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/bikaji-foods-international-ltd" target="_blank" data-smartkarma-citation="entities:36502:1" rel="noopener">Bikaji Foods (BIKAJI IN)</a> , an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.</li>
<li>Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we'll talk about implied valuations.</li>
</ul>



Bikaji Foods (BIKAJI IN) , an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.
Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.
In our previous note, we looked at the company’s past performance. In this note, we'll talk about implied valuations.


Bikaji Foods International IPO - At an Equally Spicy Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bikaji-foods-international-ltd" target="_blank" data-smartkarma-citation="entities:36502:1" rel="noopener">Bikaji Foods (BIKAJI IN)</a>, an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.</li>
<li>Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.</li>
<li>In this note, we look at the company's past performance.</li>
</ul>



Bikaji Foods (BIKAJI IN), an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.
Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.
In this note, we look at the company's past performance.


Bikaji Foods International IPO - Spicy Snacks

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

Equity Bottom-Up

Mrs. Bector's Food Specialities / Equity Bottom-Up

Mrs. Bector's Food Specialities (BECTORS IN)

For this Insight, we interact with a leading supplier to <a href="https://www.smartkarma.com/entities/mrs-bectors-food-specialities" target="_blank" data-smartkarma-citation="entities:27872:1" rel="noopener">Mrs Bectors Food Specialities (814506Z IN)</a>  with an objective to understand possible growth concerns that may affect the company. 
<a href="https://www.smartkarma.com/entities/mrs-bectors-food-specialities" target="_blank" data-smartkarma-citation="entities:27872:1" rel="noopener">Mrs Bectors Food Specialities (814506Z IN)</a> is interestingly positioned in an industry that has a long runway but is fiercely competitive and fragmented. The competitive forces are too strong. Mrs Bectors will have to undertake substantial changes in the business operations and the company’s DNA if it aims to move into the big leagues. Investors will have to keep a close watch on execution and market share gains as primary catalysts of growth. 
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This Insight is labelled bullish considering the large opportunity both in India and the private label export market.  
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For this Insight, we interact with a leading supplier to Mrs Bectors Food Specialities (814506Z IN)  with an objective to understand possible growth concerns that may affect the company. 
Mrs Bectors Food Specialities (814506Z IN) is interestingly positioned in an industry that has a long runway but is fiercely competitive and fragmented. The competitive forces are too strong. Mrs Bectors will have to undertake substantial changes in the business operations and the company’s DNA if it aims to move into the big leagues. Investors will have to keep a close watch on execution and market share gains as primary catalysts of growth. 

This Insight is labelled bullish considering the large opportunity both in India and the private label export market.  


Mrs Bectors Food Specialities | Supplier Interaction Suggests Growth Concerns

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Mrs. Bector's Food Specialities / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/mrs-bectors-food-specialities" target="_blank" data-smartkarma-citation="entities:27872:1" rel="noopener">Mrs Bectors Food Specialities (814506Z IN)</a> is the latest entrant in the current Indian IPO frenzy season. The company wishes to offer fresh issue of equity shares worth INR 405.4 mn along with sale by existing investors (non-promoters) worth INR 5 bn. The price band has been set at INR 286-288 per share.
The company is engaged in manufacturing and selling of wide range of premium and mid-premium biscuits and premium bakery products under the brand name Mrs. Bector's Cremica and English Oven respectively across both domestic and international waters, but mainly concentrated in North India. The company also draws a significant chunk of revenue (16.8% in F20) by supplying bakery products such as buns to institutional clients (located in India) such as <a href="https://www.smartkarma.com/entities/burger-king-india" target="_blank" data-smartkarma-citation="entities:28445:1" rel="noopener">Burger King India (BKI IN)</a> , <a href="https://www.smartkarma.com/entities/mcdonald-s-corp" target="_blank" data-smartkarma-citation="entities:1425:1" rel="noopener">Mcdonald's Corp (MCD US)</a>, <a href="https://www.smartkarma.com/entities/yum-brands-inc" target="_blank" data-smartkarma-citation="entities:984:1" rel="noopener">Yum! Brands Inc (YUM US)</a> . 
In this insight, we do not focus deeply on the operational performance of the company but rather put an emphasis on the overall health of the balance sheet along with a deep focus on governance. While there are some balance sheet issues that need to be questioned, the company however poses itself a huge ESG risk in future due to all sort of problems that attack the overall governance.

Mrs Bectors Food Specialities (814506Z IN) is the latest entrant in the current Indian IPO frenzy season. The company wishes to offer fresh issue of equity shares worth INR 405.4 mn along with sale by existing investors (non-promoters) worth INR 5 bn. The price band has been set at INR 286-288 per share.
The company is engaged in manufacturing and selling of wide range of premium and mid-premium biscuits and premium bakery products under the brand name Mrs. Bector's Cremica and English Oven respectively across both domestic and international waters, but mainly concentrated in North India. The company also draws a significant chunk of revenue (16.8% in F20) by supplying bakery products such as buns to institutional clients (located in India) such as Burger King India (BKI IN) , Mcdonald's Corp (MCD US), Yum! Brands Inc (YUM US) . 
In this insight, we do not focus deeply on the operational performance of the company but rather put an emphasis on the overall health of the balance sheet along with a deep focus on governance. While there are some balance sheet issues that need to be questioned, the company however poses itself a huge ESG risk in future due to all sort of problems that attack the overall governance.

Mrs. Bectors Food Specialities IPO- Not So Crunchy

<a href="https://www.smartkarma.com/entities/27872" target="_blank" data-smartkarma-citation="entities:27872:1">Mrs Bectors Food Specialities (814506Z IN)</a> (BFS) plans to raise around US$100m+ in its India IPO via a sell-down of secondary shares.
As per Technopak, BFS is one of the leading manufacturers in the non-glucose biscuit segment in Northern India. It is also one of the largest supplier of buns to the quick-service restaurants and a leading supplier of breads in Delhi NCR and Maharashtra. In addition to its Indian operations, exports account for 30% of the revenue.
Despite providing a host of numbers, the company has failed to provide clear statistics on the growth of revenue of its main segment, domestic biscuits. If one tries to back out this numbers from the other statistics it seems to imply that revenue has been flat for five years. Despite showing some revenue and PATMI growth over the past five years, cash flow from operations as well have been stagnant.

Mrs Bectors Food Specialities (814506Z IN) (BFS) plans to raise around US$100m+ in its India IPO via a sell-down of secondary shares.
As per Technopak, BFS is one of the leading manufacturers in the non-glucose biscuit segment in Northern India. It is also one of the largest supplier of buns to the quick-service restaurants and a leading supplier of breads in Delhi NCR and Maharashtra. In addition to its Indian operations, exports account for 30% of the revenue.
Despite providing a host of numbers, the company has failed to provide clear statistics on the growth of revenue of its main segment, domestic biscuits. If one tries to back out this numbers from the other statistics it seems to imply that revenue has been flat for five years. Despite showing some revenue and PATMI growth over the past five years, cash flow from operations as well have been stagnant. 

Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Stagnant

India

Mrs. Bector's Food Specialities Ltd. is an Indian fast-moving consumer goods (FMCG) company specializing in premium and mid-premium biscuits and bakery segments. The company manufactures and markets biscuits under the 'Mrs. Bector's Cremica' brand and bakery products like breads, buns, and cakes under the 'English Oven' brand. It also serves as an institutional supplier to leading Quick Service Restaurant (QSR) franchises and exports to over 60 countries. The company was founded in 1977 and is headquartered in Ludhiana, Punjab, India, with a corporate office in Gurugram, India.

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Mrs. Bector's Food Specialities (BECTORS IN)

Bikaji Foods International IPO - At an Equally Spicy Valuation

Bikaji Foods, an ethnic snacks company, is looking to raise approximately US$107m in its India IPO. In this note, we talk about valuations.

Sumeet Singh

Bikaji Foods International IPO - Spicy Snacks

Bikaji Foods (BIKAJI IN), an ethnic snacks company, is looking to raise approximately US$107m in its India IPO. In this note, we look at the...

Sumeet Singh

Mrs Bectors Food Specialities | Supplier Interaction Suggests Growth Concerns

For this Insight, we interact with a leading supplier to Mrs Bectors with an objective to understand possible growth concerns that may affect the...

Pranav Bhavsar

Mrs. Bectors Food Specialities IPO- Not So Crunchy

While there are some balance sheet issues that need to be questioned, the company however poses itself a huge ESG risk in future due to all sort of...

Nitin Mangal

Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Stagnant

Mrs Bectors Food Specialities (814506Z IN) (BFS) plans to raise around US$100m+ in its India IPO via a sell-down of secondary shares. As per...

Sumeet Singh

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