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>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,  Indian IPOs continue to trickle in, while other regions appear to be waking up from their slumber.</li>
<li>There were a few GDR issuances this week, along with another placement in <a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" data-smartkarma-citation="entities:768:1" rel="noopener">Axis Bank Ltd (AXSB IN)</a> and a number of lock-up expiries. </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,  Indian IPOs continue to trickle in, while other regions appear to be waking up from their slumber.
There were a few GDR issuances this week, along with another placement in Axis Bank Ltd (AXSB IN) and a number of lock-up expiries. 


ECM Weekly (13th Nov 2022) - I-Tail, Blibli, Nykaa, PB Fin, Five Star, Archean, GDRs, Axis Bank

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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

Equity Bottom-Up

<ul>
<li>Over the last five quarters, monthly transacting customers have increased by 36%, QoQ, the pace could be slower, but the trend remains upwards. </li>
<li>AOVs and Order frequency have the potential to inch up, but only over the long term.</li>
<li>Take rates are inching up, delivery fees are going higher, and with a higher market share <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> 's food delivery business is expected to continue improving. </li>
</ul>


Over the last five quarters, monthly transacting customers have increased by 36%, QoQ, the pace could be slower, but the trend remains upwards. 
AOVs and Order frequency have the potential to inch up, but only over the long term.
Take rates are inching up, delivery fees are going higher, and with a higher market share Zomato (ZOMATO IN) 's food delivery business is expected to continue improving. 


Zomato (ZOMATO IN) | Food Delivery Expected to Continue Improving

Event-Driven

FSN E-Commerce Ventures (Nykaa) / Event-Driven

<ul>
<li>In Nov 2021, Nykaa raised around US$720m in its India IPO, via mostly selling secondary shares.</li>
<li>Nykaa is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products.</li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Nov 2021, Nykaa raised around US$720m in its India IPO, via mostly selling secondary shares.
Nykaa is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products.
In this note, we will talk about the upcoming lockup expiry.


FSN E-Commerce (Nykaa) Lockup Expiry - US$2.5bn Unlock with a Very Scattered Shareholding

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>PT Global Digital (BliBli) raised around US$517m in its Indonesian IPO, after using the upsize option and pricing its deal just below the top-end.</li>
<li>BliBli provides e-commerce services across Indonesia to both retail consumers and institutions.</li>
<li>In our previous notes, we have looked at the company’s past performance. In this note, we will talk about the trading dynamics.</li>
</ul>


PT Global Digital (BliBli) raised around US$517m in its Indonesian IPO, after using the upsize option and pricing its deal just below the top-end.
BliBli provides e-commerce services across Indonesia to both retail consumers and institutions.
In our previous notes, we have looked at the company’s past performance. In this note, we will talk about the trading dynamics.


BliBli IPO Trading - Upsized, Priced near Top-End but Should Be Trading at Least 50% Lower

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bikaji-foods-international-ltd" target="_blank" data-smartkarma-citation="entities:36502:1" rel="noopener">Bikaji Foods (BIKAJI IN)</a> , an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.</li>
<li>Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we'll talk about implied valuations.</li>
</ul>



Bikaji Foods (BIKAJI IN) , an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.
Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.
In our previous note, we looked at the company’s past performance. In this note, we'll talk about implied valuations.


Bikaji Foods International IPO - At an Equally Spicy Valuation

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)

ECM Weekly (13th Nov 2022) - I-Tail, Blibli, Nykaa, PB Fin, Five Star, Archean, GDRs, Axis Bank

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

Zomato (ZOMATO IN) | Food Delivery Expected to Continue Improving

Our channel interaction with one of the top restaurateur suggests improvement in Zomato's food delivery business is expected to continue.

Pranav Bhavsar

FSN E-Commerce (Nykaa) Lockup Expiry - US$2.5bn Unlock with a Very Scattered Shareholding

In Nov 2021, Nykaa raised around US$720m in its India IPO, via mostly selling secondary shares. Stock worth US$2.5bn will soon come free from the...

Sumeet Singh

BliBli IPO Trading - Upsized, Priced near Top-End but Should Be Trading at Least 50% Lower

PT Global Digital (BliBli) raised around US$517m in its Indonesian IPO, after using the upsize option and pricing its deal just below the top-end....

Sumeet Singh

Bikaji Foods International IPO - At an Equally Spicy Valuation

Bikaji Foods, an ethnic snacks company, is looking to raise approximately US$107m in its India IPO. In this note, we talk about valuations.

Sumeet Singh

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