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/juniper-hotels" target="_blank" data-smartkarma-citation="entities:40186:1" rel="noopener">Juniper Hotels</a> (JH) is looking to raise up to US$217m in its upcoming India IPO.</li>
<li>Juniper Hotels is the largest owner by no. of keys of Hyatt affiliated hotels in India as of 2Q23 (30th Jun 23), according to Horwath.</li>
<li>The company is jointly held by Saraf Hotels and its affiliate, Juniper Investments and Two Seas Holdings (an indirect subsidiary of Hyatt Hotels Corporation).</li>
</ul>



Juniper Hotels (JH) is looking to raise up to US$217m in its upcoming India IPO.
Juniper Hotels is the largest owner by no. of keys of Hyatt affiliated hotels in India as of 2Q23 (30th Jun 23), according to Horwath.
The company is jointly held by Saraf Hotels and its affiliate, Juniper Investments and Two Seas Holdings (an indirect subsidiary of Hyatt Hotels Corporation).


Juniper Hotels Pre-IPO - Has Been Recovering Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samhi-hotels-ltd" target="_blank" data-smartkarma-citation="entities:28359:1" rel="noopener">SAMHI Hotels (SAMHI IN)</a> plans to raise around US$165m in its Indian IPO.</li>
<li>Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.</li>
<li>In this note, we talk about the updates from the recent filings and our final thoughts on valuations.</li>
</ul>



SAMHI Hotels (SAMHI IN) plans to raise around US$165m in its Indian IPO.
Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.
In this note, we talk about the updates from the recent filings and our final thoughts on valuations.


Samhi Hotels IPO - Taking a Large Hair Cut, Now at a Decent Discount

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/ebixcash" target="_blank" data-smartkarma-citation="entities:36390:1" rel="noopener">EbixCash (EBIXC IN)</a>, a subsidiary of <a href="https://www.smartkarma.com/entities/ebix-inc" target="_blank" data-smartkarma-citation="entities:4022:1" rel="noopener">Ebix Inc (EBIX US)</a> and India’s largest end-to-end financial exchange, is seeking to launch an Rs60 billion (US$730 million) in July. </li>
<li>In <strong><em><a href="https://www.smartkarma.com/insights/ebixcash-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:108206" rel="noopener">EbixCash IPO: The Bull Case</a></em></strong>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The key elements of the bear case rest on margin pressure due to rising operating costs, a related party being the largest customer, declining revenue visibility and deteriorating cash generation.</li>
</ul>



EbixCash (EBIXC IN), a subsidiary of Ebix Inc (EBIX US) and India’s largest end-to-end financial exchange, is seeking to launch an Rs60 billion (US$730 million) in July. 
In EbixCash IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on margin pressure due to rising operating costs, a related party being the largest customer, declining revenue visibility and deteriorating cash generation.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/ebixcash" target="_blank" data-smartkarma-citation="entities:36390:1" rel="noopener">EbixCash (EBIXC IN)</a>, a subsidiary of <a href="https://www.smartkarma.com/entities/ebix-inc" target="_blank" data-smartkarma-citation="entities:4022:1" rel="noopener">Ebix Inc (EBIX US)</a> and India’s largest end-to-end financial exchange, is seeking to launch an Rs60 billion (US$730 million) in July.   </li>
<li>EbixCash’s Forex operations have emerged as a leader in India’s airport Forex business. Also, EbixCash’s inward remittance business in India is the clear market leader.</li>
<li>The key elements of the bull case rest on fast-paced growth, growth runaway from the post-COVID recovery, declining contract assets, improving balance sheet, and declining leverage.</li>
</ul>



EbixCash (EBIXC IN), a subsidiary of Ebix Inc (EBIX US) and India’s largest end-to-end financial exchange, is seeking to launch an Rs60 billion (US$730 million) in July.   
EbixCash’s Forex operations have emerged as a leader in India’s airport Forex business. Also, EbixCash’s inward remittance business in India is the clear market leader.
The key elements of the bull case rest on fast-paced growth, growth runaway from the post-COVID recovery, declining contract assets, improving balance sheet, and declining leverage.


Indian Railway Catering & Tourism / Equity Capital Markets

Indian Railway Catering & Tourism (IRCTC IN)

<ul>
<li>Government of India (GoI) aims to raise up to US$360m via selling its 5% stake in <a href="https://www.smartkarma.com/entities/indian-railway-catering-and-tourism-corporation-limited" target="_blank" data-smartkarma-citation="entities:33951:1" rel="noopener">Indian Railway Catering and Tourism (IRCTC IN)</a>.</li>
<li>This is not the first selldown by GoI and won’t be the last either. However, the stock now looks more expensive than ever.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Government of India (GoI) aims to raise up to US$360m via selling its 5% stake in Indian Railway Catering and Tourism (IRCTC IN).
This is not the first selldown by GoI and won’t be the last either. However, the stock now looks more expensive than ever.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


IRCTC OFS - Well Flagged Deal for an Overly Well Priced Stock

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)

Juniper Hotels Pre-IPO - Has Been Recovering Well

Juniper Hotels (JH) is looking to raise up to US$217m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

Samhi Hotels IPO - Taking a Large Hair Cut, Now at a Decent Discount

SAMHI Hotels (SAMHI IN) plans to raise around US$165m in its Indian IPO. In this note, we talk about the RHP updates and provide our thoughts on...

Sumeet Singh

EbixCash IPO: The Bear Case

The key elements of the bear case rest on margin pressure due to rising operating costs, a related party being the largest customer, declining...

Arun George

EbixCash IPO: The Bull Case

The key elements of the bull case rest on fast-paced growth, growth runaway from the post-COVID recovery, declining contract assets, improving...

Arun George

IRCTC OFS - Well Flagged Deal for an Overly Well Priced Stock

Government of India (GoI) aims to raise up to US$360m via selling its 5% stake in Indian Railway Catering and Tourism (IRCTC IN). In this note we...

Sumeet Singh

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