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

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.</li>
<li>BliBli provides e-commerce services across Indonesia to both retail consumers and institutions</li>
<li>In this note, we'll talk about the not-so-positive aspects of the deal.</li>
</ul>


PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.
BliBli provides e-commerce services across Indonesia to both retail consumers and institutions
In this note, we'll talk about the not-so-positive aspects of the deal.


PT Global Digital Trade (BliBli) Pre-IPO - The Negatives - Online, Offline or Travelling to Nowhere?

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Forensic Accounting

Easy Trip Planners  / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/easy-trip-planners-ltd" target="_blank" data-smartkarma-citation="entities:34149:1" rel="noopener">Easy Trip Planners (EASEMYTR IN)</a> has had a good run on its bourses and is probably one of the very few new-age companies which is profitable. </li>
<li>However, the overall narrative does not look attractive to us when we deep dive into the forensics, including the cost drivers and balance sheet risks to the company.</li>
<li>Perplexing business model, customer concentration and high valuations make it unattractive inspite of high profitability.</li>
</ul>



Easy Trip Planners (EASEMYTR IN) has had a good run on its bourses and is probably one of the very few new-age companies which is profitable. 
However, the overall narrative does not look attractive to us when we deep dive into the forensics, including the cost drivers and balance sheet risks to the company.
Perplexing business model, customer concentration and high valuations make it unattractive inspite of high profitability.


Easy Trip Planners: Unattractive Inspite of High Profitability

<ul>
<li>EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.</li>
<li>EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal</li>
</ul>


EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.
EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.
In this note, we talk about the not-so-positive aspects of the deal


EbixCash Pre-IPO - The Negatives - Growing Too Fast for Its Previous Auditors, and Short Sellers

<ul>
<li>EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.</li>
<li>EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.
EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.
In this note, we talk about the positive aspects of the deal.


EbixCash Pre-IPO - The Positives - The Few that There Are: Diversified Offering, Fast Revenue Growth

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oyo-pvt-ltd" target="_blank" data-smartkarma-citation="entities:28861:1" rel="noopener">Oyo (1698548D IN)</a> is a leading hospitality technology platform. Its DRHP aimed for a $1.2 billion raise although <a href="https://economictimes.indiatimes.com/tech/startups/oyo-may-reduce-ipo-size-valuation-may-be-readjusted-too/articleshow/89463277.cms" target="_blank" rel="noopener">recent reports</a> point to a less than $1 billion raise.</li>
<li>The fundamentals are mixed as it remains uncertain if it can deliver profits or cash generation with a return to growth (due to gradual lifting of travel restrictions).</li>
<li>Based on the information in the DRHP, we believe the negatives outweigh the positives and we would give the IPO a pass.</li>
</ul>



Oyo (1698548D IN) is a leading hospitality technology platform. Its DRHP aimed for a $1.2 billion raise although recent reports point to a less than $1 billion raise.
The fundamentals are mixed as it remains uncertain if it can deliver profits or cash generation with a return to growth (due to gradual lifting of travel restrictions).
Based on the information in the DRHP, we believe the negatives outweigh the positives and we would give the IPO a pass.


OYO (Oravel Stays) IPO Initiation: Tripped Up

United States

Makemytrip Ltd. offers travel services over the Internet.  The Company operates websites that allow travelers to research and plan trips and book airline tickets, hotels, packages, rail tickets, bus tickets, and rental cars. Makemytrip also offers access to travel insurance.

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Makemytrip Ltd (MMYT US)

PT Global Digital Trade (BliBli) Pre-IPO - The Negatives - Online, Offline or Travelling to Nowhere?

PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO. In this note, we talk about the not so positive aspects of the...

Sumeet Singh

Easy Trip Planners: Unattractive Inspite of High Profitability

The overall narrative does not look attractive to us when we deep dive into the forensics, including the cost drivers, balance sheet risks to the...

Nitin Mangal

EbixCash Pre-IPO - The Negatives - Growing Too Fast for Its Previous Auditors, and Short Sellers

EbixCash is looking to raise around US$800m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

EbixCash Pre-IPO - The Positives - The Few that There Are: Diversified Offering, Fast Revenue Growth

EbixCash is looking to raise around US$800m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

OYO (Oravel Stays) IPO Initiation: Tripped Up

OYO is rumoured to be seeking a lower raise (<$1 bn vs $1.2 bn) at a lower valuation ($7 bn vs $9-12 bn) due to market conditions. The fundamentals...

Arun George

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