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>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> is now looking to raise about US$730m in its upcoming India IPO.</li>
<li>Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.</li>
<li>In our previous notes, we looked at the company’s performance, undertook a peer comparison and talked about valuations. In this note, we look at the updates from its recent filings.</li>
</ul>



Ola Electric is now looking to raise about US$730m in its upcoming India IPO.
Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.
In our previous notes, we looked at the company’s performance, undertook a peer comparison and talked about valuations. In this note, we look at the updates from its recent filings.


Ola Electric IPO - RHP Updates - Growing Faster than Expected, Driven by GoI Policy

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder Rakesh Gangwal’s 25%+ stake will be released from lock-up tomorrow.</li>
<li>He had earlier stated his intention to pare down his stake. He has sold shares in Sep 2022, Feb 2023 and Aug 2023.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder Rakesh Gangwal’s 25%+ stake will be released from lock-up tomorrow.
He had earlier stated his intention to pare down his stake. He has sold shares in Sep 2022, Feb 2023 and Aug 2023.
In this note, we will talk about the lockup dynamics and possible placement.


Interglobe Aviation (Indigo) Lockup - Still Has US$3bn+ Stake Left, After Three Prior Selldowns

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, we looked at <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> refiling and <a href="https://www.smartkarma.com/entities/xiaocaiyuan-international-holding-ltd" target="_blank" data-smartkarma-citation="entities:40688:1" rel="noopener">Xiaocaiyuan International Holding</a> .</li>
<li>For placements, it was an action packed week in India, again, with Australia joining in as well.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, we looked at Trial Holdings (5882 JP) refiling and Xiaocaiyuan International Holding .
For placements, it was an action packed week in India, again, with Australia joining in as well.


ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Brainbees Solutions / Equity Capital Markets

<ul>
<li>We visited FirstCry Franchisee stores in Ajmer (Rajasthan), and Hosur (Tamil Nadu).</li>
<li>FirstCry has a high brand recall, limited competition, and healthy franchisee relations.</li>
<li>The ability to leverage FirstCry and Baby Oye is a good margin lever.</li>
</ul>


We visited FirstCry Franchisee stores in Ajmer (Rajasthan), and Hosur (Tamil Nadu).
FirstCry has a high brand recall, limited competition, and healthy franchisee relations.
The ability to leverage FirstCry and Baby Oye is a good margin lever.


Brainbees Solutions (FirstCry) IPO | Channel Feedback

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>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/toei-animation-co-ltd" target="_blank" data-smartkarma-citation="entities:18641:1" rel="noopener">Toei Animation (4816 JP)</a>'s US$550 Million secondary offering.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a>, <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a>, <a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada Group Ltd (AND AU)</a>, <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a>, <a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 HK)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Toei Animation (4816 JP)'s US$550 Million secondary offering.
Event-Driven developments: Outsourcing Inc (2427 JP), Altium Ltd (ALU AU), Ansarada Group Ltd (AND AU), China Traditional Chinese Medicine (570 HK), Vinda International (3331 HK). 


Weekly Deals Digest (18 Feb) - Toei, Outsourcing, YSK, Altium, Ansarada, China TCM, Vinda

India

Brainbees Solutions operates as an Indian multinational retail company, primarily focusing on products for infants, mothers, and children. The company offers a wide range of products including apparel, footwear, baby gear, nursery items, diapers, and personal care products through its omnichannel platform, FirstCry. It also operates pre-schools. Headquartered in Pune, India, the company was founded in 2010.

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Brainbees Solutions (FIRSTCRY IN)

Ola Electric IPO - RHP Updates - Growing Faster than Expected, Driven by GoI Policy

Ola Electric is now looking to raise about US$730m in its upcoming India IPO. In this note, we look at the updates from its most recent filings.

Sumeet Singh

Interglobe Aviation (Indigo) Lockup - Still Has US$3bn+ Stake Left, After Three Prior Selldowns

The founder is now looking up to US$450m via selling around 3.3% of the company. This deal is well flagged although the timing is a few days later...

Sumeet Singh

ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Brainbees Solutions (FirstCry) IPO | Channel Feedback

FirstCry Franchisee stores in Ajmer and Hosur have strong brand recall, limited competition, and positive franchisee relations, making it a...

Pranav Bhavsar

Weekly Deals Digest (18 Feb) - Toei, Outsourcing, YSK, Altium, Ansarada, China TCM, Vinda

Last week, notable developments occurred in Event-Driven (Outsourcing, YSK, Altium, Ansarada, China TCM, Vinda) and ECM (Toei Animation).

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ola Electric IPO - RHP Updates - Growing Faster than Expected, Driven by GoI Policy

Ola Electric is now looking to raise about US$730m in its upcoming India IPO. In this note, we look at the updates from its most recent filings.

Sumeet Singh

Interglobe Aviation (Indigo) Lockup - Still Has US$3bn+ Stake Left, After Three Prior Selldowns

The founder is now looking up to US$450m via selling around 3.3% of the company. This deal is well flagged although the timing is a few days later...

Sumeet Singh

ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Brainbees Solutions (FirstCry) IPO | Channel Feedback

​FirstCry Franchisee stores in Ajmer and Hosur have strong brand recall, limited competition, and positive franchisee relations, making it a...

Pranav Bhavsar

Weekly Deals Digest (18 Feb) - Toei, Outsourcing, YSK, Altium, Ansarada, China TCM, Vinda

Last week, notable developments occurred in Event-Driven (Outsourcing, YSK, Altium, Ansarada, China TCM, Vinda) and ECM (Toei Animation).

Arun George

FirstCry Franchisee stores in Ajmer and Hosur have strong brand recall, limited competition, and positive franchisee relations, making it a...