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> (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

Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions-limited" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions (FIRSTCRY IN)</a> reported marginal decline in 1QFY2025 revenues and GMV (India operations) versus previous quarter, though both were up 17% YoY; fell short of market expectations.</li>
<li>Key operating metrics for India business too were soft with Average Order Value slipping both on a QoQ and YoY basis, impacting GMV growth and segment margins.</li>
<li>With 0% promoter holding, nearly 30%-50% shares could possibly start trading post lock-in expiry and this could test the stock's resilience. <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group(9984 JP)</a>, the biggest stake holder, owns 19.99%.</li>
</ul>



BrainBees Solutions (FIRSTCRY IN) reported marginal decline in 1QFY2025 revenues and GMV (India operations) versus previous quarter, though both were up 17% YoY; fell short of market expectations.
Key operating metrics for India business too were soft with Average Order Value slipping both on a QoQ and YoY basis, impacting GMV growth and segment margins.
With 0% promoter holding, nearly 30%-50% shares could possibly start trading post lock-in expiry and this could test the stock's resilience. Softbank Group(9984 JP), the biggest stake holder, owns 19.99%.


Brainbees (FIRSTCRY IN): First Results Fail to Cheer. Lock-In Expiry May Test Stock Resilience

BrainBees Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions (FirstCry)</a> raised around US$500m in its India IPO.</li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.</li>
</ul>



BrainBees Solutions (FirstCry) raised around US$500m in its India IPO.
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.


Brainbees (FirstCry) IPO Trading - Decent Subscription and Valuation

<ul>
<li>We highlight several red flags  with regard to <a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions (0172540D IN)</a> operations, business strategy and governance for investors' careful consideration.</li>
<li>At the announced IPO price band of Rs440 - Rs465, Brainbees implied EV/Revenues (FY24) works out to 3.5X - 3.7X - a significant discount to India listed online retail verticals.</li>
<li>Despite seemingly inexpensive relative valuations, we do not see a compelling reason to invest in the company, specially given the several red flags discussed below.</li>
</ul>


We highlight several red flags  with regard to BrainBees Solutions (0172540D IN) operations, business strategy and governance for investors' careful consideration.
At the announced IPO price band of Rs440 - Rs465, Brainbees implied EV/Revenues (FY24) works out to 3.5X - 3.7X - a significant discount to India listed online retail verticals.
Despite seemingly inexpensive relative valuations, we do not see a compelling reason to invest in the company, specially given the several red flags discussed below.


BrainBees Solutions IPO: Five Facts Why FirstCry Is Not a First Class Company

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions (0172540D IN)</a> that operates FirstCry, India's leading Online Mom and Child vertical, has launched a USD500 mn IPO that closes on August 8th.</li>
<li>The IPO pricing suggest a post-money equity valuation of around USD 2.8 billion and an EV/Revenue multiple in the range of 3.5X-3.7X.</li>
<li>Brainbees operates in an attractive online vertical noted for its high frequency purchases and long term customer relationship. However it has not built significant competitive advantages versus leading horizontal platforms.</li>
</ul>



BrainBees Solutions (0172540D IN) that operates FirstCry, India's leading Online Mom and Child vertical, has launched a USD500 mn IPO that closes on August 8th.
The IPO pricing suggest a post-money equity valuation of around USD 2.8 billion and an EV/Revenue multiple in the range of 3.5X-3.7X.
Brainbees operates in an attractive online vertical noted for its high frequency purchases and long term customer relationship. However it has not built significant competitive advantages versus leading horizontal platforms.


Brainbees Solutions (FirstCry) IPO: Key Facts, Financials and Valuations

India

BrainBees Solutions Limited, doing business as FirstCry.com, operates an online multi-channel retailing platform for baby and kids products. The Company retails diapers, wipes, changing pads and mats, breast feeding products, bibs, medicines, apparels, bath and skin care, gifts, thermometers, and school supplies. FirstCry.com serves customers worldwide.

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BrainBees Solutions (FIRSTCRY IN)

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

Brainbees (FIRSTCRY IN): First Results Fail to Cheer. Lock-In Expiry May Test Stock Resilience

Lock-in expiry may test stock price resilience as company's 0% promoter holding imply 30%-50% shares could start trading. Lack lustre growth and...

Devi Subhakesan

Brainbees (FirstCry) IPO Trading - Decent Subscription and Valuation

BrainBees Solutions (FirstCry) raised around US$500m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

BrainBees Solutions IPO: Five Facts Why FirstCry Is Not a First Class Company

No compelling reason to invest despite seemingly inexpensive relative valuations, specially given the several red flags discussed here.

Devi Subhakesan

Brainbees Solutions (FirstCry) IPO: Key Facts, Financials and Valuations

Brainbees USD500 mn IPO closes on August 8th. India's leading player in the Online Mom and Kid vertical has not built significant competitive...

Devi Subhakesan

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