APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> is looking to raise up to US$736m in its upcoming India IPO.</li>
<li>Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Groww (1573648D IN) is looking to raise up to US$736m in its upcoming India IPO.
Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.
In this note, we talk about the company’s historical performance.


Groww Pre-IPO - Scaling Fast in a Competitive Market

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Edelweiss Financial Services / Equity Bottom-Up

<ul><li>Edelweiss Financial Services Ltd. is a financial services firm in India with a market cap of $1.2 billion USD</li><li>The company includes the largest private credit and private real assets fund manager in the country</li><li>Management plans to sell a strategic minority stake in the Edelweiss Alts business unit and IPO the Alts unit to distribute shares directly to shareholders, potentially creating value for investors as seen in a previous div-en-specie transaction with Nuvama</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Edelweiss Financial Services Ltd. is a financial services firm in India with a market cap of $1.2 billion USDThe company includes the largest private credit and private real assets fund manager in the countryManagement plans to sell a strategic minority stake in the Edelweiss Alts business unit and IPO the Alts unit to distribute shares directly to shareholders, potentially creating value for investors as seen in a previous div-en-specie transaction with NuvamaThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Edelweiss Financial Services Ltd. (EDEL IN) - Tuesday, Sep 17, 2024

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

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Nuvama Wealth Management / Equity Bottom-Up

<ul>
<li>Going into CY25, Nuvama is one of our highest conviction ideas. It has potential to generate 75%+ upside, just from valuation gain.</li>
<li>India's wealth management industry is in nascent phase led by under-penetration and a growing affluent, HNI and UHNI clientele.</li>
<li>Nuvama's edge is its integrated platform bolstered by technology prowess and a solution-focused approach as opposed to a product-push model. It offers a holistic solution with a robust relationship-driven approach.</li>
</ul>


Going into CY25, Nuvama is one of our highest conviction ideas. It has potential to generate 75%+ upside, just from valuation gain.
India's wealth management industry is in nascent phase led by under-penetration and a growing affluent, HNI and UHNI clientele.
Nuvama's edge is its integrated platform bolstered by technology prowess and a solution-focused approach as opposed to a product-push model. It offers a holistic solution with a robust relationship-driven approach.


2025 High Conviction: Nuvama - A Play on Burgeoning Wealth Management Industry in India

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>JM Financial has decadal experience of being the powerhouse of financial services giant. </li>
<li>The company has been a bad capital allocator for the years and hence could not participate in the mega bull run.  </li>
<li>What makes it interesting is a company is changing its strategy of capital allocation while cherry on the cake is attractive valuations and promoter buying.</li>
</ul>


JM Financial has decadal experience of being the powerhouse of financial services giant. 
The company has been a bad capital allocator for the years and hence could not participate in the mega bull run.  
What makes it interesting is a company is changing its strategy of capital allocation while cherry on the cake is attractive valuations and promoter buying.


JM Financial: An Undervalued Gem Poised for Breakout Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/edelweiss-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:15015:1" rel="noopener">Edelweiss Financial Services ("Edelweiss")</a> continues to scale up well its asset management and insurance businesses. The credit business has been also turning around led by the co-lending model.</li>
<li>In particular, the asset management business has been growing rapidly. The alternatives asset management AUM grew 17% YoY, of which fee-paying AUM grew 32% YoY.</li>
<li>With all its businesses now running independently, Edelweiss is focusing on unlocking value. It already demerged Nuvama and is now close to unlock value in its Alternative Asset management business.</li>
</ul>



Edelweiss Financial Services ("Edelweiss") continues to scale up well its asset management and insurance businesses. The credit business has been also turning around led by the co-lending model.
In particular, the asset management business has been growing rapidly. The alternatives asset management AUM grew 17% YoY, of which fee-paying AUM grew 32% YoY.
With all its businesses now running independently, Edelweiss is focusing on unlocking value. It already demerged Nuvama and is now close to unlock value in its Alternative Asset management business.


Edelweiss: Scaling Up Well | Value Unlocking Is Catalyzing Re-Rating

India

Edelweiss Financial Services Ltd. provides financial services.  The Company offers financial services including lines of credit, investment banking, institutional and retail broking, financial planning, asset advisory, life insurance, and investment management services.

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Edelweiss Financial Services (EDEL IN)

Groww Pre-IPO - Scaling Fast in a Competitive Market

Groww is looking to raise up to US$736m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Edelweiss Financial Services Ltd. (EDEL IN) - Tuesday, Sep 17, 2024

Management plans to sell a strategic minority stake in the Edelweiss Alts business unit and IPO the Alts unit to distribute shares directly to...

Value Investors Club (VIC)

2025 High Conviction: Nuvama - A Play on Burgeoning Wealth Management Industry in India

Nuvama is a direct beneficiary of the growing wealth management industry in India. Professional wealth management is still nascent in India. An...

Ankit Agrawal, CFA

JM Financial: An Undervalued Gem Poised for Breakout Growth

JM Financial, a financial services giant, is changing its capital allocation strategy after stressed years potentially leading to better returns...

Sudarshan Bhandari

Edelweiss: Scaling Up Well | Value Unlocking Is Catalyzing Re-Rating

Edelweiss' stock has re-rated significantly (up ~60% over the past month) post its announcement of 3-year roadmap being underway for value...

Ankit Agrawal, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Groww Pre-IPO - Scaling Fast in a Competitive Market

Groww is looking to raise up to US$736m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Edelweiss Financial Services Ltd. (EDEL IN) - Tuesday, Sep 17, 2024

Management plans to sell a strategic minority stake in the Edelweiss Alts business unit and IPO the Alts unit to distribute shares directly to...

Value Investors Club (VIC)

2025 High Conviction: Nuvama - A Play on Burgeoning Wealth Management Industry in India

Nuvama is a direct beneficiary of the growing wealth management industry in India. Professional wealth management is still nascent in India. An...

Ankit Agrawal, CFA

JM Financial: An Undervalued Gem Poised for Breakout Growth

​JM Financial, a financial services giant, is changing its capital allocation strategy after stressed years potentially leading to better returns...

Sudarshan Bhandari

Edelweiss: Scaling Up Well | Value Unlocking Is Catalyzing Re-Rating

Edelweiss' stock has re-rated significantly (up ~60% over the past month) post its announcement of 3-year roadmap being underway for value...

Ankit Agrawal, CFA

JM Financial, a financial services giant, is changing its capital allocation strategy after stressed years potentially leading to better returns...