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>Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a>.</li>
<li>The discount seems enticing, however, the company’s recent share performance and longer term track record aren’t great.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in Nissan Motor (7201 JP).
The discount seems enticing, however, the company’s recent share performance and longer term track record aren’t great.
In this note, we will talk about the placement and run the deal through our ECM framework.


Nissan Motor Placement - Discount Is Enticing but Track Record and Momentum Aren’t Great

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> raised about US$238m in its India IPO.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Vikram Solar (0490158D IN) raised about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

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 Bottom-Up

Lumax Auto Technologies / Equity Bottom-Up

<ul>
<li>
 Lumax’s strong product portfolio, global partnerships, and 80% market share in key segments position it as a dominant player in India’s automotive component industry.</li>
<li>Lumax’s strategic acquisitions, including IAC India and GreenFuel Mobility, and the "NorthStar Strategy" aim to drive revenue growth, operating margins, and leadership in clean mobility solutions.</li>
<li>
 Lumax’s SHIFT project enable technological integration, enhancing product offerings and content per vehicle, positioning LATL for long-term growth in the automotive market.</li>
</ul>



 Lumax’s strong product portfolio, global partnerships, and 80% market share in key segments position it as a dominant player in India’s automotive component industry.
Lumax’s strategic acquisitions, including IAC India and GreenFuel Mobility, and the "NorthStar Strategy" aim to drive revenue growth, operating margins, and leadership in clean mobility solutions.

 Lumax’s SHIFT project enable technological integration, enhancing product offerings and content per vehicle, positioning LATL for long-term growth in the automotive market.


The Beat Ideas: Lumax Auto Technologies - Accelerating Ahead with the 20.20.20.20 Strategy

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Thematic (Sector/Industry)

<ul>
<li>India is set for its biggest GST overhaul since 2017, with a shift to a dual-slab GST system (5% and 18%) to simplify tax structures, reduce consumer prices, boost consumption</li>
<li>The proposed rate cuts are likely to drive increased consumption, benefiting sectors like automobiles, cement, and consumer durables, and provide a multi-engine growth boost for the economy.</li>
<li>With the GST reform potentially lowering inflation, raising private sector investments, and stimulating discretionary spending, we see a positive impact on GDP growth by around 1.6-2% in the medium term.</li>
</ul>


India is set for its biggest GST overhaul since 2017, with a shift to a dual-slab GST system (5% and 18%) to simplify tax structures, reduce consumer prices, boost consumption
The proposed rate cuts are likely to drive increased consumption, benefiting sectors like automobiles, cement, and consumer durables, and provide a multi-engine growth boost for the economy.
With the GST reform potentially lowering inflation, raising private sector investments, and stimulating discretionary spending, we see a positive impact on GDP growth by around 1.6-2% in the medium term.


Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> is looking to raise about US$238m in its India IPO.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Vikram Solar (0490158D IN) is looking to raise about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Vikram Solar IPO - RHP Updates, Peer Comp and Thoughts on Valuations

India

Tata Motors Passenger Vehicles Limited provides cars and commercial vehicles. The Company designs, manufactures, and sells fossil fuel and electric cars, as well as heavy, medium, and small commercial vehicles including trucks, tankers, vans, buses, ambulances, and mini-buses. Tata Motors Passenger Vehicles serves customers worldwide.

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Tata Motors Passenger Vehicles (TMPV IN)

Nissan Motor Placement - Discount Is Enticing but Track Record and Momentum Aren’t Great

Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in Nissan Motor (7201 JP). In this note, we run the deal...

Sumeet Singh

Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Vikram Solar raised about US$238m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

The Beat Ideas: Lumax Auto Technologies - Accelerating Ahead with the 20.20.20.20 Strategy

Lumax dominates India's automotive component industry with strong product portfolio, strategic acquisitions, and focus on clean mobility solutions...

Sudarshan Bhandari

Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...

Nimish Maheshwari

Vikram Solar IPO - RHP Updates, Peer Comp and Thoughts on Valuations

Vikram Solar is looking to raise about US$238m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nissan Motor Placement - Discount Is Enticing but Track Record and Momentum Aren’t Great

Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in Nissan Motor (7201 JP). In this note, we run the deal...

Sumeet Singh

Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Vikram Solar raised about US$238m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

The Beat Ideas: Lumax Auto Technologies - Accelerating Ahead with the 20.20.20.20 Strategy

​Lumax dominates India's automotive component industry with strong product portfolio, strategic acquisitions, and focus on clean mobility solutions...

Sudarshan Bhandari

Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

​India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...

Nimish Maheshwari

Vikram Solar IPO - RHP Updates, Peer Comp and Thoughts on Valuations

Vikram Solar is looking to raise about US$238m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in...

Akshat Shah

Lumax dominates India's automotive component industry with strong product portfolio, strategic acquisitions, and focus on clean mobility solutions...

India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...