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>Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>In this note, we talk about the updates from its RHP.</li>
</ul>


Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
In this note, we talk about the updates from its RHP.


Delhivery Pre-IPO - RHP Updates - Growth Remains Strong, Pricing Remains Under Pressure

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<ul>
<li>Past phenomenal success of <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN) </a>led to a belief that an oppressive work culture is the driver for performance and premium valuation</li>
<li>Present CEOs at <a href="https://www.smartkarma.com/entities/icici-bank-ltd" target="_blank" data-smartkarma-citation="entities:547:1" rel="noopener">ICICI Bank Ltd (ICICIBC IN)</a> and HDFC Bank believe a genteel and more humane approach can deliver similar results.</li>
<li>Market has rewarded ICICI Bank and penalised HDFC Bank. Both CEOs are putting in place the building blocks for future sustained performance</li>
</ul>


Past phenomenal success of HDFC Bank (HDFCB IN) led to a belief that an oppressive work culture is the driver for performance and premium valuation
Present CEOs at ICICI Bank Ltd (ICICIBC IN) and HDFC Bank believe a genteel and more humane approach can deliver similar results.
Market has rewarded ICICI Bank and penalised HDFC Bank. Both CEOs are putting in place the building blocks for future sustained performance


Return of the Genteel Low Profile Bankers

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.</li>
<li>We have looked at various aspects of the deal in our earlier notes. In this note, we compare it to its international peers and talk about valuations.</li>
</ul>


Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.
We have looked at various aspects of the deal in our earlier notes. In this note, we compare it to its international peers and talk about valuations.


Life Insurance Corporation of India IPO - Regional Peer Comparison

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Event-Driven

<ul>
<li>Axis Bank’s acquisition of the Indian Citi consumer banking franchise makes strategic sense, bolstering its market share and scale especially in credit cards, wealth management and incrementally in core deposits</li>
<li>Strategy aside, Axis management’s execution needs to be totally on point to retain Citi clients and minimise the loss of key personnel given the acquisition’s seemingly full price tag</li>
<li>Axis Bank tops the year-to-date share performance among the large cap Indian bank peers; yet we believe that, with regard to the Citi deal, management still has to deliver</li>
</ul>


Axis Bank’s acquisition of the Indian Citi consumer banking franchise makes strategic sense, bolstering its market share and scale especially in credit cards, wealth management and incrementally in core deposits
Strategy aside, Axis management’s execution needs to be totally on point to retain Citi clients and minimise the loss of key personnel given the acquisition’s seemingly full price tag
Axis Bank tops the year-to-date share performance among the large cap Indian bank peers; yet we believe that, with regard to the Citi deal, management still has to deliver


Axis Bank-Citi India M&A; The Devil Is in the Client Retention and Integration Detail

<ul>
<li>Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.</li>
<li>In this note, we will talk about the final deal terms and structure, RHP updates and do a quick valuation refresh.</li>
</ul>


Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.
In this note, we will talk about the final deal terms and structure, RHP updates and do a quick valuation refresh.


Life Insurance Corporation of India IPO - Valuation Is Ok but Its Not the Best Deal Structure

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

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ICICI Bank Ltd (ICICIBC IN)

Delhivery Pre-IPO - RHP Updates - Growth Remains Strong, Pricing Remains Under Pressure

Delhivery is now looking to raise around US$700m in its India IPO, the company is backed by a host of financial investors, the largest being...

Sumeet Singh

Return of the Genteel Low Profile Bankers

HDFC Bank and ICICI Bank CEOs have heralded a new beginning in in terms of compliance, staff welfare and customer well-being. The building blocks...

Hemindra Hazari

Life Insurance Corporation of India IPO - Regional Peer Comparison

Government of India is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India in its upcoming India IPO....

Sumeet Singh

Axis Bank-Citi India M&A; The Devil Is in the Client Retention and Integration Detail

Axis Bank’s purchase of the Indian Citi consumer banking franchise makes strategic sense; yet execution needs to be on point to retain Citi...

Victor Galliano

Life Insurance Corporation of India IPO - Valuation Is Ok but Its Not the Best Deal Structure

Government of India is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India. In this note, we talk...

Sumeet Singh

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52-week Range

Market Cap (USDm)

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