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

Vishal Mega Mart / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishal-mega-mart" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart</a> is planning to raise around US$950m through its upcoming IPO in India.</li>
<li>Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Vishal Mega Mart IPO - Showcasing the Wrong Peers, Somewhat Limited Upside

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishal-mega-mart" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart</a> is planning to raise around US$950m through its upcoming IPO in India.</li>
<li>Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India</li>
<li>In this note, we talk about the not-so-good aspects of the deal.</li>
</ul>



Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
In this note, we talk about the not-so-good aspects of the deal.


Vishal Mega Mart Pre-IPO - The Negatives - No Online Presence, PE Overhang

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishal-mega-mart" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart</a> is planning to raise around US$950m through its upcoming IPO in India.</li>
<li>Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
In this note, we talk about the positive aspects of the deal.


Vishal Mega Mart Pre-IPO - The Positives - One-Stop Shop

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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 (JUBI) reported standalone sales growth of 9% YoY to INR14.7b (in line), led by 20% order growth.</li><li>LFL grew 2.8% (in line). The delivery business performed well, growing 16% YoY; the business raised its share to 70%.</li><li>Dine-in revenue, however, dipped 6% YoY. Waving of delivery charges has been shifting the dine-in demand to delivery.</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 (JUBI) reported standalone sales growth of 9% YoY to INR14.7b (in line), led by 20% order growth.LFL grew 2.8% (in line). The delivery business performed well, growing 16% YoY; the business raised its share to 70%.Dine-in revenue, however, dipped 6% YoY. Waving of delivery charges has been shifting the dine-in demand to delivery.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 - Stable Performance; Focus on Network Expansion

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>JFL reported inline nos with LFL growth of 2.8% led by 1) 11.4% LFL growth in delivery channel.</li><li>2) Increasing newer consumers led by Value meal @Rs99 &amp; refurbishment of stores 3) Increasing pace of innovation.</li><li>However we cut our FY25/FY26/FY27 estimates by 17.3%/11.0%/7.7% as we expect overheads to remain elevated given targgted opening of 180 Dominos, 50 Popayes and 25 Hongs kitchen, rising wage rates and increase in RM inflation in 4Q25. </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.

JFL reported inline nos with LFL growth of 2.8% led by 1) 11.4% LFL growth in delivery channel.2) Increasing newer consumers led by Value meal @Rs99 &amp; refurbishment of stores 3) Increasing pace of innovation.However we cut our FY25/FY26/FY27 estimates by 17.3%/11.0%/7.7% as we expect overheads to remain elevated given targgted opening of 180 Dominos, 50 Popayes and 25 Hongs kitchen, rising wage rates and increase in RM inflation in 4Q25. 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 - Volume Focus in Tough Environment

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.

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Jubilant Foodworks (JUBI IN)

Vishal Mega Mart IPO - Showcasing the Wrong Peers, Somewhat Limited Upside

Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India. In this note, we talk about valuations.

Sumeet Singh

Vishal Mega Mart Pre-IPO - The Negatives - No Online Presence, PE Overhang

Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India. In this note, we talk about the not-so-positive aspects of...

Sumeet Singh

Vishal Mega Mart Pre-IPO - The Positives - One-Stop Shop

Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Jubilant FoodWorks - Stable Performance; Focus on Network Expansion

Jubilant Foodworks (JUBI) reported standalone sales growth of 9% YoY to INR14.7b (in line), led by 20% order growth.LFL grew 2.8% (in line).

Motilal Oswal

Jubilant FoodWorks - Volume Focus in Tough Environment

JFL reported inline nos with LFL growth of 2.8% led by 1) 11.4% LFL growth in delivery channel.2) Increasing newer consumers led by Value meal...

Prabhudas Lilladhar

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