APAC IPOs & Placements, Aequitas Research

Clarence Chu

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 Bottom-Up

FSN E-Commerce Ventures (Nykaa) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa) (NYKAA IN)</a>, is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products.</li>
<li>As of March 21, it had 43.7m cumulative downloads across all its mobile applications. Its offline channel comprises 73 physical stores across 38 cities in India.</li>
<li>Post its successful listing, the stock is now by far the most expensive e-commerce stock in India and probably globally.</li>
</ul>



FSN E-Commerce Ventures (Nykaa) (NYKAA IN), is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products.
As of March 21, it had 43.7m cumulative downloads across all its mobile applications. Its offline channel comprises 73 physical stores across 38 cities in India.
Post its successful listing, the stock is now by far the most expensive e-commerce stock in India and probably globally.


2022 High Conviction - FSN (Nykaa) - Marketplace and Inventory Mix Make It a Very Expensive Stock

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.</li>
<li>Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.</li>
<li>In this note, we will talk about the subscription levels and the trading dynamics.</li>
</ul>


Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.
Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.
In this note, we will talk about the subscription levels and the trading dynamics.


Sapphire Foods IPO Trading - Demand Was So So, Peer Performance Might Help

<ul>
<li>Paytm (PAYTM IN) raised around US$2.5bn via selling a mix of primary and secondary shares in its India IPO.</li>
<li>The company is backed by <a href="https://www.smartkarma.com/entities/ant-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24240:1" rel="noopener">Ant Financial Services Group (6688 HK)</a>, <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> and counts <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> among its investors.</li>
<li>In this note, we will talk about the subscription levels and the trading dynamics.</li>
</ul>


Paytm (PAYTM IN) raised around US$2.5bn via selling a mix of primary and secondary shares in its India IPO.
The company is backed by Ant Financial Services Group (6688 HK), Softbank Group (9984 JP) and counts Berkshire Hathaway Inc Cl A (BRK/A US) among its investors.
In this note, we will talk about the subscription levels and the trading dynamics.


Paytm IPO Trading - Largest IPO with Lowest Coverage, Skipped by Domestics

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

Thematic (Sector/Industry)

<h3>About The Narrative</h3>
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> / <a href="https://www.smartkarma.com/entities/pvr-ltd" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">PVR Ltd (PVRL IN)</a> / <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> (Retail) / <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a> / <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries (PAG IN)</a> / <a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> 
We have separated the quotes to highlight Business Environment &amp; Key Drivers, Pricing and Premiumisation, Competition, Margins &amp; Commodity Inflation and Outlook.

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of Asian Paints (APNT IN) / PVR Ltd (PVRL IN) / Reliance Industries (RIL IN) (Retail) / Titan Co Ltd (TTAN IN) / Page Industries (PAG IN) / InterGlobe Aviation Ltd (INDIGO IN) 
We have separated the quotes to highlight Business Environment &amp; Key Drivers, Pricing and Premiumisation, Competition, Margins &amp; Commodity Inflation and Outlook.

The Narrative | Q2 FY22 | India Consumer - Asian Paints, PVR, Reliance Retail, Titan, Page, Indigo

FSN E-Commerce Ventures (Nykaa) / Equity Capital Markets

FSN E-commerce (Nykaa) raised around US$720m, via selling a mix of primary and secondary shares in its Indian IPO. Nykaa is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products. As per RedSeer, it was the largest Specialty Beauty and Personal Care Platform in India in terms of value of products sold in FY21.
We have looked at various aspects of the deal in our previous notes:<a href="https://www.smartkarma.com/insights/fsn-e-commerce-nykaa-pre-ipo-mixed-bag-fashion-growing-beauty-slowing" target="_blank" rel="noopener"></a>
<ul>
<li><a href="https://www.smartkarma.com/insights/fsn-e-commerce-nykaa-pre-ipo-mixed-bag-fashion-growing-beauty-slowing" target="_blank" rel="noopener"> FSN E-Commerce (Nykaa) Pre-IPO - Mixed bag - Fashion growing, beauty slowing, and</a></li>
<li><a href="https://www.smartkarma.com/insights/fsn-e-commerce-nykaa-ipo-beauty-showing-signs-of-improvement-but-its-too-expensive-for-our-taste" target="_blank" rel="noopener">FSN E-Commerce (Nykaa) IPO - Beauty Showing Signs of Improvement but Its Too Expensive for Our Taste</a></li>
</ul>
 In this note, we will talk about the trading updates.

FSN E-commerce (Nykaa) raised around US$720m, via selling a mix of primary and secondary shares in its Indian IPO. Nykaa is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products. As per RedSeer, it was the largest Specialty Beauty and Personal Care Platform in India in terms of value of products sold in FY21.
We have looked at various aspects of the deal in our previous notes:

 FSN E-Commerce (Nykaa) Pre-IPO - Mixed bag - Fashion growing, beauty slowing, and
FSN E-Commerce (Nykaa) IPO - Beauty Showing Signs of Improvement but Its Too Expensive for Our Taste

 In this note, we will talk about the trading updates.

FSN E-Commerce (Nykaa) IPO Trading - FOMO.

India

Indigo Paints Limited manufactures paints. The Company supplies exterior and interior paints. Indigo Paints serves customers in India.

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Indigo Paints (INDIGOPN IN)

2022 High Conviction - FSN (Nykaa) - Marketplace and Inventory Mix Make It a Very Expensive Stock

FSN E-Commerce Ventures (Nykaa), is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and...

Clarence Chu

Sapphire Foods IPO Trading - Demand Was So So, Peer Performance Might Help

Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.

Sumeet Singh

Paytm IPO Trading - Largest IPO with Lowest Coverage, Skipped by Domestics

Paytm (PAYTM IN) raised around US$2.5bn via selling a mix of primary and secondary shares in its India IPO. In this note, we will talk about the...

Sumeet Singh

The Narrative | Q2 FY22 | India Consumer - Asian Paints, PVR, Reliance Retail, Titan, Page, Indigo

The edition focuses on key quotes from the earnings transcripts of Asian Paints / PVR Ltd / Reliance Retail / Titan / Page Industries /Indigo

Pranav Bhavsar

FSN E-Commerce (Nykaa) IPO Trading - FOMO.

FSN E-commerce (Nykaa) raised around US$720m, via selling a mix of primary and secondary shares in its Indian IPO. In this note we will talk about...

Sumeet Singh

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52-week Range

Market Cap (USDm)

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