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

Orkla India Ltd. / Equity Capital Markets

<ul>
<li>Orkla India owns two popular Indian food product brands 'MTR' and 'Eastern that offer Ready to Cook/Eat products as well as pure and blended spices.</li>
<li>Both its brands enjoy strong brand heritage in India as well as countries with a higher proportion of the Indian diaspora.</li>
<li>IPO is being valued at TTM PE of 40x (lower end of 35-90x ascribed to Indian FMCGs). With a low double-digit growth profile and high ROCEs, valuations look reasonable.</li>
</ul>


Orkla India owns two popular Indian food product brands 'MTR' and 'Eastern that offer Ready to Cook/Eat products as well as pure and blended spices.
Both its brands enjoy strong brand heritage in India as well as countries with a higher proportion of the Indian diaspora.
IPO is being valued at TTM PE of 40x (lower end of 35-90x ascribed to Indian FMCGs). With a low double-digit growth profile and high ROCEs, valuations look reasonable.


Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Orkla India filed for IPO to sell shares worth INR16.7B. It is an “offer for sale” by the selling shareholders intending to sell 22.8M shares at INR 695-730 per share.</li>
<li>Orkla is a multi-category Indian food company with key product categories being Spices and Convenience Foods under two major brands, MTR and Eastern.</li>
<li>The IPO offer price range appears to be a more reasonable for the company considering the fact that it lags behind on many fronts when compared to its’ peers.</li>
</ul>


Orkla India filed for IPO to sell shares worth INR16.7B. It is an “offer for sale” by the selling shareholders intending to sell 22.8M shares at INR 695-730 per share.
Orkla is a multi-category Indian food company with key product categories being Spices and Convenience Foods under two major brands, MTR and Eastern.
The IPO offer price range appears to be a more reasonable for the company considering the fact that it lags behind on many fronts when compared to its’ peers.


Orkla India IPO: Reasonable Price Package; Need to Break the South Barrier to Spice Up Future Growth

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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/orkla-india-ltd" target="_blank" data-smartkarma-citation="entities:45300:1" rel="noopener">Orkla India Ltd. (0752506D IN)</a> is looking to raise about US$300m in its upcoming India IPO.</li>
<li>Orkla India is a multi-category food company offering a diverse range of spices and convenience food products, catering to every meal occasion across breakfast, lunch, dinner, snacks, beverages and desserts.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Orkla India Ltd. (0752506D IN) is looking to raise about US$300m in its upcoming India IPO.
Orkla India is a multi-category food company offering a diverse range of spices and convenience food products, catering to every meal occasion across breakfast, lunch, dinner, snacks, beverages and desserts.
In this note, we talk about the company’s historical performance.


Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

Troy Wong

<ul>
<li>Orkla India Ltd. (OI) is looking to raise about US$300mn in its upcoming India IPO. The deal will be run by ICICI, Citi, JPM, and Kotak.</li>
<li>It’s a multi-category Indian food company offering a diverse range of products that cater to every meal occasion, from breakfast and lunch to dinner, snacks and beverages and desserts.</li>
<li>OI was one of the top four companies in terms of revenue from operations among select leading species and convenience foods peers in FY24, as per Technopak Report.</li>
</ul>


Orkla India Ltd. (OI) is looking to raise about US$300mn in its upcoming India IPO. The deal will be run by ICICI, Citi, JPM, and Kotak.
It’s a multi-category Indian food company offering a diverse range of products that cater to every meal occasion, from breakfast and lunch to dinner, snacks and beverages and desserts.
OI was one of the top four companies in terms of revenue from operations among select leading species and convenience foods peers in FY24, as per Technopak Report.


Emmvee Photovoltaic Power Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emmvee-photovoltaic-power-limited" target="_blank" data-smartkarma-citation="entities:45501:1" rel="noopener">Emmvee Photovoltaic Power Limited (0198068D IN)</a> (EPPL) is looking to raise about US$327m in its India IPO.</li>
<li>EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.</li>
<li>In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.</li>
</ul>



Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) is looking to raise about US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
In this note, we have a look at the company’s past performance, as well as talk about the peer comp and implied valuations in the price range.


Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

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Orkla India Ltd. (0752506D IN)

Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy

Orkla India's IPO for popular food brands MTR and Eastern offers reasonable valuations with strong brand heritage and growth potential.

Himanshu Dugar

Orkla India IPO: Reasonable Price Package; Need to Break the South Barrier to Spice Up Future Growth

Orkla India filed for IPO to sell shares worth INR16.7B, at INR 695-730 per share. IPO price range seems reasonable given its strong regional...

Tina Banerjee

Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

Orkla India has launched a smaller IPO of up to INR 16.6bn (US$190m) in a INR695–730 range. Anchor books open on 28th October, with the rest of the...

Akshat Shah

Orkla India Ltd. Pre-IPO Tearsheet

Orkla India Ltd. plans to raise $300mn in India IPO with top banks leading the deal, offering diverse food products and ranking among top revenue...

Troy Wong

Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Ltd is looking to raise about US$327m in its India IPO. In this note, we have a look at its past performance, and talk...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Orkla India IPO Review: Strong Brands and Valuations Are Not Too Spicy

​Orkla India's IPO for popular food brands MTR and Eastern offers reasonable valuations with strong brand heritage and growth potential.

Himanshu Dugar

Orkla India IPO: Reasonable Price Package; Need to Break the South Barrier to Spice Up Future Growth

​Orkla India filed for IPO to sell shares worth INR16.7B, at INR 695-730 per share. IPO price range seems reasonable given its strong regional...

Tina Banerjee

Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

Orkla India has launched a smaller IPO of up to INR 16.6bn (US$190m) in a INR695–730 range. Anchor books open on 28th October, with the rest of the...

Akshat Shah

Orkla India Ltd. Pre-IPO Tearsheet

​Orkla India Ltd. plans to raise $300mn in India IPO with top banks leading the deal, offering diverse food products and ranking among top revenue...

Troy Wong

Emmvee Photovoltaic Power IPO - Integrated Scale, Bright Prospects

Emmvee Photovoltaic Power Ltd is looking to raise about US$327m in its India IPO. In this note, we have a look at its past performance, and talk...

Akshat Shah

Orkla India's IPO for popular food brands MTR and Eastern offers reasonable valuations with strong brand heritage and growth potential.

Orkla India filed for IPO to sell shares worth INR16.7B, at INR 695-730 per share. IPO price range seems reasonable given its strong regional...

Orkla India Ltd. plans to raise $300mn in India IPO with top banks leading the deal, offering diverse food products and ranking among top revenue...