Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

IGI (India) Limited / Equity Capital Markets

<ul>
<li>International Gemmological Institute (India) raised around US$500m in its India IPO. </li>
<li>IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.</li>
<li>We have looked at the company’s past performance and IPO valuations in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>


International Gemmological Institute (India) raised around US$500m in its India IPO. 
IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
We have looked at the company’s past performance and IPO valuations in our previous notes. In this note, we talk about the trading dynamics.


IGI (India) IPO Trading - Decent Anchor and Strong Overall Demand

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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 Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> is best positioned to capitalize on the growing market for lab-grown diamonds (LGD) and alter its business growth trajectory.</li>
<li>LGD disruptions seen in other markets are unlikely to be seen in India due to the positioning of Jewellery in Household asset allocation. </li>
<li>We also believe that <a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a>  LGD potential is underrated while the impact on <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a>  is overrated.</li>
</ul>



Trent Ltd (TRENT IN) is best positioned to capitalize on the growing market for lab-grown diamonds (LGD) and alter its business growth trajectory.
LGD disruptions seen in other markets are unlikely to be seen in India due to the positioning of Jewellery in Household asset allocation. 
We also believe that Trent Ltd (TRENT IN)  LGD potential is underrated while the impact on Titan Co Ltd (TTAN IN)  is overrated.


Trent Ltd (TRENT IN) | LGD Can Be the Next Catalyst

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

P N Gadgil Jewellers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> raised around US$130m in its India IPO. </li>
<li>It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) raised around US$130m in its India IPO. 
It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.


P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> is looking to raise up to US$132m in its India IPO.</li>
<li>P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) is looking to raise up to US$132m in its India IPO.
P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> looking to raise up to US$132m in its upcoming India IPO.</li>
<li>P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>In this note, we look at the company’s historical performance.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) looking to raise up to US$132m in its upcoming India IPO.
P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
In this note, we look at the company’s historical performance.


P N Gadgil Jewellers Pre-IPO - Strong Revenue Growth but Margin Worry Persists

India

Senco Gold Limited operates as a jewelry store. The Company offers gold and diamond jewelry including earrings, necklaces, bangles, coins, bars, pendants, rings, bracelets, and chains, as well as gold coins. Senco Gold serves customers in India.

Price Gauge
52-week Range	0.00 - 0.00
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Senco Gold (SENCO IN)

IGI (India) IPO Trading - Decent Anchor and Strong Overall Demand

International Gemmological Institute (India) raised around US$500m in its India IPO. We have looked at the past performance in our earlier notes,...

Sumeet Singh

Trent Ltd (TRENT IN) | LGD Can Be the Next Catalyst

Trent Ltd is poised to benefit from the growing market for lab-grown diamonds in India, with the potential to alter its business growth trajectory.

Pranav Bhavsar

P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

P N Gadgil Jewellers Ltd (PNGJ) raised around US$130m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

P N Gadgil Jewellers is looking to raise up to US$132m in its India IPO. In this note, we provide a summary of its RHP updates and share our quick...

Akshat Shah

P N Gadgil Jewellers Pre-IPO - Strong Revenue Growth but Margin Worry Persists

P N Gadgil Jewellers is looking to raise up to US$132m in its upcoming India IPO. In this note, we look at the company’s historical performance.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IGI (India) IPO Trading - Decent Anchor and Strong Overall Demand

International Gemmological Institute (India) raised around US$500m in its India IPO. We have looked at the past performance in our earlier notes,...

Sumeet Singh

Trent Ltd (TRENT IN) | LGD Can Be the Next Catalyst

​Trent Ltd is poised to benefit from the growing market for lab-grown diamonds in India, with the potential to alter its business growth trajectory.

Pranav Bhavsar

P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

P N Gadgil Jewellers Ltd (PNGJ) raised around US$130m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

P N Gadgil Jewellers is looking to raise up to US$132m in its India IPO. In this note, we provide a summary of its RHP updates and share our quick...

Akshat Shah

P N Gadgil Jewellers Pre-IPO - Strong Revenue Growth but Margin Worry Persists

P N Gadgil Jewellers is looking to raise up to US$132m in its upcoming India IPO. In this note, we look at the company’s historical performance.

Akshat Shah

Trent Ltd is poised to benefit from the growing market for lab-grown diamonds in India, with the potential to alter its business growth trajectory.