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

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise up to US$400m in its upcoming India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise up to US$400m in its upcoming India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
In this note, we talk about the not-so-positive aspects of the deal.


Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>growth has been an outlier in the intensely competitive Indian passenger car industry.We share insights on how this trend has evolved over the past several months.</li>
<li>This insight provides detailed analysis of sales performance of key players-<a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a> ,<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>,<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> &amp; <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HYUNDAI IN)</a> </li>
<li>Various initiatives introduced in the recent Union Budget are expected to boost demand for passenger cars in the medium term.</li>
</ul>



Mahindra &amp; Mahindra (MM IN)growth has been an outlier in the intensely competitive Indian passenger car industry.We share insights on how this trend has evolved over the past several months.
This insight provides detailed analysis of sales performance of key players-Maruti Suzuki India (MSIL IN) ,Mahindra &amp; Mahindra (MM IN),Tata Motors Ltd (TTMT IN) &amp; Hyundai Motor India (HYUNDAI IN) 
Various initiatives introduced in the recent Union Budget are expected to boost demand for passenger cars in the medium term.


It's M&M Vs. The Rest – Passenger Car Market Update

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$238m in its upcoming India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$238m in its upcoming India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
In this note, we talk about the company’s historical performance.


Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

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.

Thematic (Sector/Industry)

<ul><li>Feb’25 Wholesale Volumes: Domestic PV industry sales grew by 2% YoY, driven by strong volumes from Toyota, M&amp;M, and Kia while Hyundai/Tata Motors witnessed declines.</li><li>The domestic CV industry saw a decline of 3% YoY and 1% MoM. The 3W segment posted a 5% YoY and 2% QoQ increase in wholesales.</li><li>The domestic tractor industry registered 12% YoY volume growth, led by 19% and 10% YoY growth in M&amp;M and Escorts, respectively. </li></ul><p><em>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.</em></p>

Feb’25 Wholesale Volumes: Domestic PV industry sales grew by 2% YoY, driven by strong volumes from Toyota, M&amp;M, and Kia while Hyundai/Tata Motors witnessed declines.The domestic CV industry saw a decline of 3% YoY and 1% MoM. The 3W segment posted a 5% YoY and 2% QoQ increase in wholesales.The domestic tractor industry registered 12% YoY volume growth, led by 19% and 10% YoY growth in M&amp;M and Escorts, respectively. 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.

Auto Monthly Sales Volume - February 2025

<ul>
<li>The Indian commercial vehicle industry witnessed a subdued performance in February 2025, with listed companies reporting modest sales figures.</li>
<li>This insight provides detailed analysis of sales performance of key players-<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a>,<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>,<a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>,<a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)&amp; </a><a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN).</a>
</li>
<li>Industry reports and management insights indicate that the commercial vehicle market is expected to remain largely stable in FY2025, with hopes for positive growth in FY2026.</li>
</ul>


The Indian commercial vehicle industry witnessed a subdued performance in February 2025, with listed companies reporting modest sales figures.
This insight provides detailed analysis of sales performance of key players-Tata Motors Ltd (TTMT IN),Mahindra &amp; Mahindra (MM IN),Ashok Leyland (AL IN),Eicher Motors (EIM IN)&amp; Maruti Suzuki India (MSIL IN).

Industry reports and management insights indicate that the commercial vehicle market is expected to remain largely stable in FY2025, with hopes for positive growth in FY2026.


February 2025: A Challenging Month for India’s Commercial Vehicle Industry

India

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

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Maruti Suzuki India (MSIL IN)

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

It's M&M Vs. The Rest – Passenger Car Market Update

Insights on Mahindra & Mahindra's exceptional growth in the Indian passenger car industry, with detailed analysis of key players and potential...

Sreemant Dudhoria,CFA

Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

Travel Food Services is looking to raise about US$238m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Auto Monthly Sales Volume - February 2025

Feb’25 Wholesale Volumes: Domestic PV industry sales grew by 2% YoY, driven by strong volumes from Toyota, M&M, and Kia while Hyundai/Tata Motors...

Axis Direct

February 2025: A Challenging Month for India’s Commercial Vehicle Industry

Indian commercial vehicle industry had a subdued performance in Feb-25, with all listed companies reporting flat or negative growth. Analysis and...

Sreemant Dudhoria,CFA

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52-week Range

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Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

It's M&M Vs. The Rest – Passenger Car Market Update

​Insights on Mahindra & Mahindra's exceptional growth in the Indian passenger car industry, with detailed analysis of key players and potential...

Sreemant Dudhoria,CFA

Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

Travel Food Services is looking to raise about US$238m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Auto Monthly Sales Volume - February 2025

Feb’25 Wholesale Volumes: Domestic PV industry sales grew by 2% YoY, driven by strong volumes from Toyota, M&M, and Kia while Hyundai/Tata Motors...

Axis Direct

February 2025: A Challenging Month for India’s Commercial Vehicle Industry

​Indian commercial vehicle industry had a subdued performance in Feb-25, with all listed companies reporting flat or negative growth. Analysis and...

Sreemant Dudhoria,CFA

Insights on Mahindra & Mahindra's exceptional growth in the Indian passenger car industry, with detailed analysis of key players and potential...

Indian commercial vehicle industry had a subdued performance in Feb-25, with all listed companies reporting flat or negative growth. Analysis and...