APAC IPOs & Placements, Aequitas Research

Kajal Jain

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

Horizon Industrial Parks Limited / Equity Capital Markets

Horizon Industrial Parks Limited (1327105D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-industrial-parks-limited" target="_blank" data-smartkarma-citation="entities:46260:1" rel="noopener">Horizon Industrial Parks Limited (1327105D </a>IN) (HIPL) plans to raise around US$290m in its upcoming IPO. </li>
<li>HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.</li>
<li>In this note, we talk about the company's historical performance.</li>
</ul>



Horizon Industrial Parks Limited (1327105D IN) (HIPL) plans to raise around US$290m in its upcoming IPO. 
HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.
In this note, we talk about the company's historical performance.


Aequitas: Horizon Industrial Parks Pre-IPO -Integrated Logistics Leader Poised for Structural Growth

Sharan Shankarnarayan

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shiprocket-ltd" target="_blank" data-smartkarma-citation="entities:46243:1" rel="noopener">Shiprocket (1087190D IN)</a> is looking to raise about US$253m in its upcoming India IPO. It is a technology platform helping small-medium businesses and large retailers in India carry e-commerce transactions.</li>
<li>It supports merchants by simplifying key processes such as logistics, checkout, payments, order fulfilment, and cross-border trade, allowing them to sell both online and offline efficiently and at scale.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Shiprocket (1087190D IN) is looking to raise about US$253m in its upcoming India IPO. It is a technology platform helping small-medium businesses and large retailers in India carry e-commerce transactions.
It supports merchants by simplifying key processes such as logistics, checkout, payments, order fulfilment, and cross-border trade, allowing them to sell both online and offline efficiently and at scale.
In this note, we talk about the company’s historical performance.


Aequitas: Shiprocket Pre-IPO- Business Expansion Through Targeted Acquisitions

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Shadowfax Technologies / Equity Capital Markets

<ul>
<li>Shadowfax operates as a 3PL focusing on hyperlocal deliveries for E-commerce and D2C businesses. It has a wide network of 4,300 touch points covering 14,750 Pincodes </li>
<li>Company has been growing aggressively in recent years (45% CAGR over FY20-25) by expanding its network and customer base but also benefitting from consolidation in the sector.</li>
<li>Dependence on gig workers and declining outstourcing from Qcom players is a major threat. In light of this, the (40-50x FY27 EBITDA) seems excessive</li>
</ul>


Shadowfax operates as a 3PL focusing on hyperlocal deliveries for E-commerce and D2C businesses. It has a wide network of 4,300 touch points covering 14,750 Pincodes 
Company has been growing aggressively in recent years (45% CAGR over FY20-25) by expanding its network and customer base but also benefitting from consolidation in the sector.
Dependence on gig workers and declining outstourcing from Qcom players is a major threat. In light of this, the (40-50x FY27 EBITDA) seems excessive


ShadowFax IPO Review: Ancillary Play on Hyperlocal Delivery Boom in India, but Expensively Valued

<ul>
<li>Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers</li>
<li>We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers</li>
<li>IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).</li>
</ul>


Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).


Meesho - Potential Play on Value E-Commerce

Akshat Shah

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a> raised around US$606m in its India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Meesho (1546271D IN) raised around US$606m in its India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Meesho Ltd IPO Trading - Robust Overall Demand

India

Delhivery is an Indian logistics and supply chain company that provides technology-enabled services, including express parcel delivery, part-truckload (PTL) and full-truckload (FTL) freight, integrated supply chain solutions, and warehousing. It offers comprehensive solutions for e-commerce and B2B commerce, leveraging a proprietary technology stack. The company was founded in May 2011 and is headquartered in Gurugram, Haryana, India.

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Delhivery (DELHIVER IN)

Aequitas: Horizon Industrial Parks Pre-IPO -Integrated Logistics Leader Poised for Structural Growth

Horizon Industrial Parks Limited (HIPL) plans to raise around US$290m in its upcoming IPO. HIPL is the largest industrial and logistics...

Kajal Jain

Aequitas: Shiprocket Pre-IPO- Business Expansion Through Targeted Acquisitions

Shiprocket Ltd is looking to raise about US$253m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Sharan Shankarnarayan

ShadowFax IPO Review: Ancillary Play on Hyperlocal Delivery Boom in India, but Expensively Valued

Shadowfax, a 3PL specializing in hyperlocal deliveries, has seen rapid growth but faces risks from gig worker dependence and declining...

Himanshu Dugar

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

Meesho Ltd IPO Trading - Robust Overall Demand

Meesho Ltd (ML) raised around US$606m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

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Aequitas: Horizon Industrial Parks Pre-IPO -Integrated Logistics Leader Poised for Structural Growth

Horizon Industrial Parks Limited (HIPL) plans to raise around US$290m in its upcoming IPO. HIPL is the largest industrial and logistics...

Kajal Jain

Aequitas: Shiprocket Pre-IPO- Business Expansion Through Targeted Acquisitions

Shiprocket Ltd is looking to raise about US$253m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Sharan Shankarnarayan

ShadowFax IPO Review: Ancillary Play on Hyperlocal Delivery Boom in India, but Expensively Valued

​Shadowfax, a 3PL specializing in hyperlocal deliveries, has seen rapid growth but faces risks from gig worker dependence and declining...

Himanshu Dugar

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

Meesho Ltd IPO Trading - Robust Overall Demand

Meesho Ltd (ML) raised around US$606m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Shadowfax, a 3PL specializing in hyperlocal deliveries, has seen rapid growth but faces risks from gig worker dependence and declining...