Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>Having been forced to delay its IPO due to a legal battle with Zostel, Oyo has revived its IPO plans with an updated filing with SEBI on 19th Sept 2022.</li>
<li>Considering the legal issues and <a href="https://www.smartkarma.com/entities/oyo-pvt-ltd" target="_blank" data-smartkarma-citation="entities:28861:1" rel="noopener">Oyo (1698548D IN)</a>’s financial conditions, it is hard to imagine that SEBI would wave the green flag to Oyo’s IPO.</li>
<li>If Oyo manages to beat the odds, this IPO could extend Oyo's lifespan by a few more years. Nevertheless, we would still bet on Oyo to go down in mediumn-term.</li>
</ul>


Having been forced to delay its IPO due to a legal battle with Zostel, Oyo has revived its IPO plans with an updated filing with SEBI on 19th Sept 2022.
Considering the legal issues and Oyo (1698548D IN)’s financial conditions, it is hard to imagine that SEBI would wave the green flag to Oyo’s IPO.
If Oyo manages to beat the odds, this IPO could extend Oyo's lifespan by a few more years. Nevertheless, we would still bet on Oyo to go down in mediumn-term.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oyo-pvt-ltd" target="_blank" data-smartkarma-citation="entities:28861:1" rel="noopener">Oyo (1698548D IN)</a> is looking to raise around US$700m in its upcoming India IPO. The IPO will consist of both a primary and secondary portion.</li>
<li>Oyo runs a digital platform that serves as a hotel and home aggregator between patrons, which include owners and lessors, and customers, such as travelers and guests booking for accommodation.</li>
<li>Since our last notes, Oravel Stays (Oyo) had filed its addendum, containing both its full-year performance for FY22, and its most recent 1Q23 performance (period ending Jun 2022).</li>
</ul>



Oyo (1698548D IN) is looking to raise around US$700m in its upcoming India IPO. The IPO will consist of both a primary and secondary portion.
Oyo runs a digital platform that serves as a hotel and home aggregator between patrons, which include owners and lessors, and customers, such as travelers and guests booking for accommodation.
Since our last notes, Oravel Stays (Oyo) had filed its addendum, containing both its full-year performance for FY22, and its most recent 1Q23 performance (period ending Jun 2022).


Oravel Stays (Oyo) Pre-IPO - Addendum Updates - Don’t Let the +ve EBITDA Mask Its Underlying Issues

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, a few large Hong Kong IPOs managed to launch their bookbuild over the past week.</li>
<li>There were no large placements launched this week, although <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> kept many occupied.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, a few large Hong Kong IPOs managed to launch their bookbuild over the past week.
There were no large placements launched this week, although Atlas Arteria (ALX AU) kept many occupied.


ECM Weekly (25th Sep 2022) - Onewo, Leapmotor, CALB, Socionext, WCP, Sula, Jenscare, EbixCash, Atlas

<ul>
<li>EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.</li>
<li>EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal</li>
</ul>


EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.
EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.
In this note, we talk about the not-so-positive aspects of the deal


EbixCash Pre-IPO - The Negatives - Growing Too Fast for Its Previous Auditors, and Short Sellers

Woodside Petroleum / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>Delhivery surprised with a strong debut, closing 10% above IPO price by the end of its first day.</li>
<li>There were a couple of blocks that hit markets this week, and we discussed the lockup expiries on both Grab and Cloud Village.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Delhivery surprised with a strong debut, closing 10% above IPO price by the end of its first day.
There were a couple of blocks that hit markets this week, and we discussed the lockup expiries on both Grab and Cloud Village.


ECM Weekly (29th May 2022) -Woodside, Cloud Village, Delhivery, Nufarm, Converge, Oyo, Sayona Mining

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Oyo (1698548D IN)

Oyo IPO Update – On Its Last Legs

If Oyo manages to beat the odds and conduct a successful IPO, it is possible that the company could extend its remaining lifespan by a few more...

Oshadhi Kumarasiri

Oravel Stays (Oyo) Pre-IPO - Addendum Updates - Don’t Let the +ve EBITDA Mask Its Underlying Issues

Oyo (1698548D IN) is looking to raise around US$700m in its upcoming India IPO. Oyo runs a digital platform that serves as a hotel and home...

Clarence Chu

ECM Weekly (25th Sep 2022) - Onewo, Leapmotor, CALB, Socionext, WCP, Sula, Jenscare, EbixCash, Atlas

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

EbixCash Pre-IPO - The Negatives - Growing Too Fast for Its Previous Auditors, and Short Sellers

EbixCash is looking to raise around US$800m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

ECM Weekly (29th May 2022) -Woodside, Cloud Village, Delhivery, Nufarm, Converge, Oyo, Sayona Mining

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)