Equity Analyst, LightStream Research

Oshadhi Kumarasiri

An equity research analyst with over 7 years of experience in multiple sectors. Previously worked for one of the world's largest asset managers with about USD2.5trn in AUM, covering small and micro-cap companies in the consumer sphere across Europe and developed Asia. Also experienced in covering multiple industries including banking, insurance and asset management, retail, tech, telco and REIT.

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/vedant-fashions" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (123D IN)</a>, which owns the leading ethnic and celebration wear brands ‘Manyavar’, ‘Mohey’ and ‘Manthan’, filed for an initial public offering with the SEBI on 14<sup>th</sup> September 2021.</li>
<li>The offer comprises 36.4m secondary shares, which is around 15.0% of Vedant Fashions Limited’s outstanding shares.</li>
<li>Vedant Fashions is a stable business with excellent return on capital alongside a healthy and progressive dividend. Its revenue growth prospects might also be better than its peers’.</li>
<li>We would expect such a company to be priced expensively, and to discourage value investor participation in the IPO. However, the pent-up demand for weddings following COVID-19 could encourage value investor participation even at relatively uncomfortable valuation multiples.</li>
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Vedant Fashions (123D IN), which owns the leading ethnic and celebration wear brands ‘Manyavar’, ‘Mohey’ and ‘Manthan’, filed for an initial public offering with the SEBI on 14th September 2021.
The offer comprises 36.4m secondary shares, which is around 15.0% of Vedant Fashions Limited’s outstanding shares.
Vedant Fashions is a stable business with excellent return on capital alongside a healthy and progressive dividend. Its revenue growth prospects might also be better than its peers’.
We would expect such a company to be priced expensively, and to discourage value investor participation in the IPO. However, the pent-up demand for weddings following COVID-19 could encourage value investor participation even at relatively uncomfortable valuation multiples.


Vedant Fashions IPO: Pent Up Demand Could Justify an Expensive Valuation