Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin Mangal is a Research Analyst 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 newspapers such as Wall Street Journal, Business Standard etc

Forensic Analyst

India Channel Insights | Chemicals - Sudarshan, Camlin, Clean Science

Indigo Paints (IP IN) | Channel Interactions Suggest a Differentiated Strategy

Indigo Paints IPO - Growing Fast but Future Growth Won’t Come as Easy

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

<p>This week is certainly a busy one for the IPOs and <a href="https://www.smartkarma.com/entities/indigo-paints" target="_blank" data-smartkarma-citation="entities:31308:1" rel="noopener">Indigo Paints (IP IN)</a> is one of the participants, as it is coming up with ~INR 11.7 bn offer. The issue consists INR 3 bn worth of fresh offer while the remaining pertains to offer-for-sale by existing investors.</p><p>While we do not provide our view on the valuation aspect, we however provide few of the issues that should be considered and not be overlooked while making any key decisions. These issues range from unclear disclosures regarding contingent liabilities to elongated debtor days.</p>

This week is certainly a busy one for the IPOs and Indigo Paints (IP IN) is one of the participants, as it is coming up with ~INR 11.7 bn offer. The issue consists INR 3 bn worth of fresh offer while the remaining pertains to offer-for-sale by existing investors.While we do not provide our view on the valuation aspect, we however provide few of the issues that should be considered and not be overlooked while making any key decisions. These issues range from unclear disclosures regarding contingent liabilities to elongated debtor days.

Indigo Paints

Indigo Paints IPO- Few Faded Colours