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

Central Mine Planning Design Institute Ltd (CMPDIL) / Equity Capital Markets

Central Mine Planning Design Institute Ltd (CMPDIL) (0180301D IN)

Central Mine Planning Design Institute Ltd (CMPDIL)

<ul>
<li>After a blockbuster listing for <a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> earlier this year, <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a> is back with another Offer for sale.</li>
<li>CMPDI is the technical consulting arm of the Coal Ministry of India that has been institutionalised to support the Coal industry value chain throughout its project lifecycle</li>
<li>The deal has been valued attractively at the midpoint of valuations commanded by similar Indian public-sector enterprises despite its relatively superior profile. Expect a listing pop notwithstanding the market environment.</li>
</ul>


After a blockbuster listing for Bharat Coking Coal Limited (BCCL) (7535956Z IN) earlier this year, Coal India Ltd (COAL IN) is back with another Offer for sale.
CMPDI is the technical consulting arm of the Coal Ministry of India that has been institutionalised to support the Coal industry value chain throughout its project lifecycle
The deal has been valued attractively at the midpoint of valuations commanded by similar Indian public-sector enterprises despite its relatively superior profile. Expect a listing pop notwithstanding the market environment.


CMPDIL: Powering Indian Coal Mining by Mapping the Depths - Priced for a Listing Pop

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.

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</li>
<li>Rubicon Research (RR) is a pharmaceutical formulations company with a portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Rubicon Research Limited (1453591D IN) raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
Rubicon Research (RR) is a pharmaceutical formulations company with a portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas : Rubicon Research IPO Lockup -Shares Have Traded Well; General Atlantic Well in The Money

<ul>
<li>
<a href="https://www.smartkarma.com/entities/central-mine-planning-design-institute-ltd-cmpdil" target="_blank" data-smartkarma-citation="entities:45267:1" rel="noopener">Central Mine Planning Design Institute Ltd (CMPDI) (0180301D IN)</a> is looking to raise around US$200m in its all-secondary India IPO.</li>
<li>CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.</li>
<li>In this note, we talk about the company’s historical performance and IPO valuations.</li>
</ul>



Central Mine Planning Design Institute Ltd (CMPDI) (0180301D IN) is looking to raise around US$200m in its all-secondary India IPO.
CMPDI is a Coal India subsidiary, providing consultancy and support services across the full range of coal and mineral exploration, mine planning and design, covering the entire mining operations lifecycle.
In this note, we talk about the company’s historical performance and IPO valuations.


Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Central Mine Planning &amp; Design Institute has launched IPO to raise up to INR 18.4B. The company plans to sell 107.1M shares at between INR 163 - 172 per share.</li>
<li>CMPDIL offer consultancy and support services for the entire spectrum of coal and mineral exploration and mine planning and design services.</li>
<li>This valuation appears to be reasonable and cheap when compared to its peers like RITES and Engineers India. We would recommend the investors to subscribe to the issue.</li>
</ul>


Central Mine Planning &amp; Design Institute has launched IPO to raise up to INR 18.4B. The company plans to sell 107.1M shares at between INR 163 - 172 per share.
CMPDIL offer consultancy and support services for the entire spectrum of coal and mineral exploration and mine planning and design services.
This valuation appears to be reasonable and cheap when compared to its peers like RITES and Engineers India. We would recommend the investors to subscribe to the issue.


Central Mine Planning & Design IPO: Robust Business Model In Place, Designed for a Sustained Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$338m in its India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.


WeWork India IPO - Thoughts on Peer Comp and Valuation

India

RITES Limited is an Indian public sector undertaking that operates under the Ministry of Railways, Government of India. The company offers consultancy, engineering, and project delivery services across various infrastructure sectors, including railways, highways, metros, urban development, and airports. RITES also provides services like leasing and export of railway rolling stock and turnkey construction projects. Headquartered in Gurugram, Haryana, India, RITES was incorporated on April 26, 1974.

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RITES (RITE IN)

CMPDIL: Powering Indian Coal Mining by Mapping the Depths - Priced for a Listing Pop

After a benign listing, CMPDIL has caught investor attention and is up 40/55% from the issue /listing price. 2H results were lower due to one-off...

Himanshu Dugar

Aequitas : Rubicon Research IPO Lockup -Shares Have Traded Well; General Atlantic Well in The Money

Rubicon Research Limited raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line

Central Mine Planning Design Institute Ltd (CMPDI) is looking to raise around US$200m in its all-secondary India IPO. In this note, we talk about...

Akshat Shah

Central Mine Planning & Design IPO: Robust Business Model In Place, Designed for a Sustained Growth

Central Mine Planning & Design launches IPO to raise INR 18.4B, offering consultancy services for coal and mineral exploration. Valuation seems...

Tina Banerjee

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CMPDIL: Powering Indian Coal Mining by Mapping the Depths - Priced for a Listing Pop

After a benign listing, CMPDIL has caught investor attention and is up 40/55% from the issue /listing price. 2H results were lower due to one-off...

Himanshu Dugar

Aequitas : Rubicon Research IPO Lockup -Shares Have Traded Well; General Atlantic Well in The Money

Rubicon Research Limited raised about US$155m in its India IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Aequitas: CMPDI Ltd IPO - Asset-Light Mining Consultancy with Strong Parentage, Priced In Line

Central Mine Planning Design Institute Ltd (CMPDI) is looking to raise around US$200m in its all-secondary India IPO. In this note, we talk about...

Akshat Shah

Central Mine Planning & Design IPO: Robust Business Model In Place, Designed for a Sustained Growth

​Central Mine Planning & Design launches IPO to raise INR 18.4B, offering consultancy services for coal and mineral exploration. Valuation seems...

Tina Banerjee

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

Central Mine Planning & Design launches IPO to raise INR 18.4B, offering consultancy services for coal and mineral exploration. Valuation seems...