Daily Brief India: Aditya Birla Capital Ltd, IGI (India) Limited, Citius TransNet Investment Trust, ICICI Prudential AMC, Meesho and more

• There will be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
• Estimated one-way turnover is 64.6% resulting in a round-trip trade of INR 161.3bn (US$1.8bn). There are 27 stocks with over 1x ADV to trade.
• Some stocks will have passive flows from other index trackers at the same time while others are potential adds/close adds to global indices over the next couple of months.

• IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.
• IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
• In this note, we will talk about the lockup dynamics and possible placement.

• Citius TransNet Investment Trust (CTIT IN) is looking to raise about US$148m in its upcoming India IPO. The deal will be run by Axis, Ambit and ICICI.
• CTIT is a transport sector-focused infrastructure investment trust (InVIT) with an objective to acquire, manage and invest in a portfolio of transport infrastructure assets, including roads, in India.
• The InVIT’s initial asset portfolio will comprise a total of 3,406.71 lane-kilometers across nine different Indian states as of the date of this DRHP (Dec 3, 2025).

• 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

• Meesho has established itself as a significant player in Indian e-commerce, particularly targeting price-sensitive consumers in Tier 2 and Tier 3 cities with its zero-commission, mobile-first marketplace.
• The company exhibits a strong growth trajectory, evidenced by rapidly increasing revenues and a large, expanding user base. However, this growth has been accompanied by significant net losses, raising concerns about its path to sustainable profitability.
• A key strategic initiative is the development of its proprietary logistics platform, Valmo, aimed at reducing costs, improving efficiency, and insourcing a critical part of the value chain, which presents both a major opportunity and an execution risk.

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