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

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> plans to raise around US$2.2bn via a follow-on public offering.</li>
<li>The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering.
The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.
In this note, we will run the deal through our ECM framework and talk about the deal dynamics.


Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

<ul>
<li>2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.</li>
<li>We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.
We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

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

Event-Driven

<ul>
<li>As <a href="https://www.smartkarma.com/entities/hindustan-unilever-ltd" target="_blank" data-smartkarma-citation="entities:13828:1" rel="noopener">Hindustan Unilever (HUVR IN)</a> demerged ice cream entity, Kwality Wall’s faces a mandatory open offer from parent <a href="https://www.smartkarma.com/entities/unilever-plc" target="_blank" data-smartkarma-citation="entities:22197:1" rel="noopener">Unilever PLC (ULVR LN)</a> subsidiary Magnum HoldCo to consolidate its controlling stake</li>
<li>The stock listed at a 25% percent discount as investors flagged low margins and high capital intensity compared to peers</li>
<li>Management justifies the split citing the business's distinct cold-chain operating model and the need for independent capital allocation to drive growth</li>
</ul>


As Hindustan Unilever (HUVR IN) demerged ice cream entity, Kwality Wall’s faces a mandatory open offer from parent Unilever PLC (ULVR LN) subsidiary Magnum HoldCo to consolidate its controlling stake
The stock listed at a 25% percent discount as investors flagged low margins and high capital intensity compared to peers
Management justifies the split citing the business's distinct cold-chain operating model and the need for independent capital allocation to drive growth


Event Driven: Decoding HUL’s Ice Cream Demerger and Kwality Wall’s Muted Debut

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>Alphabet raised USD 80 billion in fresh equity and plans USD 185 billion capex in 2026, as AI demand outpaces available chips and power.</li>
<li>Hyperscaler capex could cross USD 1 trillion in 2027, creating supply-chain opportunities in power, packaging, and data centre infrastructure for India-listed firms.</li>
<li>India’s gap is structural. Realistic opportunities are in power, EPC, and advanced packaging not in competing with Google at the AI frontier.</li>
</ul>


Alphabet raised USD 80 billion in fresh equity and plans USD 185 billion capex in 2026, as AI demand outpaces available chips and power.
Hyperscaler capex could cross USD 1 trillion in 2027, creating supply-chain opportunities in power, packaging, and data centre infrastructure for India-listed firms.
India’s gap is structural. Realistic opportunities are in power, EPC, and advanced packaging not in competing with Google at the AI frontier.


The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

India

Hindustan Unilever Limited (HUL) is an Indian fast-moving consumer goods company that manufactures and sells a wide range of products, including foods, beverages, cleaning agents, and personal care items. It is a subsidiary of the Anglo-Dutch company Unilever, with leading brands like Surf Excel, Dove, Lifebuoy, and Lakmé. The company is headquartered in Mumbai, India, and was founded in 1933.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hindustan Unilever (HUVR IN)

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

Event Driven: Decoding HUL’s Ice Cream Demerger and Kwality Wall’s Muted Debut

Hindustan Unilever's ice cream entity faces open offer as it demerges, stock listed at 25% discount due to low margins and high capital intensity....

Nimish Maheshwari

The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

Event Driven: Decoding HUL’s Ice Cream Demerger and Kwality Wall’s Muted Debut

​Hindustan Unilever's ice cream entity faces open offer as it demerges, stock listed at 25% discount due to low margins and high capital intensity....

Nimish Maheshwari

The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

​Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...

Sudarshan Bhandari

Hindustan Unilever's ice cream entity faces open offer as it demerges, stock listed at 25% discount due to low margins and high capital intensity....

Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...