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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Oil & Natural Gas Corporation / Equity Bottom-Up

<ul>
<li>ONGC drilled 578 wells in FY25, a 35-year high, while exploration CapEx surged 25% YoY to INR 10,300 crore, within a record total CapEx of INR 62,000 crore. 
</li>
<li>This shift from "maintenance mode" to "frontier exploration" aims to arrest decade-long production declines.</li>
<li>While production stabilization is visible, the high exploration write-off risk and execution delays in deep-water assets remain the primary overhangs.</li>
</ul>


ONGC drilled 578 wells in FY25, a 35-year high, while exploration CapEx surged 25% YoY to INR 10,300 crore, within a record total CapEx of INR 62,000 crore. 

This shift from "maintenance mode" to "frontier exploration" aims to arrest decade-long production declines.
While production stabilization is visible, the high exploration write-off risk and execution delays in deep-water assets remain the primary overhangs.


ONGC's Highest Ever CapEx & Multi-Billion Dollar Deep-Water Pivot

Thematic (Sector/Industry)

<ul>
<li>The government has issued a fresh schedule under the Oilfields Act revising royalty rates across all upstream regimes, with the sharpest cuts reserved for deep-water and ultra-deep-water blocks.</li>
<li>Lower royalties structurally improve margins for ONGC and Oil India on nomination blocks and send a credible signal to private and foreign capital eyeing India's underexplored frontier basins.</li>
<li>The reform is directionally right, but the near-term earnings uplift for the two PSUs is moderate. The more transformational bet is, whether the deep-water concessions finally unlock India's offshore potential.</li>
</ul>


The government has issued a fresh schedule under the Oilfields Act revising royalty rates across all upstream regimes, with the sharpest cuts reserved for deep-water and ultra-deep-water blocks.
Lower royalties structurally improve margins for ONGC and Oil India on nomination blocks and send a credible signal to private and foreign capital eyeing India's underexplored frontier basins.
The reform is directionally right, but the near-term earnings uplift for the two PSUs is moderate. The more transformational bet is, whether the deep-water concessions finally unlock India's offshore potential.


India Cuts Royalty Rates to Boost Domestic Oil and Gas Output: ONGC & OIL India in Focus

<ul>
<li>The UAE formally announced its exit from OPEC and OPEC+, effective May 1, 2026, ending a 58-year membership, citing production quota constraints and national interest as the deciding factors.</li>
<li>As India's third-largest crude supplier with ~10% import share, a quota-free UAE could structurally lower India's energy import bill, ease CAD pressure, and directly lift refiner margins.</li>
<li>PSU oil marketing companies (IOC, BPCL, HPCL) stand to be the most direct beneficiaries; but the macro read extends to the rupee, inflation trajectory, and India's terms of trade.</li>
</ul>


The UAE formally announced its exit from OPEC and OPEC+, effective May 1, 2026, ending a 58-year membership, citing production quota constraints and national interest as the deciding factors.
As India's third-largest crude supplier with ~10% import share, a quota-free UAE could structurally lower India's energy import bill, ease CAD pressure, and directly lift refiner margins.
PSU oil marketing companies (IOC, BPCL, HPCL) stand to be the most direct beneficiaries; but the macro read extends to the rupee, inflation trajectory, and India's terms of trade.


How UAE's Exit from OPEC Will Reshapes India's Energy Sector?

<ul>
<li>Escalating West Asia tensions and near-closure of the Strait of Hormuz have exposed India's ~10-day LNG buffer, triggering a draft PNGRB policy mandating a 10% buffer at terminals.</li>
<li>India imports 36 BCM of LNG annually, the 4th-largest globally, with fertiliser, CGD, and industrial sectors structurally dependent on it, yet holds zero strategic gas reserve.</li>
<li>A multi-year capex cycle for above-ground LNG tanks, FSRU-based buffers, and pipeline densification will disproportionately benefit Petronet LNG, HPCL, GAIL, Swan Energy, and Gujarat State Petronet.</li>
</ul>


Escalating West Asia tensions and near-closure of the Strait of Hormuz have exposed India's ~10-day LNG buffer, triggering a draft PNGRB policy mandating a 10% buffer at terminals.
India imports 36 BCM of LNG annually, the 4th-largest globally, with fertiliser, CGD, and industrial sectors structurally dependent on it, yet holds zero strategic gas reserve.
A multi-year capex cycle for above-ground LNG tanks, FSRU-based buffers, and pipeline densification will disproportionately benefit Petronet LNG, HPCL, GAIL, Swan Energy, and Gujarat State Petronet.


Gas Insecurity: India Imports 36 BCM of LNG Annually, Stores Almost None of It!

India

Oil & Natural Gas Corporation (ONGC) is India's largest crude oil and natural gas company, engaged in the exploration, development, and production of oil and gas. It supplies crude oil, natural gas, and value-added products to major Indian oil and gas refining and marketing companies. The company is headquartered in New Delhi, India, and was founded on August 14, 1956.

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Oil & Natural Gas Corporation (ONGC 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

ONGC's Highest Ever CapEx & Multi-Billion Dollar Deep-Water Pivot

ONGC's record high drilling and exploration CapEx in FY25 signals a shift towards frontier exploration to combat production declines, but risks of...

Nimish Maheshwari

India Cuts Royalty Rates to Boost Domestic Oil and Gas Output: ONGC & OIL India in Focus

Government cuts royalty rates for deep-water blocks under Oilfields Act, benefiting ONGC and Oil India, while signaling potential for private and...

Nimish Maheshwari

How UAE's Exit from OPEC Will Reshapes India's Energy Sector?

UAE exits OPEC, potentially lowering India's energy import bill and benefiting PSU oil marketing companies, with broader implications for the...

Nimish Maheshwari

Gas Insecurity: India Imports 36 BCM of LNG Annually, Stores Almost None of It!

India's vulnerability to LNG supply disruptions prompts new policy mandating 10% buffer at terminals, benefiting key players like Petronet LNG and...

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

P/E

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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

ONGC's Highest Ever CapEx & Multi-Billion Dollar Deep-Water Pivot

​ONGC's record high drilling and exploration CapEx in FY25 signals a shift towards frontier exploration to combat production declines, but risks of...

Nimish Maheshwari

India Cuts Royalty Rates to Boost Domestic Oil and Gas Output: ONGC & OIL India in Focus

​Government cuts royalty rates for deep-water blocks under Oilfields Act, benefiting ONGC and Oil India, while signaling potential for private and...

Nimish Maheshwari

How UAE's Exit from OPEC Will Reshapes India's Energy Sector?

​UAE exits OPEC, potentially lowering India's energy import bill and benefiting PSU oil marketing companies, with broader implications for the...

Nimish Maheshwari

Gas Insecurity: India Imports 36 BCM of LNG Annually, Stores Almost None of It!

​India's vulnerability to LNG supply disruptions prompts new policy mandating 10% buffer at terminals, benefiting key players like Petronet LNG and...

Nimish Maheshwari

ONGC's record high drilling and exploration CapEx in FY25 signals a shift towards frontier exploration to combat production declines, but risks of...

Government cuts royalty rates for deep-water blocks under Oilfields Act, benefiting ONGC and Oil India, while signaling potential for private and...

UAE exits OPEC, potentially lowering India's energy import bill and benefiting PSU oil marketing companies, with broader implications for the...

India's vulnerability to LNG supply disruptions prompts new policy mandating 10% buffer at terminals, benefiting key players like Petronet LNG and...