Shadow Fax Valuation Review

With Shadow Fax IPO listing next week, decided to review the RHP & share my thoughts on the estimated fair value based on discounted cash flow.

Anyone evaluating the company on the listing, details in the thread below.

#shadowfaxipo #shadowfax About Shadowfax (1)

➡️ Shadowfax is a technology-first, 3PL logistics startup servicing ecommerce industry across 14,570+ pincodes in India.

➡️ Shadowfax has a logistics infrastructure of 4299 touchpoints & the gig delivery worker network of 205,864, the largest amongst 3PL players.

➡️ Shadowfax offers services across 3 segments = express parcel, hyperlocal & special services, mainly catering to e-commerce & is a direct proxy of ecom boom and penetration in India.

➡️ Caters to all big e-commerce players such as FK, Nykaa, Zomato, etc

Invicta Diagnostics IPO Detailed DCF Valuation/ Review

Invicta Diagnostics, operating under "PC Diagnostics", is listing on the SME Exchange on Monday.

Hence, I am sharing a detailed Valuation Review in the thread below.

Views in the post are purely meant for educational purposes & are not investment advice.

@manishlalwani9 @rohiitian @sachprat07

#invicta #SME #PCdiagnostics #ipoallotment #ipolisting About Invicta (1)

➡️ Operating under the brand name "PC Diagnostics" , Invita Diagnostics is a regional player operating in the Mumbai Metropolitan Region (“MMR”) offering radiology and pathology solutions.

➡️ Operates on Hub/Spoke model - 7 Centres, 1 flagship centre in Thane, 3 hubs & spoke across Mumbai.

➡️ Invicta is radiology-heavy, almost 90%, and majorly consumer-focused B2C (90%) of the biz.

#invicta #SME #PCdiagnostics

Meesho IPO Business Breakdown/Valuation Post (1)

➡️ Meesho's IPO has seen significant demand and enough Anchor allocation-related drama, so I decided to break down the business and make an informed call on whether the hype for allotment is really worth it.

Detailed Biz Thread & Valuation below.

#MeeshoIPO #meesho #IPOAlert #IPOListing

@rohiitian @manishlalwani9 @sachprat07 @shivrockstar Meesho's Origin (2)

➡️ Meesho started in 2015 as a social commerce platform, where it leveraged WhatsApp as a medium to facilitate e-commerce.

➡️ The initial thesis was to leverage local people's network in tier 2 & below cities as a means of customer acquisition and facilitating commerce via them

➡️ A lot of startups, such as Dealshare, City Mall, started on similar lines but failed due to scalability, standardisation & lack of customer experience control

➡️ Meesho emerged but pivoted towards a proper marketplace on the lines of Flipkart, Amazon & Snapdeal, focused purely on the tier 2 & below market, ignored by these big players due to poor unit economics & cost of acquiring these customers.

➡️ Today, Meesho is the largest e-commerce player in the Indian market in terms of annual orders placed & Transacting Users.

#MeeshoIPO #meesho #IPOAlert #IPOListing

Ravel Care Business Breakdown / IPO review

➡️ As the Ravel Care IPO is open for application, sharing a detailed breakdown of the Ravel Care business and my broader view for anyone keen on investing in the business.

#Ravel #Ravelcare #RavelcareIPO About Ravel Care (1)

➡️ Ravel Care is a D2C online-first personalised beauty/hair care brand, started its operations in 2021.

➡️ Main product usp is personalised products to solve an individual's specific hair problem, rather than create a mass standardised product catering to common hair problems in the market.

➡️ User takes a quiz, and then, accordingly, a product is customised and delivered to the user, with the user's name added on the packaging, adding a personalised touch

#Ravel #Ravelcare #RavelcareIPO

Lenskart Solutions Valuation Review (1)

Lenskart's IPO valuation raised a lot of eyebrows, 11x sales & 236x PE definitely seems optically high, hence I thought to dive deep into fundamentals & calculate a true fair value basis, Discounted Cash Flow.

Detailed Financial Model & Fair valuation working in the thread below.

#LENSKART #LENSKARTIPO #LENSKARTALLOTMENT #LENSKARTSOLUTIONS

@sachprat07 @rohiitian @manishlalwani9 About Lenskart & Origin (2)

➡️ Founded by @peyushbansal, Lenskart is a fully integrated direct-to-consumer eyewear brand - with in-house ops from design & engineering, manufacturing to retailing under its own brand via its D2C website & EBOS.

➡️ Before Lenskart, the eyewear retail industry was fragmented & unorganised, catered by mom/pop stores, but in 2015, @peyushbansal decided to leverage the online commerce boom & build out the brand, eventually foraying into offline stores in 2019.

#LENSKART #LENSKARTIPO #LENSKARTALLOTMENT #LENSKARTSOLUTIONS

DSM Fresh Foods/ Zappfresh IPO review

After a lukewarm response that forced an IPO extension, Zappfresh/DSM Fresh Foods finally listed today.

I find it to be a dark horse with strong potential. Based on that, sharing a detailed fundamental & Discounted cash flow valuation review. (1)

#Zappfresh #DSM #DSMFreshfoods About Zappfresh/DSM Fresh Foods (2)

➡️ Founded in 2015, Zappfresh is a consumer-first meat delivery platform, operating a farm-to-fork model, offering chicken, mutton & seafood via its digital platform/own brand @Zappfresh .com

LT Elevators RHP Review

There aren't many listed Indian Elevator Manufacturers, hence I decided to break down LT Elevator's Company review as its IPO closes for subscription below.

Detailed Thread Below (1)

@sachprat07 @rohiitian @manishlalwani9

#LTELEVATOR #LTELEVATORS #SMEIPO #SME About LT Elevators (2)

➡️ Founded in 2008. LT Elevators is a Kolkata-based regional elevator OEM, offering elevator manufacturing, installation, commissioning, and servicing under the brand "LT Elevators"

➡️ Company Operates 2 segments

→ Vertical Transportation: Passenger Lift, Cargo lifts under "LT Elevator Brand"

→ Multi-level car park solution: via its subsidiary "Park Smart Solutions" offers turnkey car park solutions, such as stack parking systems, aisle parking systems.

#LTELEVATOR #LTELEVATORS #SMEIPO #SME

Urban Company IPO Review

As the Urban Company IPO closes today, I am sharing a detailed fundamental analysis, future projection & the discounted cash flow share price.

I hope it helps you make an informed decision on the upcoming IPO & Listing.

@rohiitian @sachprat07 @manishlalwani9

#UrbanCompanyIPO #UrbanCo #UrbanCompany #urbancompanyGMP About Urban Company (1)

➡️ Founded in 2014, Urban Company operates a technology-driven, full-stack online services marketplace offering at-home services such as cleaning, pest control, beauty, painting, salon, handymen etc.

➡️ The company operates in 51 cities (47 in India) in India, the UAE, Singapore, and Saudi Arabia.

➡️ Within the 51 cities, the company further breaks down its services across micro-regions & at present serves over 10,000+ such clusters.

Mangal Electrical Industries IPO Valuation Review

Energy Transition is a mega-booming theme, and power transformer manufacturing companies have been a major beneficiary of this boom.

As a new power transformer company, Mangal Electricals Limited's IPO closes tomorrow, sharing a detailed fundamental discounted cash flow valuation & below

@rohiitian @sachprat07

#mangalelectrical #MEIL #MangalElectricalIndustries #IPOAlert #ipoupdates #IPOGMP #IPO #jaybeelaminations #jaybee #vilas #vilastranscore #TARIL #shilchar #voltamp #indotech #siemensenergy About Mangal Electrical Industries Limited (1)

➡️ Established in 1989, Mangal Electrical is a Jaipur-based power transformer & transformer components manufacturing company.

➡️It's an ISO 9001:2015, and has accreditations from PGCIL (upto 765KV+ class), NCB testing lab & recently NTPC

➡️ fully vertically integrated company operating across the entire value chain from CRGO slitting/cutting to transformer core assembly, transformer manufacturing & doing power EPC projects as well.

#mangalelectrical #MEIL #MangalElectricalIndustries #IPOAlert #ipoupdates #IPOGMP #IPO

GNG Electronics/ Electronics Bazaar Valuation Review

As the IPO of GNG Electronics is closing today, sharing a detailed DCF model valuation review for people evaluating the company & since company doesn't have an official peer, it will help with est fair value.

Special mention to @rohiitian whose review in spaces helped me better understand the biz model.

#GNGElectronicsIPO #GNGElectronics #electronicsbazaar #EBGNG #gngipo #GNG_ELECTRONICS_IPO #IPOAlert #IPOGMP #ipoupdates #EBGNGIPO #IPO #GnG Business Model (1)

India’s largest refurbisher of laptops and desktops and among the largest refurbishers of ICT Devices, with a global presence across India, USA , UAE & Europe.

GNG Electronics operate under the brand “Electronics Bazaar” has presence across enite refurbishment value chain i.e., from sourcing to refurbishment to sales, to after – sale services and providing warranty.

Smartwork Coworking Valuation Review

As Smartworks Coworking Spaces is listing tomorrow, sharing a detailed discounted cash flow valuation model & expected fair value to help with your listing strategy.

Detailed Thread below

@rohiitian
#SmartworksCoworking #smartworks #smartworksipo #smartworksallotment #IPOAlert #ipoallotment #IPOListing #IPOWatch About Smartworks (1)

Smartworks runs an asset-light, managed campus model— lease large bare-shell spaces and transform them into amenity-rich campuses & lease them further to enterprises.

Unlike Coworking companies, who has a similar model, they work primarily with large clients & manage or sublet large spaces (avoid leasing out to small teams or startups)

This ensure a high occupancy rate, low churn & long-term clients, unlike co-working companies who face high churn & low customer retention.

Smartworks averages an 83% occupancy rate & an 86% seat retention rate

The company is a leader in the managed office space with appro 10mn sq ft under operations.

#SmartworksCoworking #smartworks #smartworksipo #smartworksallotment #IPOAlert #ipoallotment #IPOListing #IPOWatch

I am initiating coverage on #JaybeeLaminations. Also added it on Friday at 345.

Sharing the research and analysis for you all to make an inform decision

@rohiitian Thank you for introducing me to #Jaybee lamination and sharing your post for the base.

DCF Thread Below. (1) #JaybeeLamination
#Jaybee operates in the power transformer space and manufactures transformer cores

Cores are manufactured via CRGO steel ,helping transformers distribute power using the magnetic field
Located in Noida, Jaybee has both domestic and int presence (11 countries)2

International Gemmological Institute (IGIL) Detailed Intrinsic Valuation Review. #IGIL IPO
Basis the strong acceptance of Sagility and Rajesh Power, sharing analysis of IGI, hope it helps you all make a detailed and informed decision
A special thanks to @rohiitian for guiding me. IGIL, established in Belgium in 1975, is the world’s second-largest independent Diamond certification player, with a worldwide market share of approximately 33%, competing with the Gemological Institute of America & Hoge Raad Voor Diamant (HRD).

#Sagility DCF

Considering the positive response to my Valuation Model of Rajesh Power, I decided to share other models I created for my personal use with the broader community
Since many people are still contemplating Sagility, I decided to start with it

@rohiitian #sagilityipo A quick background

Sagility provides technology-enabled back-end business solutions and services to the healthcare industry (Insurance & Hospital providers) in the US.

Company is amongst the top 3 service providers in the US.

As someone with prior experience in valuations and a lack of content/research on fundamental valuations, I am sharing a detailed Discounted Cash flow valuation model on Rajesh Power.

A big thanks to @rohiitian for pushing me to give it a try, I hope my efforts can do justice. offers services in Renewable Power and Non Renewable Power sector Also holds 26% in HKRP innovations, IOT solutions provider to the energy sector (did 130 Cr in rev). Did 280 Cr in FY24, Order book of 2400Cr, expected to close 700CR in FY25.
(sharing FY25 to FY27 fin. projection