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

BrainBees Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions (0172540D IN)</a>, India’s largest multi-channel retailing platform for mothers’, babies’ and kids’ products, will launch an IPO to raise up to US$500 million.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/brainbees-solutions-firstcry-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:125537" rel="noopener">Brainbees Solutions (FirstCry) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/brainbees-solutions-firstcry-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:125973" rel="noopener">Brainbees Solutions (FirstCry) IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/brainbees-solutions-firstcry-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:153804" rel="noopener">Brainbees Solutions (FirstCry) IPO: The Investment Case</a>.</li>
<li>Our valuation analysis suggests that the IPO price range of Rs440-465 per share is attractive. Therefore, we would participate in the IPO.</li>
</ul>



BrainBees Solutions (0172540D IN), India’s largest multi-channel retailing platform for mothers’, babies’ and kids’ products, will launch an IPO to raise up to US$500 million.
We previously discussed the IPO in Brainbees Solutions (FirstCry) IPO: The Bull Case, Brainbees Solutions (FirstCry) IPO: The Bear Case and Brainbees Solutions (FirstCry) IPO: The Investment Case.
Our valuation analysis suggests that the IPO price range of Rs440-465 per share is attractive. Therefore, we would participate in the IPO.


Brainbees Solutions (FirstCry) IPO: Valuation Insights

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

Equity Bottom-Up

<ul><li>In Q1FY25, Zomato Ltd. (Zomato) reported revenue of Rs 4,520 Cr, up 17% on a QoQ basis (in rupee terms), exceeding expectations.</li><li>On a YoY basis, revenue growth was 62%. The company reported operating profits of Rs 299 Cr and operating margins of 6.6%, up 160 bps QoQ, due to superior execution and lower overhead costs.</li><li>Net profit grew strongly by 40% QoQ, reaching Rs 253 Cr.</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.

In Q1FY25, Zomato Ltd. (Zomato) reported revenue of Rs 4,520 Cr, up 17% on a QoQ basis (in rupee terms), exceeding expectations.On a YoY basis, revenue growth was 62%. The company reported operating profits of Rs 299 Cr and operating margins of 6.6%, up 160 bps QoQ, due to superior execution and lower overhead costs.Net profit grew strongly by 40% QoQ, reaching Rs 253 Cr.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.

Zomato Ltd - Superior Execution; Robust Demand

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/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions</a> is looking to raise up to US$500m in its upcoming India IPO.</li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.</li>
</ul>



BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO.
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
In our previous notes, we looked at the company’s past performance. In this note, we will talk about valuations.


Brainbees Solutions (FirstCry) IPO - Not Very Attractive but It Is Relatively Cheap

<ul><li>We initiate coverage on Zomato with a BUY recommendation and a Target Price (TP) of Rs 280/share, implying an upside of 23% from the current levels.</li><li>We are confident that Zomato's expansion in the Quick Commerce sector is supported by a consistent enhancement in profitability and a notable reduction in losses within the hyperpure and quick commerce domains.</li><li>The urban population in India currently accounts for ~34-35% of the total population</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.

We initiate coverage on Zomato with a BUY recommendation and a Target Price (TP) of Rs 280/share, implying an upside of 23% from the current levels.We are confident that Zomato's expansion in the Quick Commerce sector is supported by a consistent enhancement in profitability and a notable reduction in losses within the hyperpure and quick commerce domains.The urban population in India currently accounts for ~34-35% of the total populationContent 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.

Zomato Ltd - Food-Delivery & Quick Commerce to Ensure a Robust & Sustainable Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions</a> is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about its updated financials in the RHP.</li>
</ul>



BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. 
FirstCry is India’s largest multi-channel retailing platform for Mothers’, Babies’ and Kids’ products in terms of GMV, for the year ending Dec 2022 (9M23), according to RedSeer.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about its updated financials in the RHP.


Brainbees Solutions (FirstCry) IPO - RHP Updates - Growing but Slowing

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)

Brainbees Solutions (FirstCry) IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs440-465 per share is attractive. Therefore, we would participate in the IPO.

Arun George

Zomato Ltd - Superior Execution; Robust Demand

In Q1FY25, Zomato Ltd. (Zomato) reported revenue of Rs 4,520 Cr, up 17% on a QoQ basis (in rupee terms), exceeding expectations.

Axis Direct

Brainbees Solutions (FirstCry) IPO - Not Very Attractive but It Is Relatively Cheap

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. We have looked at the past performance in our earlier notes, in...

Sumeet Singh

Zomato Ltd - Food-Delivery & Quick Commerce to Ensure a Robust & Sustainable Growth

We initiate coverage on Zomato with a BUY recommendation and a Target Price (TP) of Rs 280/share, implying an upside of 23% from the current levels.

Axis Direct

Brainbees Solutions (FirstCry) IPO - RHP Updates - Growing but Slowing

BrainBees Solutions is looking to raise up to US$500m in its upcoming India IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

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