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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smpp-ltd" target="_blank" data-smartkarma-citation="entities:44073:1" rel="noopener">SMPP Ltd</a> is planning to raise about US$476m through its upcoming IPO in India.</li>
<li>SMPP Ltd. designs and manufactures defence equipment, specialising in ammunition components and personal protection products for the Indian armed forces, police, and security agencies.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India.
SMPP Ltd. designs and manufactures defence equipment, specialising in ammunition components and personal protection products for the Indian armed forces, police, and security agencies.
In this note, we look at the company’s past performance.


SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Equity Bottom-Up

<ul>
<li>SMBC, a major Japanese bank, is buying a 20% stake in Yes Bank for INR 13,483 crore, marking a significant move towards strengthening Yes Bank's recovery and future growth.</li>
<li>It provides SMBC direct access to India's growing banking sector and potential for strategic collaboration.</li>
<li>The partnership enhances Yes Bank's stability, governance, and access to global markets, positioning it for further growth. SMBC’s involvement could pave the way for future capital support and operational improvements.</li>
</ul>


SMBC, a major Japanese bank, is buying a 20% stake in Yes Bank for INR 13,483 crore, marking a significant move towards strengthening Yes Bank's recovery and future growth.
It provides SMBC direct access to India's growing banking sector and potential for strategic collaboration.
The partnership enhances Yes Bank's stability, governance, and access to global markets, positioning it for further growth. SMBC’s involvement could pave the way for future capital support and operational improvements.


SMBC's Strategic Entry into Yes Bank: A Look at the Backstory and Future

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aadhar-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:32152:1" rel="noopener">Aadhar Housing Finance</a> raised around US$360m 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>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we will talk about the lockup dynamics and possible placement.


Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>India's top private banks, HDFC, ICICI, and Axis, saw a significant slowdown in credit growth to 11% in Q4 FY25 from 15-20% of expectations, i.e down from 16.5% last year</li>
<li>This moderation is due to softer loan demand, strategic balance sheet adjustments, and HDFC's merger in it’s case.</li>
<li>Despite this, asset quality remains strong, and the banks are focused on building a solid deposit base for future growth.</li>
</ul>


India's top private banks, HDFC, ICICI, and Axis, saw a significant slowdown in credit growth to 11% in Q4 FY25 from 15-20% of expectations, i.e down from 16.5% last year
This moderation is due to softer loan demand, strategic balance sheet adjustments, and HDFC's merger in it’s case.
Despite this, asset quality remains strong, and the banks are focused on building a solid deposit base for future growth.


Thematic Report : Why Is India's Banking Witnessing a Slowdown in Credit Growth?

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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HDFC Bank (HDFCB IN)

SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India. In this note, we look at the company's past performance.

Sumeet Singh

SMBC's Strategic Entry into Yes Bank: A Look at the Backstory and Future

Japanese bank SMBC's 20% stake purchase in Yes Bank for INR 13,483 crore strengthens the Indian bank's recovery and growth prospects, while...

Nimish Maheshwari

Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

Thematic Report : Why Is India's Banking Witnessing a Slowdown in Credit Growth?

India's top private banks experience slowdown in credit growth to 11% in Q4 FY25, down from expectations, due to softer loan demand and strategic...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India. In this note, we look at the company's past performance.

Sumeet Singh

SMBC's Strategic Entry into Yes Bank: A Look at the Backstory and Future

​Japanese bank SMBC's 20% stake purchase in Yes Bank for INR 13,483 crore strengthens the Indian bank's recovery and growth prospects, while...

Nimish Maheshwari

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

Thematic Report : Why Is India's Banking Witnessing a Slowdown in Credit Growth?

​India's top private banks experience slowdown in credit growth to 11% in Q4 FY25, down from expectations, due to softer loan demand and strategic...

Sudarshan Bhandari

Japanese bank SMBC's 20% stake purchase in Yes Bank for INR 13,483 crore strengthens the Indian bank's recovery and growth prospects, while...

India's top private banks experience slowdown in credit growth to 11% in Q4 FY25, down from expectations, due to softer loan demand and strategic...