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.

Equity Capital Markets

Cello World Limited / Equity Capital Markets

<ul>
<li>Cello World raised around US$230m in its India IPO and will begin trading soon.</li>
<li>Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the demand and trading dynamics</li>
</ul>


Cello World raised around US$230m in its India IPO and will begin trading soon.
Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the demand and trading dynamics


Cello World IPO Trading - Very Strong Institutional Subscription

<ul>
<li>Cello World is looking to raise around US$240m in its upcoming India IPO.</li>
<li>Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.</li>
</ul>


Cello World is looking to raise around US$240m in its upcoming India IPO.
Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.


<ul>
<li>Cello World is looking to raise around US$240m in its upcoming India IPO.</li>
<li>Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>


Cello World is looking to raise around US$240m in its upcoming India IPO.
Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
In this note, we look at the company’s past performance.


Cello World IPO - Strong past Growth but Has a Number of Related Party Issues

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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 Bottom-Up

<ul>
<li>We speak to channels associated with <a href="https://www.smartkarma.com/entities/ttk-prestige-ltd" target="_blank" data-smartkarma-citation="entities:9779:1" rel="noopener">TTK Prestige (TTKPT IN)</a>, <a href="https://www.smartkarma.com/entities/symphony-ltd" target="_blank" data-smartkarma-citation="entities:17047:1" rel="noopener">Symphony Ltd (SYML IN)</a> and <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a> with the objective to understand the current demand environment. </li>
<li>Consumer sentiment is mixed, and channel restocking levels are similar to last year. </li>
<li>Online giants like <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> &amp; <a href="https://www.smartkarma.com/entities/flipkart-online-services-private-limited" target="_blank" data-smartkarma-citation="entities:31076:1" rel="noopener">Flipkart Online Services (1398508D IN)</a> are at a risk with channel dynamics turning in favour of offline retail over the longer term. </li>
</ul>


We speak to channels associated with TTK Prestige (TTKPT IN), Symphony Ltd (SYML IN) and Bajaj Electricals (BJE IN) with the objective to understand the current demand environment. 
Consumer sentiment is mixed, and channel restocking levels are similar to last year. 
Online giants like Amazon.com Inc (AMZN US) &amp; Flipkart Online Services (1398508D IN) are at a risk with channel dynamics turning in favour of offline retail over the longer term. 


India Channel Insight #45 | TTK Prestige, Symphony, Bajaj Electricals

Thematic (Sector/Industry)

<h3>About The Narrative</h3>
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> / <a href="https://www.smartkarma.com/entities/symphony-ltd" target="_blank" data-smartkarma-citation="entities:17047:1" rel="noopener">Symphony Ltd (SYML IN)</a> / <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> / <a href="https://www.smartkarma.com/entities/ttk-prestige-ltd" target="_blank" data-smartkarma-citation="entities:9779:1" rel="noopener">TTK Prestige (TTKPT IN)</a> / <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a> 
We have separated the quotes to highlight Demand Environment &amp; Business Performance,  Pricing, Volume and Margins, Market Shares, E-Commerce Business, Inventory and Outlook.

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of Havells India (HAVL IN) / Symphony Ltd (SYML IN) / Crompton Greaves Consumer Electricals (CROMPTON IN) / TTK Prestige (TTKPT IN) / Bajaj Electricals (BJE IN) 
We have separated the quotes to highlight Demand Environment &amp; Business Performance,  Pricing, Volume and Margins, Market Shares, E-Commerce Business, Inventory and Outlook. 

The Narrative | Q2 FY22 | India Household Durables - Havells, Symphony, Crompton Cons, TTK, Bajaj

India

TTK Prestige Limited manufactures a range of domestic appliances.  The Group's products include pressure cookers and non-stick cookware, stainless steel and glass vacuum flasks, and gas stoves.

TTK Prestige (TTKPT IN)

Cello World IPO Trading - Very Strong Institutional Subscription

Cello World raised around US$230m in its India IPO and will begin trading soon. In this note we talk about the demand and trading dynamics.

Sumeet Singh

Cello World IPO - Thoughts on Valuation

Cello World is looking to raise around US$240m in its upcoming India IPO. We looked at the past performance in our previous note, in this note we...

Sumeet Singh

India Channel Insight #45 | TTK Prestige, Symphony, Bajaj Electricals

We speak to channels associated with TTK Prestige, Symphony Ltd and Bajaj Electricals with the objective to understand the current demand...

Pranav Bhavsar

The Narrative | Q2 FY22 | India Household Durables - Havells, Symphony, Crompton Cons, TTK, Bajaj

The edition focuses on key quotes from the earnings transcripts of Havells / Symphony / Crompton Consumer / TTK Prestige / Bajaj Electricals

Pranav Bhavsar

Cello World IPO Trading - Very Strong Institutional Subscription

Cello World raised around US$230m in its India IPO and will begin trading soon. In this note we talk about the demand and trading dynamics.

Sumeet Singh

Cello World IPO - Thoughts on Valuation

Cello World is looking to raise around US$240m in its upcoming India IPO. We looked at the past performance in our previous note, in this note we...

Sumeet Singh

Cello World IPO - Strong past Growth but Has a Number of Related Party Issues

Cello World is looking to raise around US$240m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

India Channel Insight #45 | TTK Prestige, Symphony, Bajaj Electricals

We speak to channels associated with TTK Prestige, Symphony Ltd and Bajaj Electricals with the objective to understand the current demand...

Pranav Bhavsar

The Narrative | Q2 FY22 | India Household Durables - Havells, Symphony, Crompton Cons, TTK, Bajaj

The edition focuses on key quotes from the earnings transcripts of Havells / Symphony / Crompton Consumer / TTK Prestige / Bajaj Electricals

Pranav Bhavsar