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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards </a> raised around US$117m in its India IPO in Dec 2022.</li>
<li>Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. </li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Sula Vineyards  raised around US$117m in its India IPO in Dec 2022.
Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. 
In this note, we will talk about the lock-up dynamics and updates since our last note.


Sula Vineyards IPO Lock-Up - Large Investor Could Look to Completely Exit

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul>
<li>Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)</li>
<li>Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGR</li>
<li>GM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)
Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGR
GM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Colgate Palmolive, Deepak Nitrite, Alkyl Amines, Sapphire Foods

<ul><li>Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)</li><li>Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGR</li><li>GM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGRGM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Colgate Palmolive, Deepak Nitrite, Alkyl Amines

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bikaji-foods-international-ltd" target="_blank" data-smartkarma-citation="entities:36502:1" rel="noopener">Bikaji Foods (BIKAJI IN)</a>, an ethnic snacks company, raised approximately US$107m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire soon.</li>
<li>Bikaji was the third largest ethnic snacks company in India and the second fastest growing company in the Indian organized snacks market in FY22, as per Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Bikaji Foods (BIKAJI IN), an ethnic snacks company, raised approximately US$107m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire soon.
Bikaji was the third largest ethnic snacks company in India and the second fastest growing company in the Indian organized snacks market in FY22, as per Frost &amp; Sullivan (F&amp;S).
In this note, we will talk about the lock-up dynamics and updates since our last note.


Bikaji Foods IPO Lock-Up - Small Expiry with a Chance to Lift the Overhang

<ul><li>Expect pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is decelerating</li><li>Delivery has been under pressure during the last 2-3 quarters and we expect a similar trend in Q4 too</li><li>Dine-in has outpaced delivery during the same period and that divergence is expected to sustain in Q4FY23 also</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Expect pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is deceleratingDelivery has been under pressure during the last 2-3 quarters and we expect a similar trend in Q4 tooDine-in has outpaced delivery during the same period and that divergence is expected to sustain in Q4FY23 alsoContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Sapphire Foods India Limited owns and operates quick service restaurants. The Company offers prepared food and beverages to be served on premise. Sapphire Foods serves clients in India and Sri Lanka.

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Sapphire Foods (SAPPHIRE IN)

Sula Vineyards IPO Lock-Up - Large Investor Could Look to Completely Exit

Sula Vineyards raised around US$117m in its India IPO in Dec 2022. In this note, we talk about the upcoming lock-up expiry.

Sumeet Singh

HSIE Results Daily: Colgate Palmolive, Deepak Nitrite, Alkyl Amines, Sapphire Foods

Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur...

HDFC Securities

HSIE Results Daily: Colgate Palmolive, Deepak Nitrite, Alkyl Amines

Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur...

HDFC Securities

Bikaji Foods IPO Lock-Up - Small Expiry with a Chance to Lift the Overhang

Bikaji Foods (BIKAJI IN), an ethnic snacks company, raised approximately US$107m in its India IPO. The stock was listed on 16th Nov 2022, its six...

Sumeet Singh

QSR: Pressure on demand and margin

Expect pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is decelerating

HDFC Securities

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