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

Seshaasai Technologies / Equity Capital Markets

<ul>
<li>Seshaasai is the second-largest payments card manufacturer in India (32% market share in FY25) and the largest manufacturer of cheque leaves in India creating a niche cash cow business.</li>
<li>Growth tailwinds in the core business, driven by premium metal cards and export opportunities, and its RFID and IoT-led offerings position the company for 20-25% growth in the medium term.</li>
<li>We estimate the IPO has been priced fairly at 18-20 times FY27 earnings and could potentially trade at multiples of 25+.</li>
</ul>


Seshaasai is the second-largest payments card manufacturer in India (32% market share in FY25) and the largest manufacturer of cheque leaves in India creating a niche cash cow business.
Growth tailwinds in the core business, driven by premium metal cards and export opportunities, and its RFID and IoT-led offerings position the company for 20-25% growth in the medium term.
We estimate the IPO has been priced fairly at 18-20 times FY27 earnings and could potentially trade at multiples of 25+.


IPO Review: Niche Cash Cow Business with Global Ambitions

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.

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a>  raised about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Jain Resource Recycling (2300699D IN)  raised about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

India

Seshaasai Technologies Limited provides a technology-led multi-location solutions. The Company offers smart payment and fulfillment, secure customer communication, digital compliance, and product tracking and tracing solutions. Seshaasai Technologies serves customers in India.

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Seshaasai Technologies (STYL IN)

IPO Review: Niche Cash Cow Business with Global Ambitions

Seshaasai, India's second-largest payments card manufacturer, poised for 20-25% growth with premium metal cards and export opportunities, IPO...

Himanshu Dugar

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IPO Review: Niche Cash Cow Business with Global Ambitions

​Seshaasai, India's second-largest payments card manufacturer, poised for 20-25% growth with premium metal cards and export opportunities, IPO...

Himanshu Dugar

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Seshaasai, India's second-largest payments card manufacturer, poised for 20-25% growth with premium metal cards and export opportunities, IPO...