Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

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/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a> is looking to raise about US$484m in its upcoming India IPO. The deal will be run by Axis, Citi, Kotak, JPM and MS.</li>
<li>ML is an e-commerce marketplace which offers a wide assortment of products ranging from low cost unbranded products, regional brands and national brands at affordable prices to consumers.</li>
<li>The platform connects four key stakeholders: consumers, sellers, logistics partners, and content creators. It monetizes its platform through services provided to sellers such as order fulfilment, advertising, and data insights.</li>
</ul>



Meesho (1546271D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by Axis, Citi, Kotak, JPM and MS.
ML is an e-commerce marketplace which offers a wide assortment of products ranging from low cost unbranded products, regional brands and national brands at affordable prices to consumers.
The platform connects four key stakeholders: consumers, sellers, logistics partners, and content creators. It monetizes its platform through services provided to sellers such as order fulfilment, advertising, and data insights.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/international-gemmological-institute-india-limited-igi" target="_blank" data-smartkarma-citation="entities:43879:1" rel="noopener">IGI (India) Limited (IGIL IN)</a> (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.</li>
<li>IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.
IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
In this note, we will talk about the lockup dynamics and possible placement.


IGI IPO Lockup - US$900m Release with PE on 4x+ Gains

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, busy season remains in full swing going into the year end.</li>
<li>On the placements front, there were a few large deals and looked at some of the upcoming likely deals.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, busy season remains in full swing going into the year end.
On the placements front, there were a few large deals and looked at some of the upcoming likely deals.


ECM Weekly (8 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Bottom-Up

<ul>
<li>Delhivery has consolidated its leadership position in Express Parcel segment through 'Ecom Express' acquisition. We believe this is a cash-cow business with consistent mid-teens industry growth and sustainable 16-18% margins.</li>
<li>Express PTL business is taking off along with the industry cycle. Supported by Delhivery's tech stack and deep infrastructure, it is ready to corner market share with margin expansion.</li>
<li>We estimate 15% revenue CAGR, translating to an EBITDA range of 1,000-1,300cr for FY28 (vs 376cr in FY25). With Net cash of 4,200cr, stock trades at EV/EBITDA of 20-25x.</li>
</ul>


Delhivery has consolidated its leadership position in Express Parcel segment through 'Ecom Express' acquisition. We believe this is a cash-cow business with consistent mid-teens industry growth and sustainable 16-18% margins.
Express PTL business is taking off along with the industry cycle. Supported by Delhivery's tech stack and deep infrastructure, it is ready to corner market share with margin expansion.
We estimate 15% revenue CAGR, translating to an EBITDA range of 1,000-1,300cr for FY28 (vs 376cr in FY25). With Net cash of 4,200cr, stock trades at EV/EBITDA of 20-25x.


2026 High Conviction Idea: 'Delhivery' India's Largest Full-Range Logistics Platform

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.</li>
<li>In this cut, we unveil the first wave of 2026 high conviction ideas, break down the risks and rewards of the Meesho IPO and track upcoming lock-up expiries.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.
In this cut, we unveil the first wave of 2026 high conviction ideas, break down the risks and rewards of the Meesho IPO and track upcoming lock-up expiries.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

India

Meesho Limited operates as an online retailer. The Company retails apparels, jewelries, personal care, home and kitchen, footwear, bags, kids essentials, and electronics items at lower prices for resellers and consumers. Meesho serves customers in India.

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Meesho (MEESHO IN)

Meesho Ltd Pre-IPO Tearsheet

Meesho set to raise $484m in India IPO, connecting consumers, sellers, logistics partners, and content creators in e-commerce marketplace.

Hong Jie Seow

IGI IPO Lockup - US$900m Release with PE on 4x+ Gains

IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.

Sumeet Singh

ECM Weekly (8 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

2026 High Conviction Idea: 'Delhivery' India's Largest Full-Range Logistics Platform

Delhivery has strengthened its leadership in the Express Parcel segment and is now shifting gears in the PTL business. Poised for growth and...

Himanshu Dugar

Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

This Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...

Pranav Rao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meesho Ltd Pre-IPO Tearsheet

​Meesho set to raise $484m in India IPO, connecting consumers, sellers, logistics partners, and content creators in e-commerce marketplace.

Hong Jie Seow

IGI IPO Lockup - US$900m Release with PE on 4x+ Gains

IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.

Sumeet Singh

ECM Weekly (8 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

2026 High Conviction Idea: 'Delhivery' India's Largest Full-Range Logistics Platform

​Delhivery has strengthened its leadership in the Express Parcel segment and is now shifting gears in the PTL business. Poised for growth and...

Himanshu Dugar

Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

This ​Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...

Pranav Rao

Meesho set to raise $484m in India IPO, connecting consumers, sellers, logistics partners, and content creators in e-commerce marketplace.

Delhivery has strengthened its leadership in the Express Parcel segment and is now shifting gears in the PTL business. Poised for growth and...

This Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...