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>Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>We have covered various aspects of the deal in our earlier notes. In this note, we talk about valuation. </li>
</ul>


Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
We have covered various aspects of the deal in our earlier notes. In this note, we talk about valuation. 


Delhivery IPO - Thoughts on Valution, Touch-And-Go

<ul>
<li>Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>We have covered various aspects of the deal in our earlier notes. In this note, we will undertake a peer comparison. </li>
</ul>


Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
We have covered various aspects of the deal in our earlier notes. In this note, we will undertake a peer comparison. 


Delhivery IPO - Peer Comparison, What It Gains in Growth It Gives up in Margins

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>Delhivery is the largest and fastest-growing 3PL express parcel delivery player in India. It has cut its IPO raise from Rs74.6 billion ($1 billion) to Rs52.4 billion ($0.7 billion).</li>
<li>In <a href="https://www.smartkarma.com/insights/delhivery-ipo-initiation-can-it-deliver" target="_blank" data-smartkarma-citation="insights:63738" rel="noopener">Delhivery IPO Initiation: Can It Deliver?</a>, we noted that the fundamentals are mixed as it has been unable to leverage strong growth to deliver profits or cash generation.  </li>
<li>In this note, we look at the RHP which discloses 9MFY22 results. We continue to believe the negatives outweigh the positives. We are inclined to give the IPO a pass.</li>
</ul>


Delhivery is the largest and fastest-growing 3PL express parcel delivery player in India. It has cut its IPO raise from Rs74.6 billion ($1 billion) to Rs52.4 billion ($0.7 billion).
In Delhivery IPO Initiation: Can It Deliver?, we noted that the fundamentals are mixed as it has been unable to leverage strong growth to deliver profits or cash generation.  
In this note, we look at the RHP which discloses 9MFY22 results. We continue to believe the negatives outweigh the positives. We are inclined to give the IPO a pass.


Delhivery IPO: Yet to Convincingly Deliver

<ul>
<li>Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>In this note, we talk about the updates from its RHP.</li>
</ul>


Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
In this note, we talk about the updates from its RHP.


Delhivery Pre-IPO - RHP Updates - Growth Remains Strong, Pricing Remains Under Pressure

<ul>
<li>Delhivery is looking to raise US$1bn in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>In this note, we talk about the not so positive aspects of the deal.</li>
</ul>


Delhivery is looking to raise US$1bn in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
In this note, we talk about the not so positive aspects of the deal.


Delhivery Pre-IPO - The Negatives - Not Showing Clear Signs of Delivering Profits

India

Blue Dart Express Limited operates a courier service and an integrated express package distribution company.  The Company offers delivery of packages and documents in India and throughout the world.

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Blue Dart Express (BDE IN)

Delhivery IPO - Thoughts on Valution, Touch-And-Go

Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest...

Sumeet Singh

Delhivery IPO - Peer Comparison, What It Gains in Growth It Gives up in Margins

Delhivery is now looking to raise around US$700m in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Delhivery IPO: Yet to Convincingly Deliver

Delhivery has cut its IPO raise from $1 bn to $0.7 bn. The subscription period runs from 11 to 13 May. A high-growth but loss-making and cash...

Arun George

Delhivery Pre-IPO - RHP Updates - Growth Remains Strong, Pricing Remains Under Pressure

Delhivery is now looking to raise around US$700m in its India IPO, the company is backed by a host of financial investors, the largest being...

Sumeet Singh

Delhivery Pre-IPO - The Negatives - Not Showing Clear Signs of Delivering Profits

Delhivery is looking to raise US$1bn in its upcoming India IPO. In this note, we talk about the not so positive aspects of the deal.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)