Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin is founder of Trudence Capital with more than 15 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai.  Later during the career, he has worked with Veritas Investment Research Corporation, Canada as Asia Consultant covering Indian and US equities. He has been profiled by leading financial news papers such as Wall Street Journal, Financial Times, Business Standard etc.

Indian Accounting Research Analyst

Aptus Value Housing Finance IPO | Primary Check Takeaways

Aptus Value Housing Finance IPO Trading - Remains One of the Most Expensive HFCs

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 Capital Markets

Aptus Value Housing Finance India / Equity Capital Markets

Aptus Value Housing Finance India (APTUS IN)

<a href="https://www.smartkarma.com/entities/aptus-value-housing-finance-india" target="_blank" data-smartkarma-citation="entities:33502:1" rel="noopener">Aptus Value Housing Finance India (1188196D IN)</a> , incorporated at Chennai, Tamil Nadu and commenced its operation on June 2010, is launching its IPO which will open on August 10, 2021. The issue comprises of fresh issue up to INR 5 bn and an offer for sale of 64.6 mn shares by the existing shareholders. The company proposes to utilize the net proceeds from the fresh issue towards augmenting the Tier I capital requirements.
The company is an entirely retail focused housing finance company primarily serving low and middle income self-employed customers in the rural and semi-urban markets of India. The company targets first time home buyers where the collateral is a self-occupied residential property. The average ticket size of home loans, loans against property and business loans offered by the company on the basis of disbursement amounts as on F21 was INR 0.72 mn, INR 0.71 mn and INR 0.62 mn, respectively.
The company backed by its founder M. Anandan and some of its marquee shareholders which include WestBridge Crossover Fund LLC, Malabar India Fund Limited (an affiliate of Malabar Investments), SCI Investments VI (an affiliate of Sequoia Capital), Madison India Opportunities IV (Madison India Capital) and Steadview Capital Mauritius Limited (an affiliate of Steadview Capital Management) has been able to record an exponential AUM growth of 34.54% CAGR from INR 22 bn as on F19 to INR 41 bn as on F21.

Aptus Value Housing Finance India (1188196D IN) , incorporated at Chennai, Tamil Nadu and commenced its operation on June 2010, is launching its IPO which will open on August 10, 2021. The issue comprises of fresh issue up to INR 5 bn and an offer for sale of 64.6 mn shares by the existing shareholders. The company proposes to utilize the net proceeds from the fresh issue towards augmenting the Tier I capital requirements.
The company is an entirely retail focused housing finance company primarily serving low and middle income self-employed customers in the rural and semi-urban markets of India. The company targets first time home buyers where the collateral is a self-occupied residential property. The average ticket size of home loans, loans against property and business loans offered by the company on the basis of disbursement amounts as on F21 was INR 0.72 mn, INR 0.71 mn and INR 0.62 mn, respectively.
The company backed by its founder M. Anandan and some of its marquee shareholders which include WestBridge Crossover Fund LLC, Malabar India Fund Limited (an affiliate of Malabar Investments), SCI Investments VI (an affiliate of Sequoia Capital), Madison India Opportunities IV (Madison India Capital) and Steadview Capital Mauritius Limited (an affiliate of Steadview Capital Management) has been able to record an exponential AUM growth of 34.54% CAGR from INR 22 bn as on F19 to INR 41 bn as on F21.

Aptus Value Housing Finance IPO - Key Takeaways