Equity Analyst, LightStream Research

Oshadhi Kumarasiri

An equity research analyst with over 7 years of experience in multiple sectors. Previously worked for one of the world's largest asset managers with about USD2.5trn in AUM, covering small and micro-cap companies in the consumer sphere across Europe and developed Asia. Also experienced in covering multiple industries including banking, insurance and asset management, retail, tech, telco and REIT.

Equity Analyst

Devyani International IPO: First Day Trading

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Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Devyani International  / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/devyani-international-ltd" target="_blank" data-smartkarma-citation="entities:33519:1" rel="noopener">Devyani International (6590204Z IN)</a>, franchisee of Pizza Hut, KFC and Costa Coffee restaurants in India is set to make its market debut on the 16<sup>th</sup> of August 2021. The subscription period for the Devyani International IPO ended last Friday (6<sup>th</sup> August 2021) with books covered around 116.7x.</li>
<li>An oversubscription of this magnitude generally guarantees significant trading gains (six IPOs that subscribed over 100.0x during the past two years made an average trading gain of over 90% on market debut).</li>
<li>In addition, the Indian IPO market is currently on a hot streak with the success of most recent IPOs like Zomato, which gained close to 66% on its trading debut with around 38.0x subscriptions.</li>
<li>We would trade this IPO for short term trading gains. Nevertheless, we believe investors who wish to have medium/long-term exposure should be mindful about going concern risks owing to the company’s weak financial position and possible future write-offs in the Nigerian business.</li>
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Devyani International (6590204Z IN), franchisee of Pizza Hut, KFC and Costa Coffee restaurants in India is set to make its market debut on the 16th of August 2021. The subscription period for the Devyani International IPO ended last Friday (6th August 2021) with books covered around 116.7x.
An oversubscription of this magnitude generally guarantees significant trading gains (six IPOs that subscribed over 100.0x during the past two years made an average trading gain of over 90% on market debut).
In addition, the Indian IPO market is currently on a hot streak with the success of most recent IPOs like Zomato, which gained close to 66% on its trading debut with around 38.0x subscriptions.
We would trade this IPO for short term trading gains. Nevertheless, we believe investors who wish to have medium/long-term exposure should be mindful about going concern risks owing to the company’s weak financial position and possible future write-offs in the Nigerian business.


Devyani International IPO: Subscribed 116.7x, Poised for Big Gains on Debut