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/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the deal dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the deal dynamics and possible placement.


Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Thematic (Sector/Industry)

<ul>
<li>Heineken | no real triggers for the near term; October may bring more clarity</li>
<li>The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt to under promise and overdeliver or rather a signal that the current market environment is still rather challenging.</li>
<li>In case of the latter, management would have an additional buffer to avoid new disappointments.</li>
</ul>


Heineken | no real triggers for the near term; October may bring more clarity
The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt to under promise and overdeliver or rather a signal that the current market environment is still rather challenging.
In case of the latter, management would have an additional buffer to avoid new disappointments.


What's New(S) In Amsterdam - 29 July (Heineken | Philips | JET | E-Com | Housing Market)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a>, a hyperlocal commerce platform, aims to raise up to US$1.35 billion through an IPO at a price range of Rs371-390.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/swiggy-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:163915" rel="noopener">Swiggy IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/swiggy-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:164347" rel="noopener">Swiggy IPO: The Bear Case</a>. 
</li>
<li>Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.</li>
</ul>



Swiggy (1255298D IN), a hyperlocal commerce platform, aims to raise up to US$1.35 billion through an IPO at a price range of Rs371-390.
We previously discussed the IPO in Swiggy IPO: The Bull Case and Swiggy IPO: The Bear Case. 

Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.


External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Just Eat Takeaway.com NV / Equity Bottom-Up

<ul><li>TKWY is a market leader in food delivery in Germany and the Netherlands, as well as other major markets.</li><li>Despite a 90% decline in stock value since before covid, TKWY has an EV of 2.7B EUR.</li><li>M&amp;A multiples in the industry typically range above 0.5x GTV, suggesting potential undervaluation of TKWY's assets and market position.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

TKWY is a market leader in food delivery in Germany and the Netherlands, as well as other major markets.Despite a 90% decline in stock value since before covid, TKWY has an EV of 2.7B EUR.M&amp;A multiples in the industry typically range above 0.5x GTV, suggesting potential undervaluation of TKWY's assets and market position.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Just Eat Takeaway.Com N.V. (JTKWY) - Thursday, Jul 25, 2024

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Amazon announced a partnership with TKWY’s Grubhub where Amazon Prime members will get one year free of Grubhub+ membership.</li>
<li>Amazon has the option to take a 2% stake in Grubhub which could grow to 15% depending on performance conditions.</li>
<li>Deal is a direct shot at DoorDash's Dashpass subscription program, which is 30% of DASH's customers and accounts for ~50%? of GOV... expect a price cut to stave off churn.</li>
</ul>


Amazon announced a partnership with TKWY’s Grubhub where Amazon Prime members will get one year free of Grubhub+ membership.
Amazon has the option to take a 2% stake in Grubhub which could grow to 15% depending on performance conditions.
Deal is a direct shot at DoorDash's Dashpass subscription program, which is 30% of DASH's customers and accounts for ~50%? of GOV... expect a price cut to stave off churn.


Amazon’s Grubhub Deal Worse for DoorDash than Uber

United Kingdom

Just Eat Takeaway.com N.V. is an online food ordering company. The Company offers mobile application for ordering and delivering of food and beverages. Just Eat Takeaway.com serves customers worldwide.

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Just Eat Takeaway.com NV (TKWY NA)

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.

Sumeet Singh

What's New(S) In Amsterdam - 29 July (Heineken | Philips | JET | E-Com | Housing Market)

The key-question that remains after yesterday’s earnings call is whether Heineken’s decision to hold on to its earlier FY25 guidance is an attempt...

The IDEA!

Swiggy IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.

Arun George

Just Eat Takeaway.Com N.V. (JTKWY) - Thursday, Jul 25, 2024

TKWY is a market leader in food delivery in Germany and the Netherlands, as well as other major markets. Despite a 90% decline in stock value since...

Value Investors Club (VIC)

Amazon’s Grubhub Deal Worse for DoorDash than Uber

Amazon's deal with TKWY's Grubhub is great for Prime members... and not great for DoorDash investors, whose fledgling Dashpass subscription has...

Aaron Gabin

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