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

SBI Funds Management / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management</a> raised about US$1.2bn in its upcoming India IPO.</li>
<li>SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



SBI Funds Management raised about US$1.2bn in its upcoming India IPO.
SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: SBI Funds Management IPO Trading - Couldn’t Have Asked for a Better Market Reopening

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>This insight compares <a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management Ltd (360103Z IN)</a> with listed peers across multiple operational, functional and financial parameters.</li>
<li>We compare these companies across 9 parameters and highlight metrics where SBI Funds lead and where it lags.</li>
<li>Finally, we compare the valuation of these companies and present our view on listing price of the company.</li>
</ul>


This insight compares SBI Funds Management Ltd (360103Z IN) with listed peers across multiple operational, functional and financial parameters.
We compare these companies across 9 parameters and highlight metrics where SBI Funds lead and where it lags.
Finally, we compare the valuation of these companies and present our view on listing price of the company.


SBI Funds Management IPO – Comparison with Listed Peers

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO.</li>
<li>Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO.
Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Jio Platforms Pre-IPO - The Negatives - Lower ARPU, Related Party

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management</a> is looking to raise about US$1.2bn in its upcoming India IPO.</li>
<li>SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



SBI Funds Management is looking to raise about US$1.2bn in its upcoming India IPO.
SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


Aequitas: SBI Funds Management IPO - Will Trade Inline with Its Large Peers

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>SBI Funds is India's largest AMC ($308bn AUM including $132bn MF AUM with 15.3% market share). It is also the largest PMS manager (39.7% share) and SIF platform (28% share)</li>
<li>The company has been losing market share in recent years due to underperformance in several equity schemes. Starting valuations are down at PE of 38x, while peers trade at 40-50x.</li>
<li>The issue opens on 14th July @ 575 per share. A secondary with both SBI and Amundi selling 10% stake each to be pared down in the next 3 years.</li>
</ul>


SBI Funds is India's largest AMC ($308bn AUM including $132bn MF AUM with 15.3% market share). It is also the largest PMS manager (39.7% share) and SIF platform (28% share)
The company has been losing market share in recent years due to underperformance in several equity schemes. Starting valuations are down at PE of 38x, while peers trade at 40-50x.
The issue opens on 14th July @ 575 per share. A secondary with both SBI and Amundi selling 10% stake each to be pared down in the next 3 years.


SBI Funds - IPO Review - Weak Performance Impacting AUM Momentum

India

ICICI Prudential Asset Management Company is a leading Indian asset management firm that offers a diverse range of investment solutions, including mutual funds, portfolio management services (PMS), and alternative investment funds (AIFs). It provides savings and investment products across various financial asset classes to both retail and institutional investors. The company was founded in 1993 and is headquartered in Mumbai, India.

ICICI Prudential Asset Management Company (ICICIAMC IN)

ICICI Prudential Asset Management Company

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ICICI Prudential Asset Management Company (ICICIAMC IN)

Aequitas: SBI Funds Management IPO Trading - Couldn’t Have Asked for a Better Market Reopening

SBI Funds Management raised about US$1.2bn in its upcoming India IPO. In this note, we talk about the overall demand and trading dynamics.

Sumeet Singh

SBI Funds Management IPO – Comparison with Listed Peers

SBI Funds Management IPO is getting listed today. The issue saw a very healthy over subscription of 41.73 times (overall). It is likely to list...

Sreemant Dudhoria

Aequitas: SBI Funds Management IPO - Will Trade Inline with Its Large Peers

SBI Funds Management is looking to raise about US$1.2bn in its upcoming India IPO. In this note we talk about the recent updates and pricing.

Sumeet Singh

SBI Funds - IPO Review - Weak Performance Impacting AUM Momentum

SBI Funds, India's largest AMC, facing market share loss due to underperformance in equity schemes. Secondary offering at 575 per share with SBI...

Himanshu Dugar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: SBI Funds Management IPO Trading - Couldn’t Have Asked for a Better Market Reopening

SBI Funds Management raised about US$1.2bn in its upcoming India IPO. In this note, we talk about the overall demand and trading dynamics.

Sumeet Singh

SBI Funds Management IPO – Comparison with Listed Peers

SBI Funds Management IPO is getting listed today. The issue saw a very healthy over subscription of 41.73 times (overall). It is likely to list...

Sreemant Dudhoria

Aequitas: Jio Platforms Pre-IPO - The Negatives - Lower ARPU, Related Party

Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the...

Sumeet Singh

Aequitas: SBI Funds Management IPO - Will Trade Inline with Its Large Peers

SBI Funds Management is looking to raise about US$1.2bn in its upcoming India IPO. In this note we talk about the recent updates and pricing.

Sumeet Singh

SBI Funds - IPO Review - Weak Performance Impacting AUM Momentum

​SBI Funds, India's largest AMC, facing market share loss due to underperformance in equity schemes. Secondary offering at 575 per share with SBI...

Himanshu Dugar

SBI Funds, India's largest AMC, facing market share loss due to underperformance in equity schemes. Secondary offering at 575 per share with SBI...