Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards (1332009D IN)</a> has currently come up with its IPO. The ~INR 9.6 bn IPO comprises offer for sale and has a price band of INR 340-357 per share.</li>
<li>The company is a market leader with a market share crossing 50% in a relatively nascent INR 13.45 bn domestic 100% grape wine market.</li>
<li>Key forensic takeaways that one should consider is high litigation liabilities, emphasis on related party transactions, irrational dividends and absurd trend of line items.</li>
</ul>



Sula Vineyards (1332009D IN) has currently come up with its IPO. The ~INR 9.6 bn IPO comprises offer for sale and has a price band of INR 340-357 per share.
The company is a market leader with a market share crossing 50% in a relatively nascent INR 13.45 bn domestic 100% grape wine market.
Key forensic takeaways that one should consider is high litigation liabilities, emphasis on related party transactions, irrational dividends and absurd trend of line items.


Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards (SULA IN)</a> is one of the leading wine producers in India.  </li>
<li>Focus on premiumization, market leadership, and industry prospects are attractive. </li>
<li>However, high working capital, recent resignations, and customer concentration along with market's high valuations make it a watch-list candidate.</li>
</ul>



Sula Vineyards (SULA IN) is one of the leading wine producers in India.  
Focus on premiumization, market leadership, and industry prospects are attractive. 
However, high working capital, recent resignations, and customer concentration along with market's high valuations make it a watch-list candidate.


Narrative and Numbers | Sula Vineyards (SULA IN) | FY23

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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.

Allied Blenders & Distillers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allied-blenders-distillers" target="_blank" data-smartkarma-citation="entities:36090:1" rel="noopener">Allied Blenders &amp; Distillers (9844250Z IN)</a> is looking to raise about US$180m in its upcoming India IPO.</li>
<li>ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.</li>
<li>In our previous notes, we talked about various aspects of the company. In this note, we talk about its RHP updates and our thoughts on valuation.</li>
</ul>



Allied Blenders &amp; Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO.
ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.
In our previous notes, we talked about various aspects of the company. In this note, we talk about its RHP updates and our thoughts on valuation.


Allied Blenders and Distillers - RHP Updates & Thoughts on Valuation

Clarence Chu

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> listed in India on 18th Aug 23 after raising US$188m. The IPO had been a 100% secondary selldown with Helix Investment selling its entire stake.</li>
<li>Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).</li>
<li>Coming up for six-month lockup expiry on 7th Feb 24 are the firm’s pre-IPO shareholders, along with a portion of its promoters’ stake.</li>
</ul>



Concord Biotech Ltd (658823Z IN) listed in India on 18th Aug 23 after raising US$188m. The IPO had been a 100% secondary selldown with Helix Investment selling its entire stake.
Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
Coming up for six-month lockup expiry on 7th Feb 24 are the firm’s pre-IPO shareholders, along with a portion of its promoters’ stake.


Concord Biotech's US$650m Lock-Up Expiry - Some Could Be Tempted to Book Multi-Bagger Gains

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allied-blenders-distillers" target="_blank" data-smartkarma-citation="entities:36090:1" rel="noopener">Allied Blenders &amp; Distillers (9844250Z IN)</a> is looking to raise about US$180m in its upcoming India IPO.  </li>
<li>ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.</li>
<li>In this note, we provide a summary of its refiling updates, undertake a quick peer comparison and share our initial thoughts on valuation.</li>
</ul>



Allied Blenders &amp; Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO.  
ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.
In this note, we provide a summary of its refiling updates, undertake a quick peer comparison and share our initial thoughts on valuation.


Allied Blenders and Distillers Pre-IPO - Refiling Updates and Initial Thoughts on Valuation

India

Sula Vineyards Limited provides alcoholic beverages. The Company offers wines, sprits, and malt beverage products. Sula Vineyards serves customers in India.

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Sula Vineyards (SULA IN)

Sula Vineyards IPO: Forensic Analysis

Key forensic takeaways that one should consider is high litigation liabilities, emphasis on related party transactions, lack of cash flows, etc.

Nitin Mangal

Narrative and Numbers | Sula Vineyards (SULA IN) | FY23

Sula Vineyards: Attractive focus on premiumization & market leadership, but concerns over working capital, resignations & valuations.

Pranav Bhavsar

Allied Blenders and Distillers - RHP Updates & Thoughts on Valuation

Allied Blenders & Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO. In this note, we talk about its RHP updates...

Ethan Aw

Concord Biotech's US$650m Lock-Up Expiry - Some Could Be Tempted to Book Multi-Bagger Gains

Ontario is looking to raise US$56m from selling a 3.4% stake in Concord Biotech. The deal has a floor price of INR1,320/share, at a 8.5% discount...

Clarence Chu

Allied Blenders and Distillers Pre-IPO - Refiling Updates and Initial Thoughts on Valuation

Allied Blenders & Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO. In this note, we share our initial thoughts...

Ethan Aw

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