India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

Himanshu is a SEBI registered independent equity research analyst (SEBI Reg No. INH200009944, BSE Enlistment No. 5593). He has 11+ years of experience in buy-side equity research through his stints at CRISIL and Miras investments.
At CRISIL, he has conducted deep analysis in multiple sectors ranging from consumer discretionary to pharma/ chemicals as well as consumer staples.
At Miras Investments, his role was to analyse late-stage investment opportunities in India focusing on Pre-IPO and IPOs.

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. Our bottom-up ideas range from IPO/QIPs to special situations; the underlying criteria is to identify market dislocations that can generate 20+% IRR with a reasonable safety margin.
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.

India focused: IPO, special situations

SBI Funds Management IPO: Does Market Leadership Translate into Premium Growth?

Aequitas: SBI Funds Management Pre-IPO -Parent’s Network Helps but Some Fees Are Very Low

SBI Funds Management Limited IPO: First-Cut

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

SBI Funds Management / Equity Capital Markets

<ul>
<li>SBI Funds is India's largest AMC ($308bn AUM including $132bn MF AUM with 15.3% market share). It is also the largest PMS manager (39.7% share) and SIF platform (28% share)</li>
<li>The company has been losing market share in recent years due to underperformance in several equity schemes. Starting valuations are down at PE of 38x, while peers trade at 40-50x.</li>
<li>The issue opens on 14th July @ 575 per share. A secondary with both SBI and Amundi selling 10% stake each to be pared down in the next 3 years.</li>
</ul>


SBI Funds is India's largest AMC ($308bn AUM including $132bn MF AUM with 15.3% market share). It is also the largest PMS manager (39.7% share) and SIF platform (28% share)
The company has been losing market share in recent years due to underperformance in several equity schemes. Starting valuations are down at PE of 38x, while peers trade at 40-50x.
The issue opens on 14th July @ 575 per share. A secondary with both SBI and Amundi selling 10% stake each to be pared down in the next 3 years.


Nippon Life India Asset Management (NAM IN)

ICICI Prudential Asset Management Company (ICICIAMC IN)

ICICI Prudential Asset Management Company

SBI Funds - IPO Review - Weak Performance Impacting AUM Momentum