What is Chryseum Private Market Index?
- Chryseum Private Markets Index (CPMI) is a Total Return Index based on the Free Float Market capitalization (FFMC)*.
- Consists of 50 prominent unlisted shares.
- The companies are evaluated based on their liquidity, trading activity and relevance in the Private Markets.
- The index is reviewed and rebalanced every 6 months.
- Valuation frequency is weekly.
Parameters
CPMI
Index Inception
Latest Base Date
Base Value
Median Market Cap
Number of constituents
April 3, 2020
May 31, 2024
1000
$536.60 mn
50
Top Stock weights (%)
Top 3 Stock weights (%)
Top 5 Stock weights (%)
10.50
29.82
41.62
*For FFMC, Free-float shares are the Total No. of shares excluding Promoter/Promoter Group Stake; Strategic stakes, Employee Welfare Trust; any other prominent illiquid share components
Index Exposure
Top 10 Constituents
| Top 10 Equity Holdings | Weight (%) |
|---|---|
| SBI Funds Management Private Ltd | 10.50% |
| NSE India Ltd | 9.78% |
| Waaree Energies Private Ltd | 9.55% |
| Cochin International Airport Ltd | 5.95% |
| Imagine Marketing Limited [Boat] | 5.85% |
| Hero Fincorp Ltd | 5.72% |
| InCred Holdings Ltd | 5.56% |
| Le Travenues Technology Limited [Ixigo]* | 3.78% |
| Oravel Stays Limited [OYO Hotel] | 3.55% |
| API Holdings Limited [PharmEasy] | 3.40% |
| Others | 36.37% |
Sectoral Representation
| Top 10 Sectoral Holdings | Weight (%) |
|---|---|
| Capital Market | 22.37% |
| Banks/ NBFC | 20.44% |
| Consumer Goods | 9.82% |
| Energy | 9.55% |
| Travel & Hospitality | 7.85% |
| Aviation | 6.66% |
| Retail | 3.40% |
| Payments | 2.71% |
| Sports | 2.42% |
| Insurance | 2.35% |
| Others | 12.43% |
*Le Travenues Technology Limited [Ixigo] was one of the actively traded stock in the private markets and got listed on 18th June 2024. Basis the index rule any unlisted company which gets listed will be removed from the index post the expiry of the lock-in period for Pre-IPO investors (6 months).
Data as on June 28, 2024.
Index Highlights
| 3rd April 2020 | 2nd October 2020 | 2nd April 2021 | 1st October 2021 | 1st April 2022 | 28th June 2024 | |
| Total Market Cap (in INR Cr.) | 8,52,487 | 10,42,809 | 12,25,513 | 20,34,198 | 24,48,575 | 9,86,146 |
| Free Float Market Cap (in INR Cr.) | 1,02,040 | 1,14,129 | 1,62,005 | 2,72,076 | 2,96,293 | 4,08,654 |
| Index Value (CPMI) | 1,000 | 1,094 | 1,457 | 2,465 | 2,463 | 2,613 |
Comparison with Listed Index
Key Metrics (FY23)
CPMI
NIFTY 500
Earning Per Share (EPS in ₹)
Price to Earnings (P/E)
Price to Book (P/B)
Dividend Yield (%)
Standard Deviation
43.83
59.61
8.86
0.87
2.01%
1353.68
26.23
4.47
1.06
2.15%
Index Performance (%)*
3M
6M
1Y
2Y
Since Inception*
CPMI
Nifty 500
11.62
11.79
25.12 16.73
37.66 38.67
13.42 31.04
25.43
34.84
*Index inception date : April 3, 2020. Returns greater than 1 year are in CAGR%. Index performance as on June 28, 2024.
Eligibility & Selection Criteria
Methodology
Selection of 50 unlisted companies based on Market Capitalization and trading activity
The weightage given to the companies – Maximum ceiling of 10% and a Minimum floor of 0.5%*
Rebalancing will account for replacements of securities if applicable every 6 months
Selection process repeated while adhering to criteria established in the methodology
Every 6 months, the closing index value becomes the new base value of the index
In case of listing on the exchange, the security will be removed from the index post the lock-in period ( ~6 months from listing )
*Between the two rebalancing dates the weightage caps could be breached due to movement of share prices. However on subsequent base date the index manager will rebalance the index constituents with a maximum ceiling of 10% and a minimum floor of 0.50%
Detailed List of Index Constituents
| Sr. No |
Unlisted Companies |
Total Market Cap (₹)* |
Free Float Market Cap (₹)* |
Price per share (₹)* |
|---|---|---|---|---|
| 1 | SBI Funds Management Private Limited | 104271 | 39066 | 2070 |
| 2 | NSE India Limited | 259875 | 259875 | 5250 |
| 3 | Versuni India Home Solutions Limited | 55489 | 15359 | 2120 |
| 4 | Cochin International Airport Limited | 13629 | 9203 | 285 |
| 5 | Imagine Marketing Limited [Boat] | 19641 | 9051 | 1380 |
| 6 | Hero FinCorp Limited | 32734 | 8846 | 2000 |
| 7 | India Carbon Limited | 10396 | 8600 | 162 |
| 8 | Le Travenues Technology Limited [Ixigo] | 5848 | 5848 | 157 |
| 9 | Oravel Stays Limited [OYO Hotel] | 27373 | 5489 | 44 |
| 10 | API Holdings Limited [PharmEasy] | 5267 | 5267 | 9 |
| 11 | HDB Financial Services Limited | 86049 | 4609 | 1085 |
| 12 | Chennai Super Kings Cricket Limited [CSK] | 5208 | 3742 | 169 |
| 13 | Arohan Financial Services Limited | 4310 | 3194 | 275 |
| 14 | TRL Krosaki Refractories Limited | 3149 | 3149 | 320 |
| 15 | Care Health Insurance Limited | 17886 | 2839 | 184 |
| 16 | B9 Beverages Limited [Bira] | 3467 | 2817 | 545 |
| 17 | One Mobikwik Systems Limited [Mobikwik] | 3460 | 2279 | 605 |
| 18 | Orbis Financial Corporation Limited | 3182 | 2209 | 280 |
| 19 | Sterlite Power Transmission Limited | 8015 | 2058 | 655 |
| 20 | Fino PayTech Limited | 1908 | 1908 | 150 |
| 21 | Nayara Energy Limited | 94651 | 1645 | 635 |
| 22 | Hexaware Technologies Limited | 46135 | 1110 | 760 |
| 23 | Capital Small Finance Bank Limited | 1564 | 1269 | 347 |
| 24 | IKF Finance Limited | 2086 | 1115 | 323 |
| 25 | Kurlon Enterprise Limited | 1633 | 992 | 122 |
| Sr. No |
Unlisted Companies |
Total Market Cap (₹)* |
Free Float Market Cap (₹)* |
Price per share (₹)* |
|---|---|---|---|---|
| 26 | Kannur International Airport Limited | 2193 | 830 | 955 |
| 27 | HDFC Securities Limited | 18304 | 891 | 11500 |
| 28 | Mohan Meakin Limited | 1727 | 559 | 2030 |
| 29 | ESL Steel Limited | 9245 | 417 | 50 |
| 30 | Tata Technologies Limited | 2613 | 585 | 1250 |
| 31 | Studds Accessories Limited | 1771 | 537 | 900 |
| 32 | Martin and Harris Laboratories Limited | 390 | 390 | 975 |
| 33 | Capgemini Technology Services India Limited | 68755 | 312 | 11600 |
| 34 | NCL Buildtek Limited | 347 | 123 | 300 |
| 35 | Motilal Oswal Home Finance Limited | 8000 | 201 | 13 |
| 36 | Carrier Airconditioning & Refrigeration Limited | 6010 | 212 | 565 |
| 37 | Utkarsh Coreinvest Limited | 4026 | 156 | 700 |
| 38 | Philips India Limited | 5349 | 207 | 930 |
| 39 | Manjushree Technopack Limited | 4538 | 125 | 3350 |
| 40 | Signify Innovations India Limited | 7420 | 287 | 1290 |
| 41 | Bharat Hotel Limited | 2698 | 82 | 355 |
| 42 | Maharashtra Knowledge Corporation Limited | 335 | 211 | 415 |
| 43 | Indofil Industries Limited | 318 | 161 | 1200 |
| 44 | Reliance General Insurance Company Limited | 12182 | 162 | 460 |
| 45 | GKN Driveline (India) Limited | 1788 | 53 | 1400 |
| 46 | Merino Industries Limited | 3689 | 175 | 3300 |
| 47 | OTIS Elevator Company India Limited | 4369 | 77 | 3700 |
| 48 | Ramaraju Surgical Cotton Mills Limited | 158 | 72 | 272 |
| 49 | Lava International Limited | 2193 | 253 | 600 |
| 50 | Elofic Industries Limited | 502 | 34 | 2000 |
Limitations
The Index is modelled on Free-Float Market Capitalization; therefore, it depends on the latest, publicly available shareholding data and Current Share Price of its constituent companies. To acquire and maintain such data, due to the nature of unlisted sector, the Index comes across few limitations and manual interventions, as mentioned below:
- The index has taken the latest shareholding pattern for its constituent’s basis the latest available filing on MCA/DRHP (as on 31st May 2024). The Shareholding Pattern is assumed to be the same for the historic dates. (Since 3rd April 2020)
- Keeping the relative valuations intact and accounting for all the corporate actions the prices of each stock are adjusted accordingly. Similarly, during any fundraising rounds, keeping valuations same, the share prices are adjusted according to their latest shareholding.
- For weeks with no transaction data available to track, the missing data points are filled with scaled figures to show proportionate change between the two available prices.
Disclaimer
All the information contained herein including, without limitation, all text, data, graphs, charts, visuals and theory (collectively, the “information”), were created by and is the sole property of Chryseum Advisors LLP. Redistribution, reproduction and/or photocopying of this document in whole or part is prohibited without prior permission. All information in this document is impersonal and not tailored to the needs of any person, entity or group. This material has been prepared for information purpose only and on the basis of publicly available information, internally developed data and other sources believed to be reliable. Constituents and calculation of the Index is entirely at the discretion of the Index Manager and all final decisions lie with them. Information here does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. Investors are advised to consult their investment advisors and not base their investment decisions on the publication made. Investors are advised to obtain individual financial advice based on their risk profile before taking any action based on the information contained in this material. Investors alone shall have the right to choose their investments and shall be responsible to invest in with their objectives and risk appetite, for which we hold no liability. We may have positions in the securities mentioned in the report and may offer to buy or sell such securities or any related investments. We do not guarantee the performance of the security listed in this note and accept no responsibility whatsoever including any loss suffered by clients resulting from investing in such security. The Index is for educational purposes only and not for investments. We are not offering this Index for any purchase or sale. Chryseum Advisors LLP is the Index Manager and also deals in buying and selling of Unlisted shares. We have disclosed prices & market cap of all the index constituents in the above table titled Detailed List of Index Constituents.
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