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

Kalyan Jewellers / Equity Capital Markets

Kalyan Jewellers raise around US$160m via a mix of selling new and existing shares in its Indian IPO. The company was established in 1993 and is backed by Warburg Pincus.We have looked at various aspects of the deal in our previous note, <a href="https://www.smartkarma.com/insights/kalyan-jewellers-pre-ipo-strategy-missteps-led-to-earnings-flatlining" target="_blank" rel="noopener">Kalyan Jewellers Pre-IPO - Strategy missteps led to earnings flatlining </a>and <a href="https://www.smartkarma.com/insights/kalyan-jewellers-ipo-no-glitter" target="_blank" rel="noopener">Kalyan Jewellers IPO - No Glitter</a>.In this note, we'll talk about deal updates and provide a table with implied valuations at different share price levels.

Kalyan Jewellers raise around US$160m via a mix of selling new and existing shares in its Indian IPO. The company was established in 1993 and is backed by Warburg Pincus.We have looked at various aspects of the deal in our previous note, Kalyan Jewellers Pre-IPO - Strategy missteps led to earnings flatlining and Kalyan Jewellers IPO - No Glitter.In this note, we'll talk about deal updates and provide a table with implied valuations at different share price levels.

Kalyan Jewellers IPO Trading - Subdued Demand

Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

In this report, we discuss Kalyan Jeweller's upcoming IPO pricing, post-money valuations and latest financials in conjunction with our earlier discussed view on the company's business outlook. In our earlier detailed report <a href="https://www.smartkarma.com/insights/kalyan-jewellers-ipo-lacks-lustre-look-beyond-the-prospectus" target="_blank" data-smartkarma-citation="insights:44841" rel="noopener">Kalyan Jewellers (IPO): Lacks Lustre. Look Beyond the Prospectus</a>, we had highlighted concerns on the company's growth prospects. Kalyan has reported steep losses for 9 months ending December 2020 and highlighted that sales from the Middle-east fell steeply compared to India. India based jewellers had managed to report a turnaround in this period helped by a strong recovery in the December quarter. Kalyan's downsized IPO is priced almost at the average investment cost price of its private equity investor, Warburg Pincus.

In this report, we discuss Kalyan Jeweller's upcoming IPO pricing, post-money valuations and latest financials in conjunction with our earlier discussed view on the company's business outlook. In our earlier detailed report Kalyan Jewellers (IPO): Lacks Lustre. Look Beyond the Prospectus, we had highlighted concerns on the company's growth prospects. Kalyan has reported steep losses for 9 months ending December 2020 and highlighted that sales from the Middle-east fell steeply compared to India. India based jewellers had managed to report a turnaround in this period helped by a strong recovery in the December quarter. Kalyan's downsized IPO is priced almost at the average investment cost price of its private equity investor, Warburg Pincus. 

Kalyan Jewellers IPO Priced Just Above PE Investor's Cost; Not for Quick Returns

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

In our prior note <a href="https://www.smartkarma.com/insights/pre-ipo-kalyan-jewelers-nothing-differentiated-and-nowhere-near-to-market-leader-tanishq" target="_blank" data-smartkarma-citation="insights:48814" rel="noopener">Pre-IPO | Kalyan Jewelers: Nothing Differentiated and Nowhere Near to Market Leader Tanishq</a>, we had detailed our thesis around <a href="https://www.smartkarma.com/entities/kalyan-jewellers" target="_blank" data-smartkarma-citation="entities:29714:1" rel="noopener">Kalyan Jewellers (KALYAN IN)</a> and had commented that valuation will play a pivotal role in determining our recommendation on the IPO. With the IPO valuation out now, we discuss in detail our stance.

In our prior note Pre-IPO | Kalyan Jewelers: Nothing Differentiated and Nowhere Near to Market Leader Tanishq, we had detailed our thesis around Kalyan Jewellers (KALYAN IN) and had commented that valuation will play a pivotal role in determining our recommendation on the IPO. With the IPO valuation out now, we discuss in detail our stance.

IPO | Kalyan Jewelers: Valuation Too Premium Relative to Closest Listed Peer TBZ

India

Tribhovandas Bhimji Zaveri Limited retails jewelry products in India. The Company primarily sell gold jewelry and diamond-studded jewelry through its retails stores. Tribhovandas Bhimji Zaveri  also sells other products, including platinum jewelry and jadau jewelry.

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Tribhovandas Bhimji Zaveri (TBZL IN)

Kalyan Jewellers IPO Trading - Subdued Demand

Kalyan Jewellers raise around US$160m via a mix of selling new and existing shares in its Indian IPO. In this note, we'll talk about deal updates.

Sumeet Singh

Kalyan Jewellers IPO Priced Just Above PE Investor's Cost; Not for Quick Returns

Post money Valuations not excessive on a relative basis. Near term, concerns remain. Not for ST gains. Expect limited downside in 6-9 months. Will...

Devi Subhakesan

IPO | Kalyan Jewelers: Valuation Too Premium Relative to Closest Listed Peer TBZ

Kalyan's IPO valuation came out higher than our expectation. At >50x PE, it is valued at more than double that of its closest listed peer TBZ which...

Ankit Agrawal, CFA

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