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

ICICI Prudential AMC / Equity Capital Markets

<ul>
<li>Ipru AMC, the largest AMC with high active AUM share and 60+% of Equity AUM boasts of one of the best operating metrics in the industry.</li>
<li>The IPO is being priced in line with peers based on FY25 accounting PE (40x vs 40-44x), however, based on Core PE the relative valuations stands at 40x vs 48/52x</li>
<li>We are bullish on the industry/company from a long-term perspective, although near-term valuations may look fully priced in light of regulatory tightening of profit pool and intensifying competition.</li>
</ul>


Ipru AMC, the largest AMC with high active AUM share and 60+% of Equity AUM boasts of one of the best operating metrics in the industry.
The IPO is being priced in line with peers based on FY25 accounting PE (40x vs 40-44x), however, based on Core PE the relative valuations stands at 40x vs 48/52x
We are bullish on the industry/company from a long-term perspective, although near-term valuations may look fully priced in light of regulatory tightening of profit pool and intensifying competition.


ICICI Prudential AMC - Reasonably Priced for the Longer Term.

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>
A Business So Perfect, It’s Almost Boring : Industry Tailwinds, Leader and extra ordinary return on equity makes <a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC (570643Z IN)</a> an attractive long term investment.</li>
<li>In this insight, we also present reasons why the near term listing gains may not be so attractive.</li>
<li>Business and industry insights, valuation comparison and our view on this IPO are presented in this insight</li>
</ul>



A Business So Perfect, It’s Almost Boring : Industry Tailwinds, Leader and extra ordinary return on equity makes ICICI Prudential AMC (570643Z IN) an attractive long term investment.
In this insight, we also present reasons why the near term listing gains may not be so attractive.
Business and industry insights, valuation comparison and our view on this IPO are presented in this insight


ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

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>ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.</li>
<li>It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.</li>
<li>The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.</li>
</ul>


ICICI Prudential AMC is the largest asset management company in India in terms of active mutual fund QAAUM with a market share of 13.3% as of Sept 2025.
It manages a massive INR 10.15 trillion (active) in Mutual Fund QAAUM, driven by a diversified product suite and a robust distribution network.
The company reported a Profit After Tax (PAT) of INR 26.5 billion for FY25, with a strong Return on Equity (RoE) of 82.8%.


ICICI Prudential AMC IPO: The Market Leader in Active Fund Management

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.

CleanMax Enviro Energy Solutions Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) is looking to raise about US$586m in its upcoming India IPO.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$586m in its upcoming India IPO.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In this note, we talk about the not-so-positive aspects of the deal.


CleanMax Enviro Energy Solutions Pre-IPO - The Negatives - Elevated Debt Amid Inconsistent Growth

Thematic (Sector/Industry)

<ul>
<li>
India’s mutual fund AUM tripled from INR 24.5 trillion in FY19 to INR 67.4 trillion in FY25, driven by strong retail inflows and digital adoption.</li>
<li>Canara Robeco AMC, India’s second-oldest fund house, manages INR 1.11 lakh crore in AUM with a 55% profit CAGR between FY23 and FY25.</li>
<li>With 87% of AUM from retail investors, Canara Robeco AMC has the highest retail concentration among India’s top 10 mutual fund companies.</li>
</ul>



India’s mutual fund AUM tripled from INR 24.5 trillion in FY19 to INR 67.4 trillion in FY25, driven by strong retail inflows and digital adoption.
Canara Robeco AMC, India’s second-oldest fund house, manages INR 1.11 lakh crore in AUM with a 55% profit CAGR between FY23 and FY25.
With 87% of AUM from retail investors, Canara Robeco AMC has the highest retail concentration among India’s top 10 mutual fund companies.


Canara Robeco AMC IPO: The Oldest Name in Mutual Funds Seeks a New Beginning

India

UTI Asset Management Company Limited operates as an investment management firm. The Company offers asset management, research analysis, portfolio construction, financial planning, and advisory services to group of individual and institutional investors. UTI Asset Management serves clients in India.

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UTI Asset Management (UTIAM IN)

ICICI Prudential AMC - Reasonably Priced for the Longer Term.

Ipru AMC, the largest AMC with strong operating metrics, is priced in line with peers for its IPO but regulatory changes and competition limit...

Himanshu Dugar

ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

ICICI Prudential AMC is a boringly perfect business with strong industry tailwinds and exceptional RoE, making it an attractive long-term...

Sreemant Dudhoria,CFA

ICICI Prudential AMC IPO: The Market Leader in Active Fund Management

ICICI Prudential AMC leads as India's largest asset management company with a 13.3% market share, managing INR 10.15 trillion QAAUM and reporting...

Nimish Maheshwari

CleanMax Enviro Energy Solutions Pre-IPO - The Negatives - Elevated Debt Amid Inconsistent Growth

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Canara Robeco AMC IPO: The Oldest Name in Mutual Funds Seeks a New Beginning

India's mutual fund industry experiences significant growth driven by retail investors and digital adoption, with Canara Robeco AMC leading with...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ICICI Prudential AMC - Reasonably Priced for the Longer Term.

​Ipru AMC, the largest AMC with strong operating metrics, is priced in line with peers for its IPO but regulatory changes and competition limit...

Himanshu Dugar

ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

​ICICI Prudential AMC is a boringly perfect business with strong industry tailwinds and exceptional RoE, making it an attractive long-term...

Sreemant Dudhoria,CFA

ICICI Prudential AMC IPO: The Market Leader in Active Fund Management

​ICICI Prudential AMC leads as India's largest asset management company with a 13.3% market share, managing INR 10.15 trillion QAAUM and reporting...

Nimish Maheshwari

CleanMax Enviro Energy Solutions Pre-IPO - The Negatives - Elevated Debt Amid Inconsistent Growth

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Canara Robeco AMC IPO: The Oldest Name in Mutual Funds Seeks a New Beginning

​India's mutual fund industry experiences significant growth driven by retail investors and digital adoption, with Canara Robeco AMC leading with...

Nimish Maheshwari

Ipru AMC, the largest AMC with strong operating metrics, is priced in line with peers for its IPO but regulatory changes and competition limit...

ICICI Prudential AMC is a boringly perfect business with strong industry tailwinds and exceptional RoE, making it an attractive long-term...

ICICI Prudential AMC leads as India's largest asset management company with a 13.3% market share, managing INR 10.15 trillion QAAUM and reporting...

India's mutual fund industry experiences significant growth driven by retail investors and digital adoption, with Canara Robeco AMC leading with...