APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

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

Thematic (Sector/Industry)

<ul>
<li>UltraTech has launched Ultravolt from a 10.98 lakh-km Gujarat facility, backed by Rs. 1,800 crore and a top-two ambition within five years.</li>
<li>The entrant can fund channel incentives, advertising and rapid distribution without depending on early profitability, raising competitive intensity in retail wires.</li>
<li>Polycab’s leadership remains defensible, but its margin-of-safety narrows: future share gains may require higher dealer support and brand spending.</li>
</ul>


UltraTech has launched Ultravolt from a 10.98 lakh-km Gujarat facility, backed by Rs. 1,800 crore and a top-two ambition within five years.
The entrant can fund channel incentives, advertising and rapid distribution without depending on early profitability, raising competitive intensity in retail wires.
Polycab’s leadership remains defensible, but its margin-of-safety narrows: future share gains may require higher dealer support and brand spending.


UltraTech’s Ultravolt Entry: A Margin Threat in Entire Wire & Cable Industry

Equity & Credit Research

Duncan Chan

<ul>
<li>Despite producing more than 4 billion tonnes annually, the global cement industry continues to trade close to replacement value, suggesting growth expectations remain relatively modest.</li>
<li>India has become the clearest source of incremental demand growth, with cement demand expanding by approximately 6-8% annually and leading producers continuing to add capacity.</li>
<li>Dangote's proposed London listing may become an observable test of whether global investors are willing to pay a premium for African construction growth.</li>
</ul>


Despite producing more than 4 billion tonnes annually, the global cement industry continues to trade close to replacement value, suggesting growth expectations remain relatively modest.
India has become the clearest source of incremental demand growth, with cement demand expanding by approximately 6-8% annually and leading producers continuing to add capacity.
Dangote's proposed London listing may become an observable test of whether global investors are willing to pay a premium for African construction growth.


From Benchmark To Growth: What Cement Demand May Be Telling Investors

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>The Indian cement sector faces severe margin compression from a INR 400 per tonne geopolitical cost shock, despite reporting robust Q4 volume growth. </li>
<li>Coordinated price hikes of INR 10 to INR 12 per bag will only partially offset the massive margin squeeze, as pricing trails cost inflation. </li>
<li>Primary downside risks include further geopolitical escalation driving fuel prices higher, an inability to sustain recent price hikes, and weakening demand post elections.</li>
</ul>


The Indian cement sector faces severe margin compression from a INR 400 per tonne geopolitical cost shock, despite reporting robust Q4 volume growth. 
Coordinated price hikes of INR 10 to INR 12 per bag will only partially offset the massive margin squeeze, as pricing trails cost inflation. 
Primary downside risks include further geopolitical escalation driving fuel prices higher, an inability to sustain recent price hikes, and weakening demand post elections.


Indian Cement Industry: Can Price Hikes Offset the Geopolitical Shock?

<ul>
<li>India is intensifying its electric mobility push to achieve 30% EV sales by 2030, focusing on mandates, financing, and targeted city-level saturation to accelerate adoption.</li>
<li>The EV transition will reduce oil imports, cut emissions, enhance renewable energy integration, and position India as a global clean mobility leader amid slow early progress.</li>
<li>A decisive shift from incentives to mandates, coupled with focused financing, R&amp;D, and urban pilot programs, can fast-track India’s electric mobility transformation over the next five years.</li>
</ul>


India is intensifying its electric mobility push to achieve 30% EV sales by 2030, focusing on mandates, financing, and targeted city-level saturation to accelerate adoption.
The EV transition will reduce oil imports, cut emissions, enhance renewable energy integration, and position India as a global clean mobility leader amid slow early progress.
A decisive shift from incentives to mandates, coupled with focused financing, R&amp;D, and urban pilot programs, can fast-track India’s electric mobility transformation over the next five years.


Thematic Report: India’s EV Curve Is Accelerating into Untapped Segments

India

UltraTech Cement Limited is an Indian multinational cement company that manufactures, markets, and distributes building materials. It is India's largest manufacturer of grey cement, ready-mix concrete (RMC), and white cement, offering a wide range of products including Ordinary Portland Cement, Portland Pozzolana Cement, and various building solutions. The company is headquartered in Mumbai, India, and was founded in 1983.

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UltraTech Cement (UTCEM IN)

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

UltraTech’s Ultravolt Entry: A Margin Threat in Entire Wire & Cable Industry

UltraTech raises the cost of defending the market but Polycab’s 30–31% organised-market share, product breadth and distribution depth make...

Sudarshan Bhandari

From Benchmark To Growth: What Cement Demand May Be Telling Investors

Despite producing over 4 billion tonnes annually, the global cement industry still trades near replacement value. India and Africa may determine...

Duncan Chan

Indian Cement Industry: Can Price Hikes Offset the Geopolitical Shock?

Indian cement sector experiences severe margin compression due to INR 400 per tonne cost shock, despite strong Q4 volume growth.

Nimish Maheshwari

Thematic Report: India’s EV Curve Is Accelerating into Untapped Segments

India aims for 30% EV sales by 2030 to reduce oil imports, cut emissions, and position as a global clean mobility leader through mandates,...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

UltraTech’s Ultravolt Entry: A Margin Threat in Entire Wire & Cable Industry

UltraTech raises the cost of defending the market but Polycab’s 30–31% organised-market share, product breadth and distribution depth make...

Sudarshan Bhandari

From Benchmark To Growth: What Cement Demand May Be Telling Investors

Despite producing over 4 billion tonnes annually, the global cement industry still trades near replacement value. India and Africa may determine...

Duncan Chan

Indian Cement Industry: Can Price Hikes Offset the Geopolitical Shock?

​Indian cement sector experiences severe margin compression due to INR 400 per tonne cost shock, despite strong Q4 volume growth.

Nimish Maheshwari

Thematic Report: India’s EV Curve Is Accelerating into Untapped Segments

​India aims for 30% EV sales by 2030 to reduce oil imports, cut emissions, and position as a global clean mobility leader through mandates,...

Sudarshan Bhandari

Indian cement sector experiences severe margin compression due to INR 400 per tonne cost shock, despite strong Q4 volume growth.

India aims for 30% EV sales by 2030 to reduce oil imports, cut emissions, and position as a global clean mobility leader through mandates,...