India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

Himanshu is a SEBI registered independent equity research analyst (SEBI Reg No. INH200009944). He has 10+ 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

WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd - IPO | Red Flags Galore

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

WeWork India Management Ltd / Equity Capital Markets

WeWork India Management Ltd (1690124D IN)

<ul>
<li>WeWork India is the Indian arm of global flex space major <a href="https://www.smartkarma.com/entities/wework-inc" target="_blank" data-smartkarma-citation="entities:28061:1" rel="noopener">(WEWKQ US)</a>; however, it is promoted by Indian real estate major Embassy group (~48% stake post IPO)</li>
<li>WeWork has differentiated itself from the crowded flex space market with a focus on premium Grade-A property and cornering market share in major markets like Bengaluru and Mumbai (MMA)</li>
<li>IPO valuation at 22x FY25 EBITDA prices in this premium relative to peers (12-14x). Can the company sustain these valuations?</li>
</ul>


WeWork India is the Indian arm of global flex space major (WEWKQ US); however, it is promoted by Indian real estate major Embassy group (~48% stake post IPO)
WeWork has differentiated itself from the crowded flex space market with a focus on premium Grade-A property and cornering market share in major markets like Bengaluru and Mumbai (MMA)
IPO valuation at 22x FY25 EBITDA prices in this premium relative to peers (12-14x). Can the company sustain these valuations?


Smartworks Coworking Spaces Ltd (1742134D IN)

WeWork India - IPO Review: A Premium Flex Space Player with Strong Promoter Backing