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>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder Rakesh Gangwal’s 25%+ stake will be released from lock-up tomorrow.</li>
<li>He had earlier stated his intention to pare down his stake. He has sold shares in Sep 2022, Feb 2023 and Aug 2023.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder Rakesh Gangwal’s 25%+ stake will be released from lock-up tomorrow.
He had earlier stated his intention to pare down his stake. He has sold shares in Sep 2022, Feb 2023 and Aug 2023.
In this note, we will talk about the lockup dynamics and possible placement.


Interglobe Aviation (Indigo) Lockup - Still Has US$3bn+ Stake Left, After Three Prior Selldowns

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Tata Motors Passenger Vehicles / Equity Bottom-Up

<ul><li>TTMT’s board approved the proposal to demerge the company into two separate listed entities, viz a) CV and its related investments and b) PV, including India PV, EV, JLR, and related investments.</li><li>This comes across as a logical progression of separate reporting of the CV and India PV financials run by their respective CEOs (since 2021).</li><li>We believe this signifies management’s confidence that the two businesses can operate independently with self-sustaining cash flows. </li></ul>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.

TTMT’s board approved the proposal to demerge the company into two separate listed entities, viz a) CV and its related investments and b) PV, including India PV, EV, JLR, and related investments.This comes across as a logical progression of separate reporting of the CV and India PV financials run by their respective CEOs (since 2021).We believe this signifies management’s confidence that the two businesses can operate independently with self-sustaining cash flows. 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 Motors - Demerger to Enhance Focus on Respective Businesses

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Tata Motors (TTMT) has announced the demerger of its business verticals into two separate listed companies  which will house: 1) the commercial vehicle (CV) business and its related investments in one entity; and 2) the passenger vehicle (PV) business, including PVs, EVs, JLR, and related investments in another entity.</li><li>While the demerger seems to be a step in the right direction, we do not foresee any need to revisit our target price, which is already based on SoTP valuation.</li><li>Moreover, despite factoring in most of the positive triggers in our estimates, we get limited upside given the recent sharp run-up in the stock. </li></ul>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 Motors (TTMT) has announced the demerger of its business verticals into two separate listed companies  which will house: 1) the commercial vehicle (CV) business and its related investments in one entity; and 2) the passenger vehicle (PV) business, including PVs, EVs, JLR, and related investments in another entity.While the demerger seems to be a step in the right direction, we do not foresee any need to revisit our target price, which is already based on SoTP valuation.Moreover, despite factoring in most of the positive triggers in our estimates, we get limited upside given the recent sharp run-up in the stock. 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 Motors - Positives Seem Fully Priced In

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

<ul>
<li>Tata Motors restructures, separating passenger and commercial vehicle businesses into distinct entities to unlock value in electric vehicles and Jaguar Land Rover unit.</li>
<li>Streamlines operations, enhances shareholder value, and capitalizes on growth opportunities in passenger and commercial vehicle sectors.</li>
<li>Offers investors specialized entities, unlocking hidden value, showcasing proactive adaptation to market changes, and positioning for sustainable growth in the automotive industry.</li>
</ul>


Tata Motors restructures, separating passenger and commercial vehicle businesses into distinct entities to unlock value in electric vehicles and Jaguar Land Rover unit.
Streamlines operations, enhances shareholder value, and capitalizes on growth opportunities in passenger and commercial vehicle sectors.
Offers investors specialized entities, unlocking hidden value, showcasing proactive adaptation to market changes, and positioning for sustainable growth in the automotive industry.


Decoding Tata Motors Demerger: The Way Ahead

Equity Capital Markets

<ul>
<li>AntFin is looking to raise around US$350m by selling around 2% of <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>.</li>
<li>Ant Group had earlier sold some of its stake in Nov 2023 and Ant just came out of lockup from the previous selldown a few days ago.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


AntFin is looking to raise around US$350m by selling around 2% of Zomato (ZOMATO IN).
Ant Group had earlier sold some of its stake in Nov 2023 and Ant just came out of lockup from the previous selldown a few days ago.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged

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)

Interglobe Aviation (Indigo) Lockup - Still Has US$3bn+ Stake Left, After Three Prior Selldowns

The founder is now looking up to US$450m via selling around 3.3% of the company. This deal is well flagged although the timing is a few days later...

Sumeet Singh

Tata Motors - Demerger to Enhance Focus on Respective Businesses

TTMT’s board approved the proposal to demerge the company into two separate listed entities, viz a) CV and its related investments and b) PV,...

Emkay

Tata Motors - Positives Seem Fully Priced In

Moreover, despite factoring in most of the positive triggers in our estimates, we get limited upside given the recent sharp run-up in the...

Motilal Oswal

Decoding Tata Motors Demerger: The Way Ahead

A Detailed Analysis of Tata Motors Demerger to unlock value in EV and JLR, streamlining operations and enhancing shareholder value in passenger...

Nimish Maheshwari

Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged

AntFin is looking to raise around US$350m by selling around 2% of Zomato (ZOMATO IN). In this note, we talk about the deal dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Interglobe Aviation (Indigo) Lockup - Still Has US$3bn+ Stake Left, After Three Prior Selldowns

The founder is now looking up to US$450m via selling around 3.3% of the company. This deal is well flagged although the timing is a few days later...

Sumeet Singh

Tata Motors - Demerger to Enhance Focus on Respective Businesses

TTMT’s board approved the proposal to demerge the company into two separate listed entities, viz a) CV and its related investments and b) PV,...

Emkay

Tata Motors - Positives Seem Fully Priced In

Moreover, despite factoring in most of the positive triggers in our estimates, we get limited upside given the recent sharp run-up in the...

Motilal Oswal

Decoding Tata Motors Demerger: The Way Ahead

​A Detailed Analysis of Tata Motors Demerger to unlock value in EV and JLR, streamlining operations and enhancing shareholder value in passenger...

Nimish Maheshwari

Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged

AntFin is looking to raise around US$350m by selling around 2% of Zomato (ZOMATO IN). In this note, we talk about the deal dynamics.

Sumeet Singh

A Detailed Analysis of Tata Motors Demerger to unlock value in EV and JLR, streamlining operations and enhancing shareholder value in passenger...