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/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$338m in its India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.


WeWork India IPO - Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a>  is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.</li>
</ul>



WeWork India Management Ltd (1690124D IN)  is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.


WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

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>Dev X planning to double the operational capacity in next two years.</li>
<li>Company is also planning to repay certain debt, while its tier-2 focus and backward integration provides them edge over its peers</li>
<li>Operationally, they are better than peers, evident from longer period lease and high occupancy rates</li>
</ul>


Dev X planning to double the operational capacity in next two years.
Company is also planning to repay certain debt, while its tier-2 focus and backward integration provides them edge over its peers
Operationally, they are better than peers, evident from longer period lease and high occupancy rates


Dev Accelerator IPO Review: Tier 2 Focus, Backward Integrated Player

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$407m in its upcoming India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the not-so-positive aspects of the deal.


WeWork India Pre-IPO - Lease Mismatch and Structural Strains

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Smartworks Coworking Spaces / Equity Bottom-Up

Smartworks Coworking Spaces (SMARTWOR IN)

<ul>
<li>Smartworks, India’s largest managed campus operator, is launching a INR 582.56 crore IPO, combining fresh issue and OFS to fund expansion and reduce debt. </li>
<li>Smartworks shows strong growth in operational metrics and high occupancy underline rising demand, but consistent losses, high debt, and client concentration remain key concerns. </li>
<li>While the industry outlook is robust, the success depends on Smartworks achieving profitability, managing risk, and sustaining client retention in a competitive market.</li>
</ul>


Smartworks, India’s largest managed campus operator, is launching a INR 582.56 crore IPO, combining fresh issue and OFS to fund expansion and reduce debt. 
Smartworks shows strong growth in operational metrics and high occupancy underline rising demand, but consistent losses, high debt, and client concentration remain key concerns. 
While the industry outlook is robust, the success depends on Smartworks achieving profitability, managing risk, and sustaining client retention in a competitive market.


Smartworks Coworking Spaces Ltd. IPO - Should You Sign the Lease?

India

Awfis Space Solutions Limited is an Indian workspace solutions provider offering a wide spectrum of flexible workspace solutions, including coworking spaces, customized office spaces, and mobility solutions. The company provides allied services such as design, construction, facility management, IT support, and food and beverage. It serves a diverse clientele from startups and SMEs to large corporates and multinational corporations. Awfis Space Solutions was founded in 2015 and is headquartered in New Delhi, India.

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Awfis Space Solutions (AWFIS IN)

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

WeWork India is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about...

Akshat Shah

Dev Accelerator IPO Review: Tier 2 Focus, Backward Integrated Player

Dev X aims to double operational capacity in 2 years, with plans to repay debt and leverage tier-2 focus and backward integration for competitive...

Nimish Maheshwari

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Smartworks Coworking Spaces Ltd. IPO - Should You Sign the Lease?

India's largest managed campus operator, Smartworks, launches a INR 582.56 crore IPO to fund expansion and reduce debt, facing challenges of...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

WeWork India is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about...

Akshat Shah

Dev Accelerator IPO Review: Tier 2 Focus, Backward Integrated Player

​Dev X aims to double operational capacity in 2 years, with plans to repay debt and leverage tier-2 focus and backward integration for competitive...

Nimish Maheshwari

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Smartworks Coworking Spaces Ltd. IPO - Should You Sign the Lease?

​India's largest managed campus operator, Smartworks, launches a INR 582.56 crore IPO to fund expansion and reduce debt, facing challenges of...

Sudarshan Bhandari

Dev X aims to double operational capacity in 2 years, with plans to repay debt and leverage tier-2 focus and backward integration for competitive...

India's largest managed campus operator, Smartworks, launches a INR 582.56 crore IPO to fund expansion and reduce debt, facing challenges of...