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.

Event-Driven

National Securities Depository / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



NSDL (NSDL IN) raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: NSDL IPO Lockup - US$1.6bn Lockup Release with Most Sitting on 10x Gains

Equity Capital Markets

<ul>
<li>Pine Labs raised around US$450m in its India IPO. Overall demand was weak.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>


Pine Labs raised around US$450m in its India IPO. Overall demand was weak.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs</a> is now looking to raise up to US$450m in its upcoming India IPO.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.</li>
</ul>



Pine Labs is now looking to raise up to US$450m in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
We have looked at the company’s past performance in our earlier notes. In this note we talk about the RHP updates and provide our thoughts on valuations.


Pine Labs IPO - RHP Updates and Thoughts on Valuation

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

National Stock Exchange of India / Equity Bottom-Up

National Stock Exchange of India (NSE IN)

<ul>
<li>NSE dominates market as it maintains a near-monopoly (∼90% share) in equity cash and dominates the booming derivatives segment.</li>
<li>NSE's Revenue and PAT are 5-9x larger than BSE's, with a much higher PAT margin (68% vs. 44%).</li>
<li>NSE Holds appreciating, strategic minority stakes in high-potential financial infrastructure companies which can be seen as hidden value for NSE.</li>
</ul>


NSE dominates market as it maintains a near-monopoly (∼90% share) in equity cash and dominates the booming derivatives segment.
NSE's Revenue and PAT are 5-9x larger than BSE's, with a much higher PAT margin (68% vs. 44%).
NSE Holds appreciating, strategic minority stakes in high-potential financial infrastructure companies which can be seen as hidden value for NSE.


NSE India: Not Just an Exchange, but a Strategic Holding Company.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Tata Motors Passenger Vehicles / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors (TTMT IN)</a> is demerging the company into two separate listed entities that will focus on the Passenger Vehicle business and the Commercial Vehicle businesses.</li>
<li>Based on the estimated valuation for the two entities, both stocks will continue to remain in the MGlobal Index and the FGlobal Index.</li>
<li>
<a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY</a> and <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">SENSEX</a> trackers will need to sell their Commercial Vehicle business holdings soon after listing. There could be selling in the Passenger Vehicle business holdings at a later rebalance.</li>
</ul>



Tata Motors (TTMT IN) is demerging the company into two separate listed entities that will focus on the Passenger Vehicle business and the Commercial Vehicle businesses.
Based on the estimated valuation for the two entities, both stocks will continue to remain in the MGlobal Index and the FGlobal Index.

NIFTY and SENSEX trackers will need to sell their Commercial Vehicle business holdings soon after listing. There could be selling in the Passenger Vehicle business holdings at a later rebalance.


Tata Motors (TTMT IN) Demerger: Interesting Index Implications

India

National Stock Exchange of India Ltd. provides securities exchange and market infrastructure services. The Company offers trading, clearing-related services, market data, indexes, listings, and investor education. The company serves investors, brokers, listed companies, financial institutions, and market participants in India.

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National Stock Exchange of India (NSE IN)

Aequitas: NSDL IPO Lockup - US$1.6bn Lockup Release with Most Sitting on 10x Gains

NSDL (NSDL IN) raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon, who are all sitting on at least...

Sumeet Singh

Pine Labs IPO Trading - Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak. In this note we talk about the trading dynamics.

Sumeet Singh

Pine Labs IPO - RHP Updates and Thoughts on Valuation

Pine Labs is now looking to raise up to US$450m in its upcoming India IPO. In this note, we talk about the RHP updates and valuations.

Sumeet Singh

NSE India: Not Just an Exchange, but a Strategic Holding Company.

NSE's near-monopoly dominance in the market, high revenue and PAT compared to BSE, and strategic minority stakes in financial infrastructure...

Sudarshan Bhandari

Tata Motors (TTMT IN) Demerger: Interesting Index Implications

Tata Motors is demerging its PV and CV businesses. Both entities will remain in global indices. Nifty and Sensex trackers will sell their CV shares...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: NSDL IPO Lockup - US$1.6bn Lockup Release with Most Sitting on 10x Gains

NSDL (NSDL IN) raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon, who are all sitting on at least...

Sumeet Singh

Pine Labs IPO Trading - Low/No Demand

Pine Labs raised around US$450m in its India IPO. Overall demand was weak. In this note we talk about the trading dynamics.

Sumeet Singh

Pine Labs IPO - RHP Updates and Thoughts on Valuation

Pine Labs is now looking to raise up to US$450m in its upcoming India IPO. In this note, we talk about the RHP updates and valuations.

Sumeet Singh

NSE India: Not Just an Exchange, but a Strategic Holding Company.

​NSE's near-monopoly dominance in the market, high revenue and PAT compared to BSE, and strategic minority stakes in financial infrastructure...

Sudarshan Bhandari

Tata Motors (TTMT IN) Demerger: Interesting Index Implications

Tata Motors is demerging its PV and CV businesses. Both entities will remain in global indices. Nifty and Sensex trackers will sell their CV shares...

Brian Freitas

NSE's near-monopoly dominance in the market, high revenue and PAT compared to BSE, and strategic minority stakes in financial infrastructure...