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

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$155m in its India IPO.</li>
<li>RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$155m in its India IPO.
RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on 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.</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

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.

Equity Bottom-Up

<ul><li>Bata India: Bata India’s revenue remained flat YoY at INR 9.42bn (HSIE: INR 10bn) amid weak consumption, adverse weather, and geopolitical disruptions, with volumes and ASP also flattish</li><li>The company continues to face challenges in the mid/mass price segments, which remain under pressure despite initiatives on value proposition</li><li>Zero Base Merchandising (ZBM) footprint rose to 194 stores (+48 stores), with plans to roll out ~50 stores per quarter</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.

Bata India: Bata India’s revenue remained flat YoY at INR 9.42bn (HSIE: INR 10bn) amid weak consumption, adverse weather, and geopolitical disruptions, with volumes and ASP also flattishThe company continues to face challenges in the mid/mass price segments, which remain under pressure despite initiatives on value propositionZero Base Merchandising (ZBM) footprint rose to 194 stores (+48 stores), with plans to roll out ~50 stores per quarterContent 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.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

<ul><li>Topline flat: Bata India reported muted topline performance with revenue down 0.3% YoY (vs. +2% expected), as weak demand, erratic weather, and geopolitical uncertainties weighed on volumes and ASP growth.</li><li>However, the company is focusing on growth levers through sharper price-point strategies (Rs 399–999), driving higher checkouts, portfolio premiumization with Floatz (30%+ growth), Power’s mid-tier and premium ranges, and Hush Puppies’ expansion (~150 EBOs, Office Sneakers launch, refreshed formats).</li><li>Inventory optimisation (-16% YoY) and zero-waste merchandising remain priorities, while store expansion and the “Bata Ladies” portfolio are gaining traction.</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.

Topline flat: Bata India reported muted topline performance with revenue down 0.3% YoY (vs. +2% expected), as weak demand, erratic weather, and geopolitical uncertainties weighed on volumes and ASP growth.However, the company is focusing on growth levers through sharper price-point strategies (Rs 399–999), driving higher checkouts, portfolio premiumization with Floatz (30%+ growth), Power’s mid-tier and premium ranges, and Hush Puppies’ expansion (~150 EBOs, Office Sneakers launch, refreshed formats).Inventory optimisation (-16% YoY) and zero-waste merchandising remain priorities, while store expansion and the “Bata Ladies” portfolio are gaining traction.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.

Bata India Ltd - Topline Flat; Growth Levers Remain Intact

India

Bata India Limited manufactures a wide range of leather, rubber/canvas and plastic footwear products.  The Company also manufactures sports apparel and leather accessories.  Bata India sells its products through its chain of company owned retail stores in India, as well as to businesses in the USA, United Kingdom, Europe, the Middle East and the Far East.

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Bata India Ltd (BATA IN)

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

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

HSIE Results Daily: Bata India

Bata India’s revenue remained flat YoY at INR 9.42bn (HSIE: INR 10bn) amid weak consumption, adverse weather, and geopolitical disruptions, with...

HDFC Securities

Bata India - Weak Print

Bata India’s revenue remained flat YoY at INR 9.42bn (HSIE: INR 10bn) amid weak consumption, adverse weather, and geopolitical disruptions, with...

HDFC Securities

Bata India Ltd - Topline Flat; Growth Levers Remain Intact

Inventory optimisation (-16% YoY) and zero-waste merchandising remain priorities, while store expansion and the “Bata Ladies” portfolio are gaining...

Axis Direct

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