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

<ul>
<li>India raised effective gold import duty from 6% to 15% overnight via a 10% basic customs duty plus 5% AIDC, the steepest hike since 2013.</li>
<li>Gold imports hit a record $71.98 billion in FY26. Titan's jewellery business, contributing 85% of revenue, faces an acute near-term demand and margin headwind.</li>
<li>Historical data shows Titan typically corrects 10–25% within a month of duty hikes, then recovers over 6–12 months. The organised sector ultimately benefits as unorganised players struggle most.</li>
</ul>


India raised effective gold import duty from 6% to 15% overnight via a 10% basic customs duty plus 5% AIDC, the steepest hike since 2013.
Gold imports hit a record $71.98 billion in FY26. Titan's jewellery business, contributing 85% of revenue, faces an acute near-term demand and margin headwind.
Historical data shows Titan typically corrects 10–25% within a month of duty hikes, then recovers over 6–12 months. The organised sector ultimately benefits as unorganised players struggle most.


India's Gold Duty Shock: History Shows Titan Rebounds,But First Comes Pain

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>PM Modi on May 10 urged Indians to halt gold purchases, revive work-from-home, and cut fossil-fuel use, directly threatening the demand base of three listed sectors.</li>
<li>With crude above $100/bbl, a strained rupee, and FY26 gold imports at a record ~$72billion, the PM's remarks signal that policy tightening, including possible import-duty hikes, cannot be ruled out.</li>
<li>The sell-off in Titan, IndiGo and Maruti may look like a sentiment tantrum, but the underlying macro mechanics argue the pain is structural, not episodic.</li>
</ul>


PM Modi on May 10 urged Indians to halt gold purchases, revive work-from-home, and cut fossil-fuel use, directly threatening the demand base of three listed sectors.
With crude above $100/bbl, a strained rupee, and FY26 gold imports at a record ~$72billion, the PM's remarks signal that policy tightening, including possible import-duty hikes, cannot be ruled out.
The sell-off in Titan, IndiGo and Maruti may look like a sentiment tantrum, but the underlying macro mechanics argue the pain is structural, not episodic.


Modi's Speech Signal Hits Three Sectors in One Day

Equity Bottom-Up

<ul>
<li>Titan delivered blockbuster jewellery performance despite a ~65% YoY surge in gold prices and launched beYon, its lab-grown diamond brand.</li>
<li>Strong pricing power funds experimentation; LGDs expand diamond adoption among younger buyers without cannibalizing natural diamonds.</li>
<li>BeYon adds long-term relevance and optionality while the core jewellery engine remains cash generative.</li>
</ul>


Titan delivered blockbuster jewellery performance despite a ~65% YoY surge in gold prices and launched beYon, its lab-grown diamond brand.
Strong pricing power funds experimentation; LGDs expand diamond adoption among younger buyers without cannibalizing natural diamonds.
BeYon adds long-term relevance and optionality while the core jewellery engine remains cash generative.


Titan’s LGD Move: Expanding Diamond Adoption with BeYon

India

Titan Company Limited is an Indian fashion accessories company that primarily manufactures jewellery, watches, and eyewear. The company also offers fragrances, fashion accessories, and Indian dress wear under various brands. It is part of the Tata Group and was founded in 1984, with its corporate headquarters in Bengaluru, India.

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Titan (TTAN 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

India's Gold Duty Shock: History Shows Titan Rebounds,But First Comes Pain

India raises gold import duty to 15%, impacting Titan's jewellery business which faces demand and margin challenges. Historical data suggests...

Sudarshan Bhandari

Modi's Speech Signal Hits Three Sectors in One Day

PM Modi's call to halt gold purchases and cut fossil-fuel use threatens sectors like Titan, IndiGo, and Maruti, signaling possible policy tightening.

Nimish Maheshwari

Titan’s LGD Move: Expanding Diamond Adoption with BeYon

Titan's strong performance in the jewellery sector, including the launch of lab-grown diamonds, demonstrates pricing power and long-term relevance.

Sudarshan Bhandari

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

India's Gold Duty Shock: History Shows Titan Rebounds,But First Comes Pain

​India raises gold import duty to 15%, impacting Titan's jewellery business which faces demand and margin challenges. Historical data suggests...

Sudarshan Bhandari

Modi's Speech Signal Hits Three Sectors in One Day

​PM Modi's call to halt gold purchases and cut fossil-fuel use threatens sectors like Titan, IndiGo, and Maruti, signaling possible policy tightening.

Nimish Maheshwari

Titan’s LGD Move: Expanding Diamond Adoption with BeYon

​Titan's strong performance in the jewellery sector, including the launch of lab-grown diamonds, demonstrates pricing power and long-term relevance.

Sudarshan Bhandari

India raises gold import duty to 15%, impacting Titan's jewellery business which faces demand and margin challenges. Historical data suggests...

PM Modi's call to halt gold purchases and cut fossil-fuel use threatens sectors like Titan, IndiGo, and Maruti, signaling possible policy tightening.

Titan's strong performance in the jewellery sector, including the launch of lab-grown diamonds, demonstrates pricing power and long-term relevance.