APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

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<li>
<a href="https://www.smartkarma.com/entities/makemytrip-ltd" target="_blank" data-smartkarma-citation="entities:23580:1" rel="noopener">Makemytrip Ltd (MMYT US)</a> is looking to raise upto US$2.66bn via an equity combo of a 14m share selldown, which could raise around US$1.41bn and US$1.25bn five-year put-three convertible bonds.</li>
<li>The company plans to use the proceeds to buy back Class B shares from Trip.com to lower Trip.com’s voting power in MakeMyTrip to 19.99%.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Makemytrip Ltd (MMYT US) is looking to raise upto US$2.66bn via an equity combo of a 14m share selldown, which could raise around US$1.41bn and US$1.25bn five-year put-three convertible bonds.
The company plans to use the proceeds to buy back Class B shares from Trip.com to lower Trip.com’s voting power in MakeMyTrip to 19.99%.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


MakeMyTrip Placement - Basically a Selldown by Trip.com

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Forensic Accounting

<ul>
<li>The Mahadev Betting Scam exposed the infiltration of illegal gambling money into the stock market, manipulating small-cap stocks through offshore shell companies and pump-and-dump strategies.</li>
<li>This scandal demonstrates how vulnerable markets are to operator-driven speculation, leading to artificial stock price surges, which mislead investors and undermine market integrity, creating systemic risks.</li>
<li>The episode emphasizes the need for heightened due diligence, transparency, and scrutiny of foreign portfolio investors, encouraging investors to be more cautious of unexplained stock movements and shell company involvement.</li>
</ul>


The Mahadev Betting Scam exposed the infiltration of illegal gambling money into the stock market, manipulating small-cap stocks through offshore shell companies and pump-and-dump strategies.
This scandal demonstrates how vulnerable markets are to operator-driven speculation, leading to artificial stock price surges, which mislead investors and undermine market integrity, creating systemic risks.
The episode emphasizes the need for heightened due diligence, transparency, and scrutiny of foreign portfolio investors, encouraging investors to be more cautious of unexplained stock movements and shell company involvement.


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>Tata Play and Airtel Digital TV are merging, with Airtel taking majority stake, to consolidate DTH, broadband, and telecom services.</li>
<li>Indian IT sector set for 5.1% growth in FY25, with $300 billion target by FY26, adding 126,000 jobs.</li>
<li>
<a href="https://www.smartkarma.com/entities/hcl-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20025:1" rel="noopener">HCL Technologies (HCLT IN)</a> CEO C Vijayakumar highlights that GenAI disrupts IT's traditional model, pushing for productivity and specialized skills over headcount.</li>
</ul>


Tata Play and Airtel Digital TV are merging, with Airtel taking majority stake, to consolidate DTH, broadband, and telecom services.
Indian IT sector set for 5.1% growth in FY25, with $300 billion target by FY26, adding 126,000 jobs.

HCL Technologies (HCLT IN) CEO C Vijayakumar highlights that GenAI disrupts IT's traditional model, pushing for productivity and specialized skills over headcount.


#110 India Insight: Tata Play-Airtel Merger, 5.1% IT Growth in FY25, HCLTech CEO on GenAI

<ul>
<li>Adani plans to raise Rs 40,000 crore via NCDs from retail investors, diversifying funding sources.</li>
<li>Reliance secures 10 GWh battery storage under India’s PLI scheme, advancing clean energy goals.</li>
<li>Nazara partners with Telangana to launch an AI Centre, driving innovation in gaming and emerging tech.</li>
</ul>


Adani plans to raise Rs 40,000 crore via NCDs from retail investors, diversifying funding sources.
Reliance secures 10 GWh battery storage under India’s PLI scheme, advancing clean energy goals.
Nazara partners with Telangana to launch an AI Centre, driving innovation in gaming and emerging tech.


# 56 India Insight: HDB Targets IPO $9 Billion, Reliance PLI for 10GWh Battery Storage, Nazara AI

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

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<li>
<a href="https://www.smartkarma.com/entities/yatra-online-ltd" target="_blank" data-smartkarma-citation="entities:40288:1" rel="noopener">Yatra (YATRA IN)</a> had its IPO recently and is the third largest OTA players in India (among key OTA players) in F23. </li>
<li>When it comes to the financials and forensics, there are several red alarms that catch our attention. </li>
<li>These include weak internal controls as highlighted by auditors, poor earnings quality, revenue recognition woes, high litigation liabilities off the books, etc. </li>
</ul>



Yatra (YATRA IN) had its IPO recently and is the third largest OTA players in India (among key OTA players) in F23. 
When it comes to the financials and forensics, there are several red alarms that catch our attention. 
These include weak internal controls as highlighted by auditors, poor earnings quality, revenue recognition woes, high litigation liabilities off the books, etc. 


India

Easy Trip Planners Limited operates as a travel company. The Company offers ticket booking, transport arrangement, tour planning, and accommodation services. Easy Trip Planners serves customers in India.

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Easy Trip Planners (EASEMYTR IN)

MakeMyTrip Placement - Basically a Selldown by Trip.com

MakeMyTrip (MMYT) is looking to raise upto US$2.66bn via an equity combo including a 14m share selldown , which could raise around US$1.41bn along...

Akshat Shah

India's Biggest Small-Cap Shell Game

The Mahadev Betting Scam reveals the dangers of illegal gambling money infiltrating the stock market, manipulating small-cap stocks and creating...

Nimish Maheshwari

#110 India Insight: Tata Play-Airtel Merger, 5.1% IT Growth in FY25, HCLTech CEO on GenAI

Tata Play and Airtel Digital TV merge to consolidate DTH, broadband, and telecom services, Indian IT sector poised for growth with focus on...

Sudarshan Bhandari

# 56 India Insight: HDB Targets IPO $9 Billion, Reliance PLI for 10GWh Battery Storage, Nazara AI

Adani, Reliance, and Nazara make strategic moves to raise funds, advance clean energy goals, and drive innovation in gaming and emerging tech.

Sudarshan Bhandari

Yatra Online Ltd- Forensic Analysis

Yatra's recent IPO reveals concerning financials and red flags including weak internal controls, poor earnings quality, revenue recognition...

Nitin Mangal

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52-week Range

Market Cap (USDm)

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MakeMyTrip Placement - Basically a Selldown by Trip.com

MakeMyTrip (MMYT) is looking to raise upto US$2.66bn via an equity combo including a 14m share selldown , which could raise around US$1.41bn along...

Akshat Shah

India's Biggest Small-Cap Shell Game

​The Mahadev Betting Scam reveals the dangers of illegal gambling money infiltrating the stock market, manipulating small-cap stocks and creating...

Nimish Maheshwari

#110 India Insight: Tata Play-Airtel Merger, 5.1% IT Growth in FY25, HCLTech CEO on GenAI

​Tata Play and Airtel Digital TV merge to consolidate DTH, broadband, and telecom services, Indian IT sector poised for growth with focus on...

Sudarshan Bhandari

# 56 India Insight: HDB Targets IPO $9 Billion, Reliance PLI for 10GWh Battery Storage, Nazara AI

​Adani, Reliance, and Nazara make strategic moves to raise funds, advance clean energy goals, and drive innovation in gaming and emerging tech.

Sudarshan Bhandari

Yatra Online Ltd- Forensic Analysis

​Yatra's recent IPO reveals concerning financials and red flags including weak internal controls, poor earnings quality, revenue recognition...

Nitin Mangal

The Mahadev Betting Scam reveals the dangers of illegal gambling money infiltrating the stock market, manipulating small-cap stocks and creating...

Tata Play and Airtel Digital TV merge to consolidate DTH, broadband, and telecom services, Indian IT sector poised for growth with focus on...

Adani, Reliance, and Nazara make strategic moves to raise funds, advance clean energy goals, and drive innovation in gaming and emerging tech.

Yatra's recent IPO reveals concerning financials and red flags including weak internal controls, poor earnings quality, revenue recognition...