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.

Event-Driven

Go Digit General Insurance / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-digit-general-insurance-l" target="_blank" data-smartkarma-citation="entities:36266:1" rel="noopener">Go Digit General Insurance</a> raised US$315m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.</li>
<li>Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Go Digit General Insurance raised US$315m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.
Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
In this note, we will talk about the lockup dynamics and possible placement.


Go Digit IPO Lockup - Promoters and Investors Could Look to Sell in the US$2.1bn Release

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a> is looking to raise around US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Blackbuck (1355652D IN) is looking to raise around US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
In this note, we talk about the company’s historical performance.


Zinka Logistics Pre-IPO - Continued Financial Underperformance in a Highly Fragmented Market

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>State Bank of India: SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable margins and in-line asset quality</li><li>Loan growth (+15% YoY) was strong across segments even as the Xpress credit portfolio continued to decelerate</li><li>Deposit growth (+9% YoY, +4.4% QoQ) was marginally soft as the CASA ratio dropped further to 38.4% (-64 bps QoQ), given that strong CA traction was offset by sluggish growth in SA balances</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

State Bank of India: SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable margins and in-line asset qualityLoan growth (+15% YoY) was strong across segments even as the Xpress credit portfolio continued to decelerateDeposit growth (+9% YoY, +4.4% QoQ) was marginally soft as the CASA ratio dropped further to 38.4% (-64 bps QoQ), given that strong CA traction was offset by sluggish growth in SA balancesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: State Bank of India, Tata Motors, Oil India, Ashok Leyland, Gujarat Gas

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

SBI (State Bank of India) / Equity Bottom-Up

<ul><li>PAT at Rs. 18,331 crore (up 28% y-o-y) was significantly above estimates mainly driven by higher treasury gains and other income resulting in RoA/RoE at . 17%/18.0% in Q2FY25.</li><li>Lower slippages (0.59% annualised versus 1.08% q-o-q) led to stable asset quality thus core credit cost was also lower at 38bps annualized versus 48 bps q-o-q and 22 bps y-o-y.</li><li>Bank guided that overall portfolio is still not showing worrying signs including unsecured retail loans.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PAT at Rs. 18,331 crore (up 28% y-o-y) was significantly above estimates mainly driven by higher treasury gains and other income resulting in RoA/RoE at . 17%/18.0% in Q2FY25.Lower slippages (0.59% annualised versus 1.08% q-o-q) led to stable asset quality thus core credit cost was also lower at 38bps annualized versus 48 bps q-o-q and 22 bps y-o-y.Bank guided that overall portfolio is still not showing worrying signs including unsecured retail loans.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

State Bank of India - Steady Q2, Non-Interest Income Drives Return Ratios

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> Limited raised around US$1.35bn in its India IPO, although the demand wasn't great.</li>
<li>Swiggy Limited is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the trading dynamics.</li>
</ul>



Swiggy Limited raised around US$1.35bn in its India IPO, although the demand wasn't great.
Swiggy Limited is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the trading dynamics.


Swiggy IPO Trading - Decent Anchor but Tepid Overall Demand

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

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SBI (State Bank of India) (SBIN IN)

Go Digit IPO Lockup - Promoters and Investors Could Look to Sell in the US$2.1bn Release

Go Digit General Insurance raised US$315m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to...

Sumeet Singh

Zinka Logistics Pre-IPO - Continued Financial Underperformance in a Highly Fragmented Market

Zinka Logistics (Blackbuck) is looking to raise around US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

HSIE Results Daily: State Bank of India, Tata Motors, Oil India, Ashok Leyland, Gujarat Gas

SBIN’s earnings beat our estimates on the back of higher treasury/MTM gains backed by healthy loan growth, largely stable margins and in-line asset...

HDFC Securities

State Bank of India - Steady Q2, Non-Interest Income Drives Return Ratios

PAT at Rs. 18,331 crore (up 28% y-o-y) was significantly above estimates mainly driven by higher treasury gains and other income resulting in RoA...

Sharekhan

Swiggy IPO Trading - Decent Anchor but Tepid Overall Demand

Swiggy Limited raised around US$1.35bn in its India IPO, although the demand wasn't great with only instis having some interest in the listing.

Sumeet Singh

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52-week Range

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