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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the lockup dynamics and possible placement.


Swiggy IPO Lockup - US$7.9bn Lockup Release

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a> raised around US$350m in its India IPO.</li>
<li>Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.</li>
<li>In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.</li>
</ul>



Ather Energy (1207922D IN) raised around US$350m in its India IPO.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.


Ather Energy IPO Trading - Running Out of Charge

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

Equity Bottom-Up

<ul>
<li>India is set to witness <strong>INR 4.02 trillion</strong> worth of Pre-IPO shares becoming tradeable by June 2025, lead to huge selling pressure among various IPO stocks.</li>
<li>We identified <strong>6 Companies</strong> where lock-in is about to expire and analyzed their current status in terms of their business and industry environment.</li>
<li>Some fundamentally good companies also provide opportunities at a good price due to a fall because of selling pressure in these companies after lock-in expiry.</li>
</ul>


India is set to witness INR 4.02 trillion worth of Pre-IPO shares becoming tradeable by June 2025, lead to huge selling pressure among various IPO stocks.
We identified 6 Companies where lock-in is about to expire and analyzed their current status in terms of their business and industry environment.
Some fundamentally good companies also provide opportunities at a good price due to a fall because of selling pressure in these companies after lock-in expiry.


IPO Lock-In Expiry: These 6 Companies Need Closer Look!

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a> is now looking to raise about US$350m in its upcoming India IPO.</li>
<li>Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about the updates since then and valuations.</li>
</ul>



Ather Energy is now looking to raise about US$350m in its upcoming India IPO.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In our previous note, we looked at the company’s past performance. In this note, we talk about the updates since then and valuations.


Ather Energy IPO - Still Not Cheap Enough

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/devyani-international-ltd" target="_blank" data-smartkarma-citation="entities:33519:1" rel="noopener">Devyani International (DEVYANI IN)</a> which operates QSRs such as KFC, Pizza Hut in India plans to acquire Sky Gate Hospitality Pvt. Ltd., the operator of the “Biryani By Kilo”.</li>
<li>This acquisition can diversify Devyani's portfolio beyond its core quick‑service restaurant (QSR) franchises—KFC and Pizza Hut—at a time when same‑store sales growth has softened.</li>
<li>With the rise of off-premise dining and food delivery post pandemic, cloud kitchens are expanding across the board thanks to scalable, asset‑light model, and ability to bypass traditional dine‑in overheads.</li>
</ul>



Devyani International (DEVYANI IN) which operates QSRs such as KFC, Pizza Hut in India plans to acquire Sky Gate Hospitality Pvt. Ltd., the operator of the “Biryani By Kilo”.
This acquisition can diversify Devyani's portfolio beyond its core quick‑service restaurant (QSR) franchises—KFC and Pizza Hut—at a time when same‑store sales growth has softened.
With the rise of off-premise dining and food delivery post pandemic, cloud kitchens are expanding across the board thanks to scalable, asset‑light model, and ability to bypass traditional dine‑in overheads.


Devyani Intnl.: Yum Brands India Franchisee to Acquire Cloud Kitchen Operator. In Pursuit of Growth

India

Eternal Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurants, and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Eternal serves customers worldwide.

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Eternal (ETERNAL IN)

Swiggy IPO Lockup - US$7.9bn Lockup Release

Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Ather Energy IPO Trading - Running Out of Charge

Ather Energy raised around US$350m in its India IPO. We have looked at its past performance in our earlier notes. In this note, we talk about the...

Sumeet Singh

IPO Lock-In Expiry: These 6 Companies Need Closer Look!

India to see INR 4.02 trillion worth of Pre-IPO shares tradeable by June 2025, leading to selling pressure on various IPO stocks.

Nimish Maheshwari

Ather Energy IPO - Still Not Cheap Enough

Ather Energy is now looking to raise about US$350m in its upcoming India IPO. In this note, we talk about valuations for the IPO.

Sumeet Singh

Devyani Intnl.: Yum Brands India Franchisee to Acquire Cloud Kitchen Operator. In Pursuit of Growth

As off‑premise dining surges and traditional restaurants stall, India’s cloud kitchens are booming—Devyani’s acquisition of delivery first Biryani...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Swiggy IPO Lockup - US$7.9bn Lockup Release

Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Ather Energy IPO Trading - Running Out of Charge

Ather Energy raised around US$350m in its India IPO. We have looked at its past performance in our earlier notes. In this note, we talk about the...

Sumeet Singh

IPO Lock-In Expiry: These 6 Companies Need Closer Look!

​India to see INR 4.02 trillion worth of Pre-IPO shares tradeable by June 2025, leading to selling pressure on various IPO stocks.

Nimish Maheshwari

Ather Energy IPO - Still Not Cheap Enough

Ather Energy is now looking to raise about US$350m in its upcoming India IPO. In this note, we talk about valuations for the IPO.

Sumeet Singh

Devyani Intnl.: Yum Brands India Franchisee to Acquire Cloud Kitchen Operator. In Pursuit of Growth

As off‑premise dining surges and traditional restaurants stall, India’s cloud kitchens are booming—Devyani’s acquisition of delivery first Biryani...

Devi Subhakesan

India to see INR 4.02 trillion worth of Pre-IPO shares tradeable by June 2025, leading to selling pressure on various IPO stocks.