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

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$233m in its 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>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & 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

<ul>
<li>NTPC has submitted its first standalone nuclear project feasibility report for a 2.8 GW plant in Bihar’s Banka district, with an estimated investment of around INR 56,000 crore.</li>
<li>This marks NTPC’s entry into large-scale nuclear power, expanding beyond thermal and renewables and aligning with India’s long-term 100 GW nuclear energy target by 2047.</li>
<li>
Policy support, state approvals, and NTPC’s nuclear-focused subsidiary strengthen the opportunity, but long execution timelines and high capital requirements remain key factors to watch.</li>
</ul>


NTPC has submitted its first standalone nuclear project feasibility report for a 2.8 GW plant in Bihar’s Banka district, with an estimated investment of around INR 56,000 crore.
This marks NTPC’s entry into large-scale nuclear power, expanding beyond thermal and renewables and aligning with India’s long-term 100 GW nuclear energy target by 2047.

Policy support, state approvals, and NTPC’s nuclear-focused subsidiary strengthen the opportunity, but long execution timelines and high capital requirements remain key factors to watch.


NTPC’s Nuclear Bet: From Thermal Giant to Nuclear Powerhouse?

<ul>
<li>NTPC, India’s largest power generator, added 6,615 MW in 10M FY26 - its fastest-ever capacity addition, while 9M FY26 group PAT rose 5.45% YoY to INR 16,931 crore.</li>
<li>The company is scaling both thermal brownfield projects and renewables, with a 60 GW green energy target by 2032, creating a diversified PSU power growth story.</li>
<li>NTPC’s cost-plus regulated model supports stable earnings, while NGEL’s renewable expansion and nuclear opportunities could become key long-term re-rating triggers.</li>
</ul>


NTPC, India’s largest power generator, added 6,615 MW in 10M FY26 - its fastest-ever capacity addition, while 9M FY26 group PAT rose 5.45% YoY to INR 16,931 crore.
The company is scaling both thermal brownfield projects and renewables, with a 60 GW green energy target by 2032, creating a diversified PSU power growth story.
NTPC’s cost-plus regulated model supports stable earnings, while NGEL’s renewable expansion and nuclear opportunities could become key long-term re-rating triggers.


NTPC Ltd.: India's Leading Power Generator Enters a New Phase of Growth

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>China’s coal-based urea and chemicals chain absorbed the 2026 Middle East shock far better than gas- and oil-dependent competitors.</li>
<li>India imports critical industrial feedstocks and remains exposed to LNG, fertiliser and petrochemical supply disruptions through maritime chokepoints.</li>
<li>Coal gasification should be treated as strategic industrial infrastructure not merely another coal project provided economics, ash technology and carbon capture are solved</li>
</ul>


China’s coal-based urea and chemicals chain absorbed the 2026 Middle East shock far better than gas- and oil-dependent competitors.
India imports critical industrial feedstocks and remains exposed to LNG, fertiliser and petrochemical supply disruptions through maritime chokepoints.
Coal gasification should be treated as strategic industrial infrastructure not merely another coal project provided economics, ash technology and carbon capture are solved


What India Needs to Learn from China on Coal Gasification?

<ul>
<li>India’s nuclear sector, operating 8.78 GW, gains a new fuel-security route as India and Australia operationalise long-term uranium exports for peaceful use under IAEA safeguards.</li>
<li>The agreement diversifies supply, supports the 22.38 GW FY32 and 100 GW 2047 roadmap, and strengthens confidence in reactor approvals, localisation and private participation.</li>
<li>
Fuel security is an enabler, not an earnings trigger, commercial volumes, reactor orders, financing, execution, regulation, SMR deployment, vendor capacity and public acceptance will determine value creation.</li>
</ul>


India’s nuclear sector, operating 8.78 GW, gains a new fuel-security route as India and Australia operationalise long-term uranium exports for peaceful use under IAEA safeguards.
The agreement diversifies supply, supports the 22.38 GW FY32 and 100 GW 2047 roadmap, and strengthens confidence in reactor approvals, localisation and private participation.

Fuel security is an enabler, not an earnings trigger, commercial volumes, reactor orders, financing, execution, regulation, SMR deployment, vendor capacity and public acceptance will determine value creation.


India-Australia Uranium Deal: Fuel Security Unlocks India’s Next Nuclear Capex Cycle

India

NTPC Limited is India's largest integrated power utility, primarily engaged in the generation and sale of electricity through a diversified portfolio including coal, gas, hydro, solar, and wind assets. The company also undertakes coal mining, power trading, and consultancy services for power projects. NTPC is headquartered in New Delhi, India, and was founded on November 7, 1975.

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NTPC (NTPC IN)

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

NTPC’s Nuclear Bet: From Thermal Giant to Nuclear Powerhouse?

NTPC submits feasibility report for 2.8 GW nuclear plant in Bihar, aligning with India's 100 GW nuclear energy target by 2047, faces challenges in...

Sudarshan Bhandari

NTPC Ltd.: India's Leading Power Generator Enters a New Phase of Growth

NTPC, India's largest power generator, achieves record capacity addition and profit growth in FY26, with focus on renewables and a 60 GW green...

Sudarshan Bhandari

What India Needs to Learn from China on Coal Gasification?

China's coal-based industry outperformed gas and oil competitors during Middle East shock; India remains vulnerable to supply disruptions; coal...

Nimish Maheshwari

India-Australia Uranium Deal: Fuel Security Unlocks India’s Next Nuclear Capex Cycle

India secures new fuel source with Australia, boosting nuclear sector growth and supporting ambitious energy goals. Fuel security key for...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

NTPC’s Nuclear Bet: From Thermal Giant to Nuclear Powerhouse?

​NTPC submits feasibility report for 2.8 GW nuclear plant in Bihar, aligning with India's 100 GW nuclear energy target by 2047, faces challenges in...

Sudarshan Bhandari

NTPC Ltd.: India's Leading Power Generator Enters a New Phase of Growth

​NTPC, India's largest power generator, achieves record capacity addition and profit growth in FY26, with focus on renewables and a 60 GW green...

Sudarshan Bhandari

What India Needs to Learn from China on Coal Gasification?

​China's coal-based industry outperformed gas and oil competitors during Middle East shock; India remains vulnerable to supply disruptions; coal...

Nimish Maheshwari

India-Australia Uranium Deal: Fuel Security Unlocks India’s Next Nuclear Capex Cycle

​India secures new fuel source with Australia, boosting nuclear sector growth and supporting ambitious energy goals. Fuel security key for...

Nimish Maheshwari

NTPC submits feasibility report for 2.8 GW nuclear plant in Bihar, aligning with India's 100 GW nuclear energy target by 2047, faces challenges in...

NTPC, India's largest power generator, achieves record capacity addition and profit growth in FY26, with focus on renewables and a 60 GW green...

China's coal-based industry outperformed gas and oil competitors during Middle East shock; India remains vulnerable to supply disruptions; coal...

India secures new fuel source with Australia, boosting nuclear sector growth and supporting ambitious energy goals. Fuel security key for...