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

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Thematic (Sector/Industry)

The year 2020 was a wild swing for the capital markets; it was off in a flash but still won't be forgotten by many. It was a year marked by unpredictability, right from Covid-19 to the crashing of indices. It was a challenge to many, but still the year has uncovered several new, differentiated potholes for many companies on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. 
Going forward we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research. Beginning 2021, we will be covering the same through our product 'AGE Analysis' (Accounting. Governance. Earnings). We also look to enhance our reach in macro coverage, along with event driven insights.

The year 2020 was a wild swing for the capital markets; it was off in a flash but still won't be forgotten by many. It was a year marked by unpredictability, right from Covid-19 to the crashing of indices. It was a challenge to many, but still the year has uncovered several new, differentiated potholes for many companies on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. 
Going forward we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research. Beginning 2021, we will be covering the same through our product 'AGE Analysis' (Accounting. Governance. Earnings). We also look to enhance our reach in macro coverage, along with event driven insights.

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 Bectors Food Specialities / Equity Bottom-Up

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

Mrs Bectors 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

India

Mrs.Bectors Food Specialities Limited produces and distributes food products. The Company offers cookies, crackers, pretzels, and other dry bakery products. Mrs.Bectors Food Specialities serves customers worldwide.

Mrs Bectors Food Specialities (BECTORS IN)

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Mrs Bectors 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

Review for the Year 2020

We review our entire cloud of insights covered in 2020, and give a snapshot of how did they pay out in the market, including future prospects.

Nitin Mangal

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

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Market Cap (USDm)

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