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

Thematic (Sector/Industry)

<ul>
<li>Q1 FY27 delivered positive SSSG/LFL for six of seven tracked brand KPIs. Burger King India led at 12.6%.</li>
<li>The recovery is largely transaction- and guest-count-led, creating better operating leverage than a price-only growth cycle.</li>
<li>Raw store additions are no longer enough. Investors should track mature-store sales, closure quality and pre-Ind AS restaurant margins together.</li>
</ul>


Q1 FY27 delivered positive SSSG/LFL for six of seven tracked brand KPIs. Burger King India led at 12.6%.
The recovery is largely transaction- and guest-count-led, creating better operating leverage than a price-only growth cycle.
Raw store additions are no longer enough. Investors should track mature-store sales, closure quality and pre-Ind AS restaurant margins together.


India QSR: Turnaround in Sector After 2 Years of Lag!

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>A tectonic shift is reshaping Indian QSR. Homegrown QSRs are overtaking global giants by redefining taste rooted in local flavours, fuelled by digital agility and tier 2/3 dominance.</li>
<li>Global QSR giants are fighting back by Indianising their menus. Half of Burger King and McDonald’s offerings now cater to local tastes, marking  strategic pivot to stay relevant in changing market.</li>
<li>Markets have adjusted to this new paradigm as valuations derate across listed QSRs while local players witness improved access to capital. Will listed QSRs see their fortunes revive here on?</li>
</ul>


A tectonic shift is reshaping Indian QSR. Homegrown QSRs are overtaking global giants by redefining taste rooted in local flavours, fuelled by digital agility and tier 2/3 dominance.
Global QSR giants are fighting back by Indianising their menus. Half of Burger King and McDonald’s offerings now cater to local tastes, marking  strategic pivot to stay relevant in changing market.
Markets have adjusted to this new paradigm as valuations derate across listed QSRs while local players witness improved access to capital. Will listed QSRs see their fortunes revive here on?


Redefining Fast Food: Are Indian QSRs Biting off Western QSRs?

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/barbeque-nation-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:28868:1" rel="noopener">Barbeque Nation Hospitality (BARBEQUE IN)</a> has a strong operating model, well-regarded management, and a good dining experience, resonating well with non-vegetarian and corporate customers.</li>
<li>Current consumer trends show increased spending in the restaurant business, driven by social pressure to showcase lifestyles on platforms like Instagram.</li>
<li>ONDC has potential as a platform but faces challenges in scaling up due to infrastructure and delivery integration issues.</li>
</ul>



Barbeque Nation Hospitality (BARBEQUE IN) has a strong operating model, well-regarded management, and a good dining experience, resonating well with non-vegetarian and corporate customers.
Current consumer trends show increased spending in the restaurant business, driven by social pressure to showcase lifestyles on platforms like Instagram.
ONDC has potential as a platform but faces challenges in scaling up due to infrastructure and delivery integration issues.


Trends in Casual Dining, Quick Service and Online Food Delivery

Bagmane Prime Office REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bagmane-prime-office-reit" target="_blank" data-smartkarma-citation="entities:46266:1" rel="noopener">Bagmane Prime Office REIT (BPO IN)</a> plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. </li>
<li>The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).</li>
<li>The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).</li>
</ul>



Bagmane Prime Office REIT (BPO IN) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. 
The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).
The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).


Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

India

Sapphire Foods India Limited is a prominent omnichannel restaurant operator and a primary franchisee for YUM! Brands Inc. The company develops, manages, and operates a vast network of Quick Service Restaurants (QSRs) under the KFC, Pizza Hut, and Taco Bell brands across India, Sri Lanka, and the Maldives. Established in 2009, its headquarters are located in Mumbai, Maharashtra, India.

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Sapphire Foods India (SAPPHIRE 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

India QSR: Turnaround in Sector After 2 Years of Lag!

Q1 FY27 saw positive sales growth for most brands, led by Burger King India. Recovery driven by transactions, not just prices. Investors should...

Nimish Maheshwari

Redefining Fast Food: Are Indian QSRs Biting off Western QSRs?

Indian QSRs are redefining taste with local flavors, leading global giants to Indianize their menus. Listed QSRs are seeing valuations derate...

Himanshu Dugar

Trends in Casual Dining, Quick Service and Online Food Delivery

Consumer trends: Rising spending, influenced by social pressure and online presence. ONDC: Promising platform, facing scaling challenges with...

Pranav Bhavsar

Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

Bagmane Prime Office Reit (BPOR) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. In this note, we...

Akshat Shah

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52-week Range

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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

India QSR: Turnaround in Sector After 2 Years of Lag!

​Q1 FY27 saw positive sales growth for most brands, led by Burger King India. Recovery driven by transactions, not just prices. Investors should...

Nimish Maheshwari

Redefining Fast Food: Are Indian QSRs Biting off Western QSRs?

​Indian QSRs are redefining taste with local flavors, leading global giants to Indianize their menus. Listed QSRs are seeing valuations derate...

Himanshu Dugar

Trends in Casual Dining, Quick Service and Online Food Delivery

Consumer trends: Rising spending, influenced by social pressure and online presence. ONDC: Promising platform, facing scaling challenges with...

Pranav Bhavsar

Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

Bagmane Prime Office Reit (BPOR) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. In this note, we...

Akshat Shah

Q1 FY27 saw positive sales growth for most brands, led by Burger King India. Recovery driven by transactions, not just prices. Investors should...

Indian QSRs are redefining taste with local flavors, leading global giants to Indianize their menus. Listed QSRs are seeing valuations derate...