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.

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a>, a hyperlocal commerce platform, aims to raise up to US$1.35 billion through an IPO at a price range of Rs371-390.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/swiggy-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:163915" rel="noopener">Swiggy IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/swiggy-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:164347" rel="noopener">Swiggy IPO: The Bear Case</a>. 
</li>
<li>Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.</li>
</ul>



Swiggy (1255298D IN), a hyperlocal commerce platform, aims to raise up to US$1.35 billion through an IPO at a price range of Rs371-390.
We previously discussed the IPO in Swiggy IPO: The Bull Case and Swiggy IPO: The Bear Case. 

Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a>, a hyperlocal commerce platform, aims to raise up to US$1.4 billion through an IPO at a price range of Rs371-390.</li>
<li>In <a href="https://www.smartkarma.com/insights/swiggy-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:163915" rel="noopener">Swiggy IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on food delivery and Instamart's lagging Zomato on key metrics, ongoing losses, and cash burn.</li>
</ul>



Swiggy (1255298D IN), a hyperlocal commerce platform, aims to raise up to US$1.4 billion through an IPO at a price range of Rs371-390.
In Swiggy IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on food delivery and Instamart's lagging Zomato on key metrics, ongoing losses, and cash burn.


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> is looking to raise around US$1.35bn in its India IPO.</li>
<li>Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.</li>
</ul>



Swiggy is looking to raise around US$1.35bn in its India IPO.
Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
In our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> is planning to raise around US$1.25bn through its upcoming India IPO.</li>
<li>Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we undertake a peer comparison.</li>
</ul>



Swiggy is planning to raise around US$1.25bn through its upcoming India IPO.
Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
We have looked at the company’s past performance in our earlier notes. In this note, we undertake a peer comparison.


Swiggy Pre-IPO - Peer Comparison - Smaller, Slower and Less Profitable

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a>, a hyperlocal commerce platform, aims to raise up to US$1.4 billion at a valuation of US$11.3 billion. </li>
<li>Unlike <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>’s (the key competitor) multi-app approach, Swiggy’s approach is to provide users with an integrated app offering.</li>
<li>The bull case rests on strong customer retention, food delivery hitting break-even, Instamart’s rapid growth and declining losses, and Out-of-Home Consumption’s strong growth and declining losses.</li>
</ul>



Swiggy (1255298D IN), a hyperlocal commerce platform, aims to raise up to US$1.4 billion at a valuation of US$11.3 billion. 
Unlike Zomato (ZOMATO IN)’s (the key competitor) multi-app approach, Swiggy’s approach is to provide users with an integrated app offering.
The bull case rests on strong customer retention, food delivery hitting break-even, Instamart’s rapid growth and declining losses, and Out-of-Home Consumption’s strong growth and declining losses.


United Kingdom

Deliveroo PLC provides software solutions. The Company offers an online food delivery platform which allows users to order meals from partner restaurants, grocery stores, and other food suppliers. Deliveroo serves customers worldwide.

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Deliveroo (ROO LN)

Swiggy IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.

Arun George

Swiggy IPO: The Bear Case

Swiggy aims to raise up to US$1.4 billion. The bear case rests on food delivery and Instamart's lagging Zomato on key metrics, ongoing losses, and...

Arun George

Swiggy IPO - Not as Cheap as It Looks

Swiggy is looking to raise around US$1.35bn in its India IPO. We have looked at its past performance earlier. In this note, we talk about valuations.

Sumeet Singh

Swiggy Pre-IPO - Peer Comparison - Smaller, Slower and Less Profitable

Swiggy is planning to raise around US$1.25bn through its upcoming India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Swiggy IPO: The Bull Case

The bull case rests on strong customer retention, food delivery hitting break-even, Instamart’s rapid growth and declining losses, and Out-of-Home...

Arun George

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