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>Bharat FIH (BFIH) aims to raise around US$660m in its India IPO via selling a mix of both primary and secondary shares. BFIH is a subsidiary of Foxconn.</li>
<li>Its initial operations were focussed on mobile phones, of late it has been expanding its portfolio to include mechanics, electric vehicles, televisions and hearables. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Bharat FIH (BFIH) aims to raise around US$660m in its India IPO via selling a mix of both primary and secondary shares. BFIH is a subsidiary of Foxconn.
Its initial operations were focussed on mobile phones, of late it has been expanding its portfolio to include mechanics, electric vehicles, televisions and hearables. 
In this note, we will talk about the positive aspects of the deal.


Bharat FIH Pre-IPO - The Positives - A Whole Lot of Promise

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

Tata Consultancy Services / Equity Bottom-Up

<div><div><div><div><ul><li>Macro not hitting demand yet: TCS indicated that order pipeline velocity and deal closures continue to be strong.</li><li>While client conversations at the CXO levels see great deal of discussions on the macro challenges, they have not translated into spending cuts yet.</li><li>TCS stated that it has been constantly polling clients to see whether there is an early indication of demand softening, and as of now there is none to speak of.</li></ul></div></div></div></div><p><em>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.</em></p>

Macro not hitting demand yet: TCS indicated that order pipeline velocity and deal closures continue to be strong.While client conversations at the CXO levels see great deal of discussions on the macro challenges, they have not translated into spending cuts yet.TCS stated that it has been constantly polling clients to see whether there is an early indication of demand softening, and as of now there is none to speak of.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.

Tata Consultancy Services - Steady as of Now but Visibility and Order Inflow Seem Challenges

Allied Blenders and Distillers / Equity Capital Markets

<ul>
<li>Allied Blenders and Distillers (ABD) is looking to raise about US$250m in its upcoming India IPO. The deal will be run by ISec, Axis, JM Fin, Kotak and Equirus.</li>
<li>ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY21.</li>
<li>It had a market share of 8.2% in the IMFL market by sales volumes in FY21. Its products are retailed at over 64,000 outlets in India.</li>
</ul>


Allied Blenders and Distillers (ABD) is looking to raise about US$250m in its upcoming India IPO. The deal will be run by ISec, Axis, JM Fin, Kotak and Equirus.
ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY21.
It had a market share of 8.2% in the IMFL market by sales volumes in FY21. Its products are retailed at over 64,000 outlets in India.


Allied Blenders and Distillers Pre-IPO Tear Sheet

<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>A few IPOs are lined up in Thailand and South Korea, in addition a number of deals are gearing up for launch.</li>
<li>There were no major placements last week. Although there are a few large lockup releases soon.</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.
A few IPOs are lined up in Thailand and South Korea, in addition a number of deals are gearing up for launch.
There were no major placements last week. Although there are a few large lockup releases soon.


ECM Weekly (26th June 2022) - Tianqi, Thai Life, Thai Bev, ClouDr, ACommerce, SenseTime, SonaComstar

<ul>
<li>Sona Comstar (Sona) raised around US$761m in its Indian IPO in Jun 2021. </li>
<li>The shares are now trading well above the IPO price and its largest PE investor, Blackstone, will be released from its lockup soon.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Sona Comstar (Sona) raised around US$761m in its Indian IPO in Jun 2021. 
The shares are now trading well above the IPO price and its largest PE investor, Blackstone, will be released from its lockup soon.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Sona Comstar Lock-Up - Blackstone up 17x, Sold Half in the IPO with over US$1bn Left

India

Tata Consultancy Services (TCS) is an Indian multinational information technology (IT) services and consulting company. It offers a comprehensive portfolio of services including IT infrastructure services, engineering and industrial services, business intelligence, and cloud services, along with various business solutions to multiple industries. TCS is headquartered in Mumbai, Maharashtra, India, and was founded in 1968.

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Tata Consultancy Services (TCS IN)

Bharat FIH Pre-IPO - The Positives - A Whole Lot of Promise

Bharat FIH aims to raise around US$660m in its India IPO. BFIH is a subsidiary of Foxconn. In this note, we talk about the positive aspects of the...

Sumeet Singh

Tata Consultancy Services - Steady as of Now but Visibility and Order Inflow Seem Challenges

TCS delivered 3.5% CC QoQ revenue growth, below our estimate of 4.5% but likely in line with consensus. EBIT margin at 23.1% came in line with our...

Nirmal Bang

Allied Blenders and Distillers Pre-IPO Tear Sheet

Allied Blenders and Distillers (ABD) is looking to raise about US$250m in its upcoming India IPO. The deal will be run by ISec, Axis, JM Fin, Kotak...

Sumeet Singh

ECM Weekly (26th June 2022) - Tianqi, Thai Life, Thai Bev, ClouDr, ACommerce, SenseTime, SonaComstar

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

Sona Comstar Lock-Up - Blackstone up 17x, Sold Half in the IPO with over US$1bn Left

Sona Comstar (Sona) raised around US$761m in its Indian IPO in Jun 2021. The shares are trading well above the IPO price. Blackstone still owns...

Sumeet Singh

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