APAC IPOs & Placements, Aequitas Research

Ethan Aw

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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<a href="https://www.smartkarma.com/entities/honasa-consumer" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (1652951D IN)</a> is looking to raise about US$350m in its upcoming India IPO. The deal will be run by Kotak, Citibank, JM Financial and JP Morgan.</li>
<li>Honasa Consumer is the largest digital-first beauty and personal care (BPC) company in India in terms of revenue for FY22 (Year ended 31st Mar 2022) according to RedSeer. </li>
<li>Honasa Consumer’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments. </li>
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Honasa Consumer (1652951D IN) is looking to raise about US$350m in its upcoming India IPO. The deal will be run by Kotak, Citibank, JM Financial and JP Morgan.
Honasa Consumer is the largest digital-first beauty and personal care (BPC) company in India in terms of revenue for FY22 (Year ended 31st Mar 2022) according to RedSeer. 
Honasa Consumer’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments. 


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

Private Capital Markets

Honasa Consumer / Private Capital Markets

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<a href="https://www.smartkarma.com/entities/honasa-consumer-private-limited-mamaearth" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Mamaearth (1652951D IN)</a>'s in one of foremost D2C personal care brands. Initially started with baby products, the brand now offers a full range of toxin free, natural products.  </li>
<li>Channel feedback suggests good products and premium pricing, but chasing traditional retail is not easy and will test Mamaearth's execution capabilities. </li>
<li>COVID has boosted financials. Revenues have skyrocketed and the company has become profitable. The way forward for traditional retailing and its execution will be the key.  </li>
</ul>



Mamaearth (1652951D IN)'s in one of foremost D2C personal care brands. Initially started with baby products, the brand now offers a full range of toxin free, natural products.  
Channel feedback suggests good products and premium pricing, but chasing traditional retail is not easy and will test Mamaearth's execution capabilities. 
COVID has boosted financials. Revenues have skyrocketed and the company has become profitable. The way forward for traditional retailing and its execution will be the key.  


India

Honasa Consumer is a digital-first beauty and personal care company in India, operating a house-of-brands model that includes Mamaearth, The Derma Co., Aqualogica, and BBlunt. The company offers products across baby care, skincare, haircare, and color cosmetics, utilizing a digital-native approach to reach millennial consumers and expanding into omnichannel distribution. Honasa Consumer is headquartered in Gurugram, India, and was founded in 2016.

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Honasa Consumer (HONASA IN)

Honasa Consumer Pre-IPO Tearsheet

Honasa Consumer (1652951D IN) is looking to raise about US$350m in its upcoming India IPO. The deal will be run by Kotak, Citibank, JM Financial...

Ethan Aw

Mamaearth Tearsheet - Going Beyond D2C

India Unicorn Series: We profile India's premier D2C brand "Mamaearth". Growth and financials have been great so far, its execution in traditional...

Pranav Bhavsar

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