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

<ul>
<li>WeWork India is the Indian arm of global flex space major <a href="https://www.smartkarma.com/entities/wework-inc" target="_blank" data-smartkarma-citation="entities:28061:1" rel="noopener">(WEWKQ US)</a>; however, it is promoted by Indian real estate major Embassy group (~48% stake post IPO)</li>
<li>WeWork has differentiated itself from the crowded flex space market with a focus on premium Grade-A property and cornering market share in major markets like Bengaluru and Mumbai (MMA)</li>
<li>IPO valuation at 22x FY25 EBITDA prices in this premium relative to peers (12-14x). Can the company sustain these valuations?</li>
</ul>


WeWork India is the Indian arm of global flex space major (WEWKQ US); however, it is promoted by Indian real estate major Embassy group (~48% stake post IPO)
WeWork has differentiated itself from the crowded flex space market with a focus on premium Grade-A property and cornering market share in major markets like Bengaluru and Mumbai (MMA)
IPO valuation at 22x FY25 EBITDA prices in this premium relative to peers (12-14x). Can the company sustain these valuations?


WeWork India - IPO Review: A Premium Flex Space Player with Strong Promoter Backing

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/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

<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. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.</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 RHP updates.</li>
</ul>



WeWork India Management Ltd (1690124D IN)  is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.
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 RHP updates.


WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>Dev X planning to double the operational capacity in next two years.</li>
<li>Company is also planning to repay certain debt, while its tier-2 focus and backward integration provides them edge over its peers</li>
<li>Operationally, they are better than peers, evident from longer period lease and high occupancy rates</li>
</ul>


Dev X planning to double the operational capacity in next two years.
Company is also planning to repay certain debt, while its tier-2 focus and backward integration provides them edge over its peers
Operationally, they are better than peers, evident from longer period lease and high occupancy rates


Dev Accelerator IPO Review: Tier 2 Focus, Backward Integrated Player

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> raised about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.</li>
</ul>



Anthem Biosciences (1234D IN) raised about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.


Anthem Biosciences IPO Trading - Robust Insti Coverage Drives Overall Demand

India

Smartworks Coworking Spaces Limited is an Indian provider of managed workspace solutions, offering fully serviced, tech-enabled office environments primarily to large enterprises and Global Capability Centres (GCCs). The company leases large properties and converts them into branded campuses, integrating infrastructure, technology, and services. It provides custom-built workspaces, including amenities like cafeterias, sports zones, smart convenience stores, gymnasiums, crèches, and medical centers. Headquartered in Gurugram, India, the company was founded in 2015.

Smartworks Coworking Spaces (SMARTWOR IN)

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Smartworks Coworking Spaces (SMARTWOR IN)

WeWork India - IPO Review: A Premium Flex Space Player with Strong Promoter Backing

WeWork India, backed by Embassy group, stands out in flex space market with a focus on premium properties. IPO valuation at 22x FY25 EBITDA prices...

Himanshu Dugar

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

WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

WeWork India is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about...

Akshat Shah

Dev Accelerator IPO Review: Tier 2 Focus, Backward Integrated Player

Dev X aims to double operational capacity in 2 years, with plans to repay debt and leverage tier-2 focus and backward integration for competitive...

Nimish Maheshwari

Anthem Biosciences IPO Trading - Robust Insti Coverage Drives Overall Demand

Anthem Biosciences (ABS) raised about US$397m 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)

WeWork India - IPO Review: A Premium Flex Space Player with Strong Promoter Backing

​WeWork India, backed by Embassy group, stands out in flex space market with a focus on premium properties. IPO valuation at 22x FY25 EBITDA prices...

Himanshu Dugar

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

WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

WeWork India is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about...

Akshat Shah

Dev Accelerator IPO Review: Tier 2 Focus, Backward Integrated Player

​Dev X aims to double operational capacity in 2 years, with plans to repay debt and leverage tier-2 focus and backward integration for competitive...

Nimish Maheshwari

Anthem Biosciences IPO Trading - Robust Insti Coverage Drives Overall Demand

Anthem Biosciences (ABS) raised about US$397m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

WeWork India, backed by Embassy group, stands out in flex space market with a focus on premium properties. IPO valuation at 22x FY25 EBITDA prices...

Dev X aims to double operational capacity in 2 years, with plans to repay debt and leverage tier-2 focus and backward integration for competitive...