lemons

India

Ola Electric is an Indian electric vehicle manufacturer that designs and manufactures electric two-wheelers, including the Ola S1 series, and produces battery cells. The company also offers charging solutions and energy storage products. Ola Electric is headquartered in Bengaluru, India, and was founded in 2017.

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Ola Electric (OLAELEC IN)

Ola Electric IPO- Forensic Analysis

Ola Electric emerges as market leader with 35% share in electric scooters. Watch out for related party transactions, accounting policies, losses,...

Nitin Mangal

Brainbees Solutions (FirstCry) IPO - Not Very Attractive but It Is Relatively Cheap

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. We have looked at the past performance in our earlier notes, in...

Sumeet Singh

Brainbees Solutions (FirstCry) IPO - RHP Updates - Growing but Slowing

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

Ola Electric IPO – RHD Updates: Strong Improvement in Financials

The much awaited Ola Electric IPO is opening for subscription on Friday, and this insight focuses on new data points from the company’s latest Red...

Shifara Samsudeen, FCMA, CGMA

Slower E2Wheeler Sales with Lower Incentives: Ola Makes Lemonade when Market Throws Lemons

Amid a sector slump due to lower incentives since April, Ola Electric’s strategic pricing and strong product lineup showcase its competitive...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ola Electric IPO- Forensic Analysis

​Ola Electric emerges as market leader with 35% share in electric scooters. Watch out for related party transactions, accounting policies, losses,...

Nitin Mangal

Brainbees Solutions (FirstCry) IPO - Not Very Attractive but It Is Relatively Cheap

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. We have looked at the past performance in our earlier notes, in...

Sumeet Singh

Brainbees Solutions (FirstCry) IPO - RHP Updates - Growing but Slowing

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

Ola Electric IPO – RHD Updates: Strong Improvement in Financials

The much awaited Ola Electric IPO is opening for subscription on Friday, and this insight focuses on new data points from the company’s latest Red...

Shifara Samsudeen, FCMA, CGMA

Slower E2Wheeler Sales with Lower Incentives: Ola Makes Lemonade when Market Throws Lemons

Amid a sector slump due to lower incentives since April, Ola Electric’s strategic pricing and strong product lineup showcase its competitive...

Devi Subhakesan

Ola Electric emerges as market leader with 35% share in electric scooters. Watch out for related party transactions, accounting policies, losses,...