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>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the deal dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the deal dynamics and possible placement.


Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Jubilant FoodWorks Ltd. incorporated in 1995, is among the leading food-tech companies in emerging markets.</li><li>The Group operates a network of 3,260 stores across six markets—India, Turkey, Bangladesh, Sri Lanka, Azerbaijan, and Georgia.</li><li>It has a strong brand portfolio, holding franchise rights for three global brands—Domino’s, Popeyes, and Dunkin’—along with two own brands: Hong’s Kitchen, an Indo-Chinese QSR brand in India, and COFFY, a café brand in Turkey</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jubilant FoodWorks Ltd. incorporated in 1995, is among the leading food-tech companies in emerging markets.The Group operates a network of 3,260 stores across six markets—India, Turkey, Bangladesh, Sri Lanka, Azerbaijan, and Georgia.It has a strong brand portfolio, holding franchise rights for three global brands—Domino’s, Popeyes, and Dunkin’—along with two own brands: Hong’s Kitchen, an Indo-Chinese QSR brand in India, and COFFY, a café brand in TurkeyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis PUNCH: Jubilant FoodWorks Ltd - 04th March, 2025

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Domino’s India management has been very aggressive with new product launches over the past few quarters to revive and sustain strong SSSG while also maintaining excitement among its core target audience, given its legacy as a brand with nearly 30 years of presence</li><li>So far, most of the new launches in the core pizza segment have garnered a strong response: a) the launch of the Lunch Meal at INR 99 for the dine-in channel, b) the differentiated Volcano Cheese Pizza, and c) the launch of Flavoured Cheese Burst Pizza</li><li>We believe the company is now focusing on its chicken portfolio through: i) Domino’s Cheesiken – a combination of cheese, chicken, and rice, and ii) Chicken Feast range – poppers, wings, thighs, and meatballs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Domino’s India management has been very aggressive with new product launches over the past few quarters to revive and sustain strong SSSG while also maintaining excitement among its core target audience, given its legacy as a brand with nearly 30 years of presenceSo far, most of the new launches in the core pizza segment have garnered a strong response: a) the launch of the Lunch Meal at INR 99 for the dine-in channel, b) the differentiated Volcano Cheese Pizza, and c) the launch of Flavoured Cheese Burst PizzaWe believe the company is now focusing on its chicken portfolio through: i) Domino’s Cheesiken – a combination of cheese, chicken, and rice, and ii) Chicken Feast range – poppers, wings, thighs, and meatballs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jubilant Foodworks: Chicken Portfolio Set to Take Flight

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Jubilant Foodworks’s (JFL’s) Q3FY25 standalone operating performance was mixed, with revenues growing by 19% y-o-y, while EBIDTA margins fell by 145 bps y-o-y to 19.4%.</li><li>Consolidated revenues and adjusted PAT grew by 56% and 2% y-o-y, respectively.</li><li>Domino’s India’s like-for-like (LFL) growth improved to 12.5% (~25% delivery LFL growth).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jubilant Foodworks’s (JFL’s) Q3FY25 standalone operating performance was mixed, with revenues growing by 19% y-o-y, while EBIDTA margins fell by 145 bps y-o-y to 19.4%.Consolidated revenues and adjusted PAT grew by 56% and 2% y-o-y, respectively.Domino’s India’s like-for-like (LFL) growth improved to 12.5% (~25% delivery LFL growth).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jubilant Foodworks Ltd - Mixed Quarter, Healthy Outlook

<ul><li>JUBI’s 3QFY25 results were below our estimates, although it surprised on the Same Store Sales Growth (SSSg) front</li><li>SSSg of 10.5% was significantly ahead of our estimate due to a better-than-expected recovery in the delivery channel, aggressive marketing investments, and a focus on innovation/NPD</li><li>Pre-IND AS EBITDA margins contracted by around 50bps YoY to 12.4%, despite highly commendable SSSg figures, owing to: a) aggressive discounting and inflationary pressure in the RM index (gross margins declined 150bps YoY), b) high marketing investments (to promote NPD and recruit new customers) aimed at regaining lost market share, c) reduced salience from the high-margin dine-in channel (which declined 2.4% YoY), and d) higher delivery costs due to a shortage of riders (other expenses were up 22% YoY).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JUBI’s 3QFY25 results were below our estimates, although it surprised on the Same Store Sales Growth (SSSg) frontSSSg of 10.5% was significantly ahead of our estimate due to a better-than-expected recovery in the delivery channel, aggressive marketing investments, and a focus on innovation/NPDPre-IND AS EBITDA margins contracted by around 50bps YoY to 12.4%, despite highly commendable SSSg figures, owing to: a) aggressive discounting and inflationary pressure in the RM index (gross margins declined 150bps YoY), b) high marketing investments (to promote NPD and recruit new customers) aimed at regaining lost market share, c) reduced salience from the high-margin dine-in channel (which declined 2.4% YoY), and d) higher delivery costs due to a shortage of riders (other expenses were up 22% YoY).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jubilant Foodworks (3QFY25): SSSg at the Cost of Margins. Maintain ADD

India

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Jubilant Foodworks (JUBI IN)

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.

Sumeet Singh

Axis PUNCH: Jubilant FoodWorks Ltd - 04th March, 2025

The Group operates a network of 3,260 stores across six markets—India, Turkey, Bangladesh, Sri Lanka, Azerbaijan, and Georgia.

Axis Direct

Jubilant Foodworks: Chicken Portfolio Set to Take Flight

Domino’s India management has been very aggressive with new product launches over the past few quarters to revive and sustain strong SSSG

HDFC Securities

Jubilant Foodworks Ltd - Mixed Quarter, Healthy Outlook

Jubilant Foodworks’s (JFL’s) Q3FY25 standalone operating performance was mixed, with revenues growing by 19% y-o-y, while EBIDTA margins fell by...

Sharekhan

Jubilant Foodworks (3QFY25): SSSg at the Cost of Margins. Maintain ADD

SSSg of 10.5% was significantly ahead of our estimate due to a better-than-expected recovery in the delivery channel, aggressive marketing...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)