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

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
In this note, we talk about the not-so-positive aspects of the deal.


HDB Financial Services Pre-IPO - The Negatives - Performance Has Been Slipping

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
In this note, we talk about the positive aspects of the deal.


HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group</a> picked up where <a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd" target="_blank" data-smartkarma-citation="entities:41297:1" rel="noopener">Mao Geping Cosmetics</a> had left off.</li>
<li>On the placements front, there were selldowns in <a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (AWLTD IN)</a> and <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK)</a>. We also looked at <a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> lockup release.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Bloks Group picked up where Mao Geping Cosmetics had left off.
On the placements front, there were selldowns in Adani Wilmar (AWLTD IN) and WuXi XDC Cayman (2268 HK). We also looked at Shift Up (462870 KS) lockup release.


ECM Weekly (13th Jan 2025) - LG CNS, Bloks, Guming, Crizac, Shift Up, Adani, Wuxi

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/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar (AWLTD IN)</a>  OFS was oversubscribed by 111.19%, prompting the company to allocate an additional 1.96 lakh shares. This sale is part of <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> exit strategy.</li>
<li>HDFC Securities has surpassed Rs.25,000 crore in mutual fund assets under management (AUM), driven by strong growth in SIPs, which contribute over 40% of its AUM, well above industry averages</li>
<li>GOI is likely to provide Rs. 35,000 crore in subsidies to <a href="https://www.smartkarma.com/entities/indian-oil-corp-ltd" target="_blank" data-smartkarma-citation="entities:7781:1" rel="noopener">Indian Oil Corp (IOCL IN)</a> , <a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum Corp (BPCL IN)</a> and <a href="https://www.smartkarma.com/entities/hindustan-petroleum-corp" target="_blank" data-smartkarma-citation="entities:19342:1" rel="noopener">Hindustan Petroleum (HPCL IN)</a> to compensate for LPG sales losses. </li>
</ul>



Adani Wilmar (AWLTD IN)  OFS was oversubscribed by 111.19%, prompting the company to allocate an additional 1.96 lakh shares. This sale is part of Adani Enterprises (ADE IN) exit strategy.
HDFC Securities has surpassed Rs.25,000 crore in mutual fund assets under management (AUM), driven by strong growth in SIPs, which contribute over 40% of its AUM, well above industry averages
GOI is likely to provide Rs. 35,000 crore in subsidies to Indian Oil Corp (IOCL IN) , Bharat Petroleum Corp (BPCL IN) and Hindustan Petroleum (HPCL IN) to compensate for LPG sales losses. 


#85 India Insight: Adani Wilmar Oversubscribed, HDFC Hits ₹25,000 Cr AUM, GOI To Aid LPG Losses

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a>  reported strong Q3 FY25 growth, with a 28% rise in AUM, 22% increase in loans issued, and a 19% rise in deposits. </li>
<li>India aims to reach $500 billion in electronics production by 2030, focusing on mobile phones, IT hardware, and wearables. The PLI scheme will support supply chain growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a>  has received RBI approval to acquire up to 9.5% stakes in Kotak Mahindra, AU Small Finance, and Capital Small Finance Banks through its subsidiaries</li>
</ul>



Bajaj Finance Ltd (BAF IN)  reported strong Q3 FY25 growth, with a 28% rise in AUM, 22% increase in loans issued, and a 19% rise in deposits. 
India aims to reach $500 billion in electronics production by 2030, focusing on mobile phones, IT hardware, and wearables. The PLI scheme will support supply chain growth.

HDFC Bank (HDFCB IN)  has received RBI approval to acquire up to 9.5% stakes in Kotak Mahindra, AU Small Finance, and Capital Small Finance Banks through its subsidiaries


#80 India Insight: Bajaj Finance Adds 5M Users, Electronics Production Aim $500B, HDFC Gains RBI Nod

India

AWL Agri Business Limited manufactures packaged food products. The Company offer a wide range of edible oil products, including soyabean, palm, sunflower, rice bran, mustard, pulses, refined wheat flour, cottonseed, and blended oil, as well as soaps, detergents, cosmetics, and polymer. AWL Agri Business serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

AWL Agri Business (AWL IN)

HDB Financial Services Pre-IPO - The Negatives - Performance Has Been Slipping

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Sumeet Singh

HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

ECM Weekly (13th Jan 2025) - LG CNS, Bloks, Guming, Crizac, Shift Up, Adani, Wuxi

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

#85 India Insight: Adani Wilmar Oversubscribed, HDFC Hits ₹25,000 Cr AUM, GOI To Aid LPG Losses

Adani Wilmar's OFS oversubscribed by 111.19%, HDFC Securities hits Rs.25,000 crore AUM in mutual funds, GOI to provide Rs.35,000 crore subsidies...

Sudarshan Bhandari

#80 India Insight: Bajaj Finance Adds 5M Users, Electronics Production Aim $500B, HDFC Gains RBI Nod

Bajaj Finance sees strong Q3 growth, India targets $500 billion in electronics production by 2030, HDFC Bank gets RBI approval for stake...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HDB Financial Services Pre-IPO - The Negatives - Performance Has Been Slipping

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Sumeet Singh

HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

ECM Weekly (13th Jan 2025) - LG CNS, Bloks, Guming, Crizac, Shift Up, Adani, Wuxi

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

#85 India Insight: Adani Wilmar Oversubscribed, HDFC Hits ₹25,000 Cr AUM, GOI To Aid LPG Losses

​Adani Wilmar's OFS oversubscribed by 111.19%, HDFC Securities hits Rs.25,000 crore AUM in mutual funds, GOI to provide Rs.35,000 crore subsidies...

Sudarshan Bhandari

#80 India Insight: Bajaj Finance Adds 5M Users, Electronics Production Aim $500B, HDFC Gains RBI Nod

​Bajaj Finance sees strong Q3 growth, India targets $500 billion in electronics production by 2030, HDFC Bank gets RBI approval for stake...

Sudarshan Bhandari

Adani Wilmar's OFS oversubscribed by 111.19%, HDFC Securities hits Rs.25,000 crore AUM in mutual funds, GOI to provide Rs.35,000 crore subsidies...

Bajaj Finance sees strong Q3 growth, India targets $500 billion in electronics production by 2030, HDFC Bank gets RBI approval for stake...