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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> 's announcement to acquire Blinkit (BCPL) for all-stock deal worth INR 44.5 bn has rattled the market price of the stock in the trading sessions that followed.</li>
<li>While the management focuses on the cost synergies and the bigger picture, the acquisition has left several doubts, including the valuation and cash burning nature of Blinkit.</li>
<li>More importantly, it is the corporate governance that should be looked at, especially since this is an indirect RPT, as mentioned in our earlier report <a href="https://www.smartkarma.com/insights/zomato-s-investments-game-stain-on-governance" target="_blank" data-smartkarma-citation="insights:63602" rel="noopener">Zomato's Investments Game: Stain on Governance</a>.</li>
</ul>



Zomato (ZOMATO IN) 's announcement to acquire Blinkit (BCPL) for all-stock deal worth INR 44.5 bn has rattled the market price of the stock in the trading sessions that followed.
While the management focuses on the cost synergies and the bigger picture, the acquisition has left several doubts, including the valuation and cash burning nature of Blinkit.
More importantly, it is the corporate governance that should be looked at, especially since this is an indirect RPT, as mentioned in our earlier report Zomato's Investments Game: Stain on Governance.


Zomato Blinkit Deal: Stains Get More Murky

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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>IPO volumes remain subdued across the region, although a number of deals are said to be looking to launch soon.</li>
<li>Given the recent market volatility, there were no large placements this week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
IPO volumes remain subdued across the region, although a number of deals are said to be looking to launch soon.
Given the recent market volatility, there were no large placements this week.


ECM Weekly (19th June 2022) - Tianqi, GoAir, China United, Hongjiu Fruit, Airtel/Singtel, ExaWizards

<ul>
<li>GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. The company is owned by the Wadia family, who also own Britannia.</li>
<li>Go Air is an ultra-low-cost carrier (ULCC) primarily operating in India. It had a market share of 10.8% in FY20 in the domestic market.</li>
<li>In this note, we talk about the not so positive aspects of the deal.</li>
</ul>


GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. The company is owned by the Wadia family, who also own Britannia.
Go Air is an ultra-low-cost carrier (ULCC) primarily operating in India. It had a market share of 10.8% in FY20 in the domestic market.
In this note, we talk about the not so positive aspects of the deal.


Go Air (Go First) Pre-IPO - The Negatives - Competition Is About to Pick-Up Again

<ul>
<li>Delhivery raised around US$680m in its India IPO, the company is backed by a host of financial investors, the largest being Softbank.</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>We have covered various aspects of the deal in our earlier notes. In this note, we talk about the demand and trading dynamics. </li>
</ul>


Delhivery raised around US$680m in its India IPO, the company is backed by a host of financial investors, the largest being Softbank.
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
We have covered various aspects of the deal in our earlier notes. In this note, we talk about the demand and trading dynamics. 


Delhivery IPO Trading - Anchor Book Was Good but Overall Demand Was Still Tepid

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Government of India (GoI) raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of gross written premium (GWP).</li>
<li>In this note, we will talk about the demand and trading dynamics.</li>
</ul>


Government of India (GoI) raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its India IPO.
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of gross written premium (GWP).
In this note, we will talk about the demand and trading dynamics.


Life Insurance Corporation IPO Trading - Demand Shored up by Policyholders, Trading Won’t Be

India

Zomato Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurant partners and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Zomato serves customers worldwide.

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Zomato (ZOMATO IN)

Zomato Blinkit Deal: Stains Get More Murky

More importantly, it is the corporate governance that should be looked at, especially since this is an indirect RPT, as mentioned in our earlier...

Nitin Mangal

ECM Weekly (19th June 2022) - Tianqi, GoAir, China United, Hongjiu Fruit, Airtel/Singtel, ExaWizards

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Go Air (Go First) Pre-IPO - The Negatives - Competition Is About to Pick-Up Again

GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. In this note, we talk about the not so positive aspects of the deal.

Sumeet Singh

Delhivery IPO Trading - Anchor Book Was Good but Overall Demand Was Still Tepid

Delhivery raised around US$680m in its India IPO, the company is backed by a host of financial investors, the largest being Softbank. In this note,...

Sumeet Singh

Life Insurance Corporation IPO Trading - Demand Shored up by Policyholders, Trading Won’t Be

Government of India raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India in its India IPO. In this note, we will...

Sumeet Singh

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