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

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.


Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

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!

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Brainbees Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions-limited" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions (FIRSTCRY IN)</a> (FirstCry) raised around US$500m in its August 2024 India IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>In India, FirstCry sells Mothers’, Babies’ and Kids’ products through its online platform, company-owned modern stores, franchisee-owned modern stores and general trade retail distribution.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



BrainBees Solutions (FIRSTCRY IN) (FirstCry) raised around US$500m in its August 2024 India IPO. The lockup on its pre-IPO investors is set to expire soon.
In India, FirstCry sells Mothers’, Babies’ and Kids’ products through its online platform, company-owned modern stores, franchisee-owned modern stores and general trade retail distribution.
In this note, we will talk about the lockup dynamics and possible placement.


Brainbees Solutions (FirstCry) - US$2bn IPO Lockup Expiry with Most Investors Still in the Money

Forensic Accounting

<ul>
<li>All India Consumer Products Distributors Federation (AICPDF) has again raised concerns about Mamaearth, claiming that distributors and retailers are stuck with around INR 300 crore worth of unsold products.</li>
<li>The quantum inventory concern that distributors are raising is almost 5x of what Honasa has taken the hit.</li>
<li>This could bring some serious repercussions on the company's working capital and growth plans</li>
</ul>


All India Consumer Products Distributors Federation (AICPDF) has again raised concerns about Mamaearth, claiming that distributors and retailers are stuck with around INR 300 crore worth of unsold products.
The quantum inventory concern that distributors are raising is almost 5x of what Honasa has taken the hit.
This could bring some serious repercussions on the company's working capital and growth plans


Mamaearth's Inventory Issue Could Be Bigger and Long Lasting

<ul>
<li>Mamaearth's journey to the stock market has been marred by allegations of channel stuffing, inventory mismanagement, and inconsistent communication from management. </li>
<li>The company's struggles in Q2 FY25 have raised concerns about their financial health and transparency. </li>
<li>The forensic analysis is a deeper look into the allegations, redflags and bigger problems that require investor's attention</li>
</ul>


Mamaearth's journey to the stock market has been marred by allegations of channel stuffing, inventory mismanagement, and inconsistent communication from management. 
The company's struggles in Q2 FY25 have raised concerns about their financial health and transparency. 
The forensic analysis is a deeper look into the allegations, redflags and bigger problems that require investor's attention


A Deeper Look into Mamaearth's Inventory Saga: Unpacking the Red Flags and Forensic Insights

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)

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

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

Brainbees Solutions (FirstCry) - US$2bn IPO Lockup Expiry with Most Investors Still in the Money

BrainBees Solutions (FIRSTCRY IN) (FirstCry) raised around US$500m in its August 2024 India IPO. The lockup on its pre-IPO investors is set to...

Sumeet Singh

Mamaearth's Inventory Issue Could Be Bigger and Long Lasting

AICPDF raises concerns about Mamaearth as distributors and retailers are stuck with INR 300 crore worth of unsold products which is almost 5x of...

Nimish Maheshwari

A Deeper Look into Mamaearth's Inventory Saga: Unpacking the Red Flags and Forensic Insights

Mamaearth's business is clouded by allegations of channel stuffing, inventory issues, and poor communication, raising concerns about financial...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

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

Brainbees Solutions (FirstCry) - US$2bn IPO Lockup Expiry with Most Investors Still in the Money

BrainBees Solutions (FIRSTCRY IN) (FirstCry) raised around US$500m in its August 2024 India IPO. The lockup on its pre-IPO investors is set to...

Sumeet Singh

Mamaearth's Inventory Issue Could Be Bigger and Long Lasting

​AICPDF raises concerns about Mamaearth as distributors and retailers are stuck with INR 300 crore worth of unsold products which is almost 5x of...

Nimish Maheshwari

A Deeper Look into Mamaearth's Inventory Saga: Unpacking the Red Flags and Forensic Insights

​Mamaearth's business is clouded by allegations of channel stuffing, inventory issues, and poor communication, raising concerns about financial...

Nimish Maheshwari

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

AICPDF raises concerns about Mamaearth as distributors and retailers are stuck with INR 300 crore worth of unsold products which is almost 5x of...

Mamaearth's business is clouded by allegations of channel stuffing, inventory issues, and poor communication, raising concerns about financial...