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

Dr Agarwal's Health Care Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> is looking to raise about US$480m in its upcoming India IPO.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) is looking to raise about US$480m in its upcoming India IPO.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we talk about the company’s historical performance.


Dr Agarwal’s Healthcare Pre-IPO - Strong Revenue Growth Led by Expanding Network of Facilities

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

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pepsico-inc" target="_blank" data-smartkarma-citation="entities:4967:1" rel="noopener">Pepsico Inc (PEP US)</a>  an Alpha Wave Global are vying for a minority stake in Haldiram, with other investors- <a href="https://www.smartkarma.com/entities/temasek-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:28816:1" rel="noopener">Temasek Holdings Pte Ltd (TMSK SP)</a>  and <a href="https://www.smartkarma.com/entities/bain-capital-specialty-finan" target="_blank" data-smartkarma-citation="entities:28761:1" rel="noopener">Bain Capital Specialty Finan (BCSF US)</a> </li>
<li>India plans to support its textile industry in the upcoming budget, with incentives, tariff cuts, and financial support to boost local production. </li>
<li>DPIIT has partnered with <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a>  to boost India’s startup ecosystem, focusing on technology, innovation, and market opportunities. </li>
</ul>



Pepsico Inc (PEP US)  an Alpha Wave Global are vying for a minority stake in Haldiram, with other investors- Temasek Holdings Pte Ltd (TMSK SP)  and Bain Capital Specialty Finan (BCSF US) 
India plans to support its textile industry in the upcoming budget, with incentives, tariff cuts, and financial support to boost local production. 
DPIIT has partnered with ITC Ltd (ITC IN)  to boost India’s startup ecosystem, focusing on technology, innovation, and market opportunities. 


#87 India Insight: China Export Halt; GTRI Suggests Tariff Cuts; Fintech Funding Drops 33%

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Macroeconomics

<ul>
<li>The Mahakumbh Mela 2025, hailed as the largest gathering of the Hindu faith, is set to host an estimated 400-450 million devotees from India and around the world.</li>
<li>The event’s estimated budget is INR 6,382 crore (USD 800 Mn) for event management and infrastructure development, 72% higher than the budget allocated in 2019 Kumbh.</li>
<li>Kumbh Mela could generate financial transactions totaling INR 2–2.5 lakh crore (USD 25–30 billion) over 45 days. This accounts for an estimated 0.5–0.8% of the country’s GDP.</li>
</ul>


The Mahakumbh Mela 2025, hailed as the largest gathering of the Hindu faith, is set to host an estimated 400-450 million devotees from India and around the world.
The event’s estimated budget is INR 6,382 crore (USD 800 Mn) for event management and infrastructure development, 72% higher than the budget allocated in 2019 Kumbh.
Kumbh Mela could generate financial transactions totaling INR 2–2.5 lakh crore (USD 25–30 billion) over 45 days. This accounts for an estimated 0.5–0.8% of the country’s GDP.


Maha Kumbh 2025- How Big Is It for Economy?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crizac" target="_blank" data-smartkarma-citation="entities:41120:1" rel="noopener">Crizac (CRIZAC IN)</a> is looking to raise US$120m in its upcoming India IPO.</li>
<li>Crizac is an education platform offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Crizac (CRIZAC IN) is looking to raise US$120m in its upcoming India IPO.
Crizac is an education platform offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).
In this note, we talk about the company’s historical performance.


Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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ITC Ltd (ITC IN)

Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Dr Agarwal’s Healthcare is looking to raise about US$350m in its India IPO. In this note, we provide a summary of its RHP updates and share our...

Akshat Shah

Dr Agarwal’s Healthcare Pre-IPO - Strong Revenue Growth Led by Expanding Network of Facilities

Dr Agarwal’s Healthcare is looking to raise about US$480m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

#87 India Insight: China Export Halt; GTRI Suggests Tariff Cuts; Fintech Funding Drops 33%

Pepsico Inc and Alpha Wave Global compete for stake in Haldiram, India plans to boost textile industry in budget, DPIIT partners with ITC to boost...

Sudarshan Bhandari

Maha Kumbh 2025- How Big Is It for Economy?

The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...

Nitin Mangal

Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

Crizac is looking to raise US$120m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Dr Agarwal’s Healthcare is looking to raise about US$350m in its India IPO. In this note, we provide a summary of its RHP updates and share our...

Akshat Shah

Dr Agarwal’s Healthcare Pre-IPO - Strong Revenue Growth Led by Expanding Network of Facilities

Dr Agarwal’s Healthcare is looking to raise about US$480m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

#87 India Insight: China Export Halt; GTRI Suggests Tariff Cuts; Fintech Funding Drops 33%

​Pepsico Inc and Alpha Wave Global compete for stake in Haldiram, India plans to boost textile industry in budget, DPIIT partners with ITC to boost...

Sudarshan Bhandari

Maha Kumbh 2025- How Big Is It for Economy?

​The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...

Nitin Mangal

Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

Crizac is looking to raise US$120m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Pepsico Inc and Alpha Wave Global compete for stake in Haldiram, India plans to boost textile industry in budget, DPIIT partners with ITC to boost...

The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...