APAC IPOs & Placements, Aequitas Research

Akshat Shah

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 Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Groww IPO Trading - Decent Overall Demand

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The GST Council has simplified India’s indirect tax structure, cutting rates across daily essentials and consolidating slabs into 5% and 18%, with a new 40% bracket for sin goods.</li>
<li>
Consumption accounts for over 60% of GDP, and this tax reset is designed to revive household demand. We expect a 0.5-1% boost to GDP growth over the next 4–6 quarters.</li>
<li>
FMCG companies with price-sensitive portfolios, biscuits, hair oils, shampoo sachets, stand to gain most. Retailers and QSRs will ride the consumption uplift, while tobacco taxation remains unresolved beyond 2025.</li>
</ul>


The GST Council has simplified India’s indirect tax structure, cutting rates across daily essentials and consolidating slabs into 5% and 18%, with a new 40% bracket for sin goods.

Consumption accounts for over 60% of GDP, and this tax reset is designed to revive household demand. We expect a 0.5-1% boost to GDP growth over the next 4–6 quarters.

FMCG companies with price-sensitive portfolios, biscuits, hair oils, shampoo sachets, stand to gain most. Retailers and QSRs will ride the consumption uplift, while tobacco taxation remains unresolved beyond 2025.


GST 2.0: Will India’s Biggest Tax Reset Spark a Consumption Boom or Drive Margin Expansion?

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>Britannia Industries: Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the profitability front owing to curtailment of ad spends and cost efficiencies (other expenses down 8% YoY)</li><li>Management remains focused on sustaining margins while being price competitive against regional and national players</li><li>Additionally, management highlighted that wheat deflation is not expected despite improved supply owing to higher MSP (+7%)</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.

Britannia Industries: Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the profitability front owing to curtailment of ad spends and cost efficiencies (other expenses down 8% YoY)Management remains focused on sustaining margins while being price competitive against regional and national playersAdditionally, management highlighted that wheat deflation is not expected despite improved supply owing to higher MSP (+7%)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.

HSIE Results Daily: Britannia Industries, ABB India, Thermax, Jyothy Labs...

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

<ul><li>The investing community at large, or Mr. Market, is in a dilemma as to whether consumption has slowed down despite the enormous potential of young demographics.</li><li>Our exhaustive channel checks across India suggest that while rural consumption's recovery is apparent, the slowdown in urban consumption is weighing on consumer companies' growth momentum.</li><li>Rural recovery will gradually gain strength over the next four consecutive quarters, as there are more positives than negatives that will aid consumption-led growth in rural areas.</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.

The investing community at large, or Mr. Market, is in a dilemma as to whether consumption has slowed down despite the enormous potential of young demographics.Our exhaustive channel checks across India suggest that while rural consumption's recovery is apparent, the slowdown in urban consumption is weighing on consumer companies' growth momentum.Rural recovery will gradually gain strength over the next four consecutive quarters, as there are more positives than negatives that will aid consumption-led growth in rural areas.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.

Consumer: Rurban Pulse - Decoding Consumer Demand

India

Jyothy Laboratories Limited develops and manufactures household products.

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Jyothy Laboratories (JYL IN)

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

GST 2.0: Will India’s Biggest Tax Reset Spark a Consumption Boom or Drive Margin Expansion?

India's GST Council cuts rates on essentials, simplifies tax structure to boost household demand and GDP growth, benefiting FMCG companies and...

Nimish Maheshwari

HSIE Results Daily: Britannia Industries, ABB India, Thermax, Jyothy Labs...

Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the...

HDFC Securities

Consumer: Rurban Pulse - Decoding Consumer Demand

The investing community at large, or Mr. Market, is in a dilemma as to whether consumption has slowed down despite the enormous potential of young...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

GST 2.0: Will India’s Biggest Tax Reset Spark a Consumption Boom or Drive Margin Expansion?

​India's GST Council cuts rates on essentials, simplifies tax structure to boost household demand and GDP growth, benefiting FMCG companies and...

Nimish Maheshwari

HSIE Results Daily: Britannia Industries, ABB India, Thermax, Jyothy Labs...

Britannia’s Q4FY25 results were a mixed bag, coming in below estimates on volume growth (3.5% vs HSIE est of 5%) and surprising us on the...

HDFC Securities

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Consumer: Rurban Pulse - Decoding Consumer Demand

The investing community at large, or Mr. Market, is in a dilemma as to whether consumption has slowed down despite the enormous potential of young...

HDFC Securities

India's GST Council cuts rates on essentials, simplifies tax structure to boost household demand and GDP growth, benefiting FMCG companies and...