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

Whirlpool of India / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).</li>
<li>In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.</li>
<li>In this note, we talk about the past deal performance and other deal dynamics.</li>
</ul>



Whirlpool Corp (WHR US) is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).
In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.
In this note, we talk about the past deal performance and other deal dynamics.


Whirlpool of India OFS Early Look - Another Large Selldown by Parent

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

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/prataap-snacks-ltd" target="_blank" data-smartkarma-citation="entities:26051:1" rel="noopener">Prataap Snacks Ltd (DIAMOND IN)</a>'s acquisition of Avadh Snacks and recent manufacturing expansions, including new facilities in Kolkata, Jammu, and Rajkot, align with its growth strategy.</li>
<li>PSL reported an 8.7% revenue increase in Q1 FY25, despite facing raw material cost inflation and rising overheads. The company has streamlined distribution and cost management to sustain margins.</li>
<li>PSL's focus on expanding high-margin segments and leveraging cost efficiencies positions it as a resilient and cheapest player in the snack industry.</li>
</ul>



Prataap Snacks Ltd (DIAMOND IN)'s acquisition of Avadh Snacks and recent manufacturing expansions, including new facilities in Kolkata, Jammu, and Rajkot, align with its growth strategy.
PSL reported an 8.7% revenue increase in Q1 FY25, despite facing raw material cost inflation and rising overheads. The company has streamlined distribution and cost management to sustain margins.
PSL's focus on expanding high-margin segments and leveraging cost efficiencies positions it as a resilient and cheapest player in the snack industry.


Prataap Snacks: Market Expansion, Challenges, and Future Plans

Clarence Chu

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> listed in India on 18th Aug 23 after raising US$188m. The IPO had been a 100% secondary selldown with Helix Investment selling its entire stake.</li>
<li>Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).</li>
<li>Coming up for six-month lockup expiry on 7th Feb 24 are the firm’s pre-IPO shareholders, along with a portion of its promoters’ stake.</li>
</ul>



Concord Biotech Ltd (658823Z IN) listed in India on 18th Aug 23 after raising US$188m. The IPO had been a 100% secondary selldown with Helix Investment selling its entire stake.
Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
Coming up for six-month lockup expiry on 7th Feb 24 are the firm’s pre-IPO shareholders, along with a portion of its promoters’ stake.


Concord Biotech's US$650m Lock-Up Expiry - Some Could Be Tempted to Book Multi-Bagger Gains

<ul>
<li>VBL has a history of commanding high growth through acquisitions, product portfolio and geographical expansions and operating leverage</li>
<li>Varun is now focusing on interesting geographies and products which will aid its next level of growth</li>
<li>There could be more than bigger success stories like Sting for Varun Beverages if it can repeat history</li>
</ul>


VBL has a history of commanding high growth through acquisitions, product portfolio and geographical expansions and operating leverage
Varun is now focusing on interesting geographies and products which will aid its next level of growth
There could be more than bigger success stories like Sting for Varun Beverages if it can repeat history


What Next for Varun Beverages: The Next Leg of Growth Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (HONASA IN)</a> raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

India

Bikaji Foods International Ltd. is a leading Indian manufacturer of ethnic snacks and sweets, offering a wide range of products including bhujia, namkeen, papad, western snacks, and packaged sweets. The company also produces frozen and instant foods. Bikaji Foods was founded in 1986 and is headquartered in Bikaner, Rajasthan, India.

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Bikaji Foods (BIKAJI IN)

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

Prataap Snacks: Market Expansion, Challenges, and Future Plans

Prataap Snacks strategic mfg expansions support its growth strategy, despite challenges with RM costs and overheads in recent Q1. The company is...

Sudarshan Bhandari

Concord Biotech's US$650m Lock-Up Expiry - Some Could Be Tempted to Book Multi-Bagger Gains

Ontario is looking to raise US$56m from selling a 3.4% stake in Concord Biotech. The deal has a floor price of INR1,320/share, at a 8.5% discount...

Clarence Chu

What Next for Varun Beverages: The Next Leg of Growth Drivers

Varun Beverage's Next Leg of Growth Drivers can re-write multiple success stories similar to Sting. Here is what will derive Varun Beverage in the...

Sudarshan Bhandari

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

Prataap Snacks: Market Expansion, Challenges, and Future Plans

​Prataap Snacks strategic mfg expansions support its growth strategy, despite challenges with RM costs and overheads in recent Q1. The company is...

Sudarshan Bhandari

Concord Biotech's US$650m Lock-Up Expiry - Some Could Be Tempted to Book Multi-Bagger Gains

Ontario is looking to raise US$56m from selling a 3.4% stake in Concord Biotech. The deal has a floor price of INR1,320/share, at a 8.5% discount...

Clarence Chu

What Next for Varun Beverages: The Next Leg of Growth Drivers

Varun Beverage's Next Leg of Growth Drivers can re-write multiple success stories similar to Sting. Here is what will derive Varun Beverage in the...

Sudarshan Bhandari

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh

Prataap Snacks strategic mfg expansions support its growth strategy, despite challenges with RM costs and overheads in recent Q1. The company is...