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.

Event-Driven

<ul>
<li>In Aug 2022, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.</li>
<li>Leading to a selldown by <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


In Aug 2022, Zomato (ZOMATO IN) completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.
Leading to a selldown by Softbank Group (9984 JP) in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.
In this note, we will talk about the lock-up dynamics and recent updates.


Zomato Lock-Up - Last of the Softbank Selldown

<ul>
<li>In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN)</a>. Prior to that it had sold a similar amount in Mar 2022.</li>
<li>CPPIB will be released from its placement linked lockup early next month.</li>
<li>In this note, we will talk about the lockup dynamics and past deals performance.</li>
</ul>


In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in Mar 2022.
CPPIB will be released from its placement linked lockup early next month.
In this note, we will talk about the lockup dynamics and past deals performance.


Kotak Mahindra Bank - US$1.2 Billion Lockup Release

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Equity Derivatives

Tata Consultancy Services / Equity Derivatives

<ul>
<li>TCS has logged its highest-ever senior-level attrition since its 2004 IPO: 16% among the top 1,800 leaders, with over 300 VPs and principal consultants departing in 8 months.</li>
<li>Senior exits don't just erode headcount. They sever client relationships, disrupt delivery continuity, and hollow out mentoring chains precisely the institutional muscle TCS needs to execute deals in AI-transformation era.</li>
<li>The question for FY27 is whether TCS can protect delivery execution while simultaneously reinventing its operating model around AI.</li>
</ul>


TCS has logged its highest-ever senior-level attrition since its 2004 IPO: 16% among the top 1,800 leaders, with over 300 VPs and principal consultants departing in 8 months.
Senior exits don't just erode headcount. They sever client relationships, disrupt delivery continuity, and hollow out mentoring chains precisely the institutional muscle TCS needs to execute deals in AI-transformation era.
The question for FY27 is whether TCS can protect delivery execution while simultaneously reinventing its operating model around AI.


TCS's Silent Leadership Crisis: When the Pyramid Cracks at the Top

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Equity Bottom-Up

Tata Consultancy Services / Equity Bottom-Up

<ul>
<li>TCS posted FY26 dollar revenue of $30,017 million, a 0.5% annual decline, marking the first-ever full-year contraction in US dollar terms in the company's publicly listed history.</li>
<li>It reflects demand compression across BFSI, life sciences, and North America, compounded by AI-driven pricing pressure and macro uncertainty that show no near-term resolution.</li>
<li>The growing gap between TCV and realized revenue raises questions about conversion velocity, deal pricing, and whether AI-linked productivity models are structurally compressing revenue per contract.</li>
</ul>


TCS posted FY26 dollar revenue of $30,017 million, a 0.5% annual decline, marking the first-ever full-year contraction in US dollar terms in the company's publicly listed history.
It reflects demand compression across BFSI, life sciences, and North America, compounded by AI-driven pricing pressure and macro uncertainty that show no near-term resolution.
The growing gap between TCV and realized revenue raises questions about conversion velocity, deal pricing, and whether AI-linked productivity models are structurally compressing revenue per contract.


TCS FY26: The Year the Dollar Revenue Growth Streak Broke

<ul>
<li>The sector is shifting from traditional "digital" models to "AI-First" architectures, industrializing AI through autonomous agents and "Physical AI" to deliver production-level, ROI-led deployments.</li>
<li>Automation-Driven productivity gains of up to 50% threaten 30-40% of service revenue, particularly in coding and testing, creating a persistent 2% annual growth headwind</li>
<li>Top firms like TCS and HCL Tech are countering price pressure by pivoting toward high-value, platform-based models and outcome-based billing to ensure long-term survival.</li>
</ul>


The sector is shifting from traditional "digital" models to "AI-First" architectures, industrializing AI through autonomous agents and "Physical AI" to deliver production-level, ROI-led deployments.
Automation-Driven productivity gains of up to 50% threaten 30-40% of service revenue, particularly in coding and testing, creating a persistent 2% annual growth headwind
Top firms like TCS and HCL Tech are countering price pressure by pivoting toward high-value, platform-based models and outcome-based billing to ensure long-term survival.


India’s IT Evolution: Architecting the ‘AI-First’ Future to Counter Revenue Deflation

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)

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

Kotak Mahindra Bank - US$1.2 Billion Lockup Release

In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in...

Sumeet Singh

TCS's Silent Leadership Crisis: When the Pyramid Cracks at the Top

TCS faces challenge as senior-level attrition hits record high, impacting client relationships and delivery continuity. Can they navigate AI era...

Sudarshan Bhandari

TCS FY26: The Year the Dollar Revenue Growth Streak Broke

TCS sees first-ever full-year revenue decline in FY26 due to demand compression, pricing pressure, and macro uncertainty, raising questions about...

Nimish Maheshwari

India’s IT Evolution: Architecting the ‘AI-First’ Future to Counter Revenue Deflation

The article discusses the shift to "AI-First" architectures in the tech sector, with automation threatening service revenue and top firms adapting...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

Kotak Mahindra Bank - US$1.2 Billion Lockup Release

In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in...

Sumeet Singh

TCS's Silent Leadership Crisis: When the Pyramid Cracks at the Top

​TCS faces challenge as senior-level attrition hits record high, impacting client relationships and delivery continuity. Can they navigate AI era...

Sudarshan Bhandari

TCS FY26: The Year the Dollar Revenue Growth Streak Broke

​TCS sees first-ever full-year revenue decline in FY26 due to demand compression, pricing pressure, and macro uncertainty, raising questions about...

Nimish Maheshwari

India’s IT Evolution: Architecting the ‘AI-First’ Future to Counter Revenue Deflation

​The article discusses the shift to "AI-First" architectures in the tech sector, with automation threatening service revenue and top firms adapting...

Nimish Maheshwari

TCS faces challenge as senior-level attrition hits record high, impacting client relationships and delivery continuity. Can they navigate AI era...

TCS sees first-ever full-year revenue decline in FY26 due to demand compression, pricing pressure, and macro uncertainty, raising questions about...

The article discusses the shift to "AI-First" architectures in the tech sector, with automation threatening service revenue and top firms adapting...