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>AntFin is looking to raise around US$350m by selling around 2% of <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>.</li>
<li>Ant Group had earlier sold some of its stake in Nov 2023 and Ant just came out of lockup from the previous selldown a few days ago.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


AntFin is looking to raise around US$350m by selling around 2% of Zomato (ZOMATO IN).
Ant Group had earlier sold some of its stake in Nov 2023 and Ant just came out of lockup from the previous selldown a few days ago.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged

<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

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Festive season fails to cheer up demand: Our QSR universe, over the past few quarters, has seen a sustained deceleration in demand (SSSG turned negative in Q2FY24)</li><li>Come Q3FY24, there were expectations of the festive season and World Cup acting as an inflection point to demand recovery, which unfortunately has not panned out</li><li>As a result, we expect key growth metrics (SSSG, ADS, etc.) to remain under pressure</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Festive season fails to cheer up demand: Our QSR universe, over the past few quarters, has seen a sustained deceleration in demand (SSSG turned negative in Q2FY24)Come Q3FY24, there were expectations of the festive season and World Cup acting as an inflection point to demand recovery, which unfortunately has not panned outAs a result, we expect key growth metrics (SSSG, ADS, etc.) to remain under pressureContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

QSR (Q3FY24 Results Preview): Demand Pangs

<ul><li>Infoedge: Infoedge reported a decent quarter with better-than-expected revenue, billings, and margin performance in a challenging environment</li><li>The core recruitment segment billing was flat YoY (-4% YoY in Q1) due to the continued slowdown in IT hiring (~60% of recruitment), offset by traction in non-IT sectors like BFSI, travel, auto, construction, etc</li><li>Recruitment billings have witnessed two strong years of &gt;30% YoY growth, which is slowing down in FY24E due to the base effect and lower hiring activity</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infoedge: Infoedge reported a decent quarter with better-than-expected revenue, billings, and margin performance in a challenging environmentThe core recruitment segment billing was flat YoY (-4% YoY in Q1) due to the continued slowdown in IT hiring (~60% of recruitment), offset by traction in non-IT sectors like BFSI, travel, auto, construction, etcRecruitment billings have witnessed two strong years of &gt;30% YoY growth, which is slowing down in FY24E due to the base effect and lower hiring activityContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Infoedge, Hindustan Petroleum Corporation, JK Cement

Event-Driven

<ul>
<li>In Aug 2022, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.</li>
<li>Softbank then sold a part of its stake in Aug 2023, the rest of its stake will come out of lockup soon.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


In Aug 2022, Zomato (ZOMATO IN) completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.
Softbank then sold a part of its stake in Aug 2023, the rest of its stake will come out of lockup soon.
In this note, we will talk about the lock-up dynamics and recent updates.


Zomato Lock-Up - A US$240m+ Softbank Linked Lockup Release

India

Devyani International Limited distributes groceries and related products. The Company operates franchisee business and chain of quick service restaurants. Devyani International serves customers in India.

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Devyani International (DEVYANI IN)

Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged

AntFin is looking to raise around US$350m by selling around 2% of Zomato (ZOMATO IN). In this note, we talk about the deal dynamics.

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

QSR (Q3FY24 Results Preview): Demand Pangs

Festive season fails to cheer up demand: Our QSR universe, over the past few quarters, has seen a sustained deceleration in demand (SSSG turned...

HDFC Securities

HSIE Results Daily: Infoedge, Hindustan Petroleum Corporation, JK Cement

Infoedge reported a decent quarter with better-than-expected revenue, billings, and margin performance in a challenging environment

HDFC Securities

Zomato Lock-Up - A US$240m+ Softbank Linked Lockup Release

Softbank had opted to sell only around half of its stake via a block to raise airing US$120m. The deal is very well flagged

Sumeet Singh

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