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$238m in its upcoming 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>In this note, we talk about the company’s historical performance.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$238m in its upcoming India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
In this note, we talk about the company’s historical performance.


Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

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

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> plans to scale businesses across hospitality, aerospace, and renewables, prioritizing operational excellence over acquisitions for sustainable long-term growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> lays off 1,000+ employees as losses surge 50%, competition intensifies, and market share declines, leading to a 60% stock plunge.</li>
<li>India’s Q3 GDP growth hits 6.2%, boosted by Maha Kumbh spending, tax cuts, and strong exports, despite market volatility and fiscal challenges.</li>
</ul>



Mahindra &amp; Mahindra (MM IN) plans to scale businesses across hospitality, aerospace, and renewables, prioritizing operational excellence over acquisitions for sustainable long-term growth.

Ola Electric (OLAELEC IN) lays off 1,000+ employees as losses surge 50%, competition intensifies, and market share declines, leading to a 60% stock plunge.
India’s Q3 GDP growth hits 6.2%, boosted by Maha Kumbh spending, tax cuts, and strong exports, despite market volatility and fiscal challenges.


#112 India Insight: Mahindra Expands Sustainably, Ola Electric Struggles, India’s Q3 GDP Grows 6.2%

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>India's E-2W market witnessed a major shakeup in Feb-2025.<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>'s sales nosedived,causing the company to fall from the No. 1 position in January to No. 4 in February.</li>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> led the market with 21,335 units, followed by <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> at 18,743 units and <a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a> at 11,788 units.</li>
<li>Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.</li>
</ul>


India's E-2W market witnessed a major shakeup in Feb-2025.Ola Electric (OLAELEC IN)'s sales nosedived,causing the company to fall from the No. 1 position in January to No. 4 in February.

Bajaj Auto Ltd (BJAUT IN) led the market with 21,335 units, followed by TVS Motor (TVSL IN) at 18,743 units and Ather Energy (1207922D IN) at 11,788 units.
Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.


Cards Flip: Ola’s Market Share Falls; India Electric Two-Wheeler Sales Trend – February 2025

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

Event-Driven

<ul>
<li>The Index Maintenance Sub-Committee of NSE Indices will meet on 21 February to conduct a semi-annual and quarterly review of stocks in various Nifty equity indices.</li>
<li>The changes will be announced after market close tomorrow and will be implemented at the close of trading on 28 March.</li>
<li>Based on the forecast index changes and capping changes for a few indices, the round-trip trade will be over US$2.5bn and many stocks will have over 0.5x ADV to trade.</li>
</ul>


The Index Maintenance Sub-Committee of NSE Indices will meet on 21 February to conduct a semi-annual and quarterly review of stocks in various Nifty equity indices.
The changes will be announced after market close tomorrow and will be implemented at the close of trading on 28 March.
Based on the forecast index changes and capping changes for a few indices, the round-trip trade will be over US$2.5bn and many stocks will have over 0.5x ADV to trade.


India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn

<ul>
<li>India's E-2W witnessed strong performance in January'2025,with registrations reaching 97,680 units. While this marked a recovery from the dip in December'2024,it remained lower than peak months of March and October'2024.</li>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> led the market,closely followed by <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)&amp;</a><a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a>.<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a>,<a href="https://www.smartkarma.com/entities/greaves-electric-mobility-ltd-geml" target="_blank" data-smartkarma-citation="entities:44227:1" rel="noopener">Greaves Electric Mobility Ltd (GEML) (1295040D IN) </a>also showed steady growth.</li>
<li>Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.</li>
</ul>


India's E-2W witnessed strong performance in January'2025,with registrations reaching 97,680 units. While this marked a recovery from the dip in December'2024,it remained lower than peak months of March and October'2024.

Ola Electric (OLAELEC IN) led the market,closely followed by TVS Motor (TVSL IN)&amp;Bajaj Auto Ltd (BJAUT IN).Ather Energy (1207922D IN),Greaves Electric Mobility Ltd (GEML) (1295040D IN) also showed steady growth.
Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.


India –Electric Two-Wheeler Sales Trend – January 2025

India

OLA Electric Mobility Limited manufactures electric vehicles. The Company focuses on designing, engineering, and manufacturing of electric scooters and bikes, as well as components like battery packs, motors, and vehicle frames. OLA Electric Mobility serves customers worldwide.

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Ola Electric (OLAELEC IN)

Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

Travel Food Services is looking to raise about US$238m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

#112 India Insight: Mahindra Expands Sustainably, Ola Electric Struggles, India’s Q3 GDP Grows 6.2%

Mahindra & Mahindra prioritizes operational excellence for sustainable growth, Ola Electric lays off employees amid losses and market challenges,...

Sudarshan Bhandari

India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn

The March changes for the Nifty indices will be announced tomorrow. There are changes forecast for most indices with large AUM. Round-trip trade...

Brian Freitas

India –Electric Two-Wheeler Sales Trend – January 2025

India's E-2W market saw strong performance in Jan'25, led by Ola Electric,TVS Motor & Bajaj Auto. Competition remains fierce with potential IPOs &...

Sreemant Dudhoria,CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

Travel Food Services is looking to raise about US$238m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

#112 India Insight: Mahindra Expands Sustainably, Ola Electric Struggles, India’s Q3 GDP Grows 6.2%

​Mahindra & Mahindra prioritizes operational excellence for sustainable growth, Ola Electric lays off employees amid losses and market challenges,...

Sudarshan Bhandari

Cards Flip: Ola’s Market Share Falls; India Electric Two-Wheeler Sales Trend – February 2025

​India's E-2W market saw a major shift in Feb-2025 as Ola Electric's sales plummeted. Top players compete for leadership in a dynamic industry with...

Sreemant Dudhoria,CFA

India: March Rebalance Announcement Tomorrow; Round-Trip Trade Over US$2.5bn

The March changes for the Nifty indices will be announced tomorrow. There are changes forecast for most indices with large AUM. Round-trip trade...

Brian Freitas

India –Electric Two-Wheeler Sales Trend – January 2025

​India's E-2W market saw strong performance in Jan'25, led by Ola Electric,TVS Motor & Bajaj Auto. Competition remains fierce with potential IPOs &...

Sreemant Dudhoria,CFA

Mahindra & Mahindra prioritizes operational excellence for sustainable growth, Ola Electric lays off employees amid losses and market challenges,...

India's E-2W market saw a major shift in Feb-2025 as Ola Electric's sales plummeted. Top players compete for leadership in a dynamic industry with...

India's E-2W market saw strong performance in Jan'25, led by Ola Electric,TVS Motor & Bajaj Auto. Competition remains fierce with potential IPOs &...