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/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company (UCL IN)</a> (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company</a> (UC) raised around US$220m in its heavily subscribed India IPO.</li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Urban Company (UC) raised around US$220m in its heavily subscribed India IPO.
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Urban Company IPO Trading - Highest Demand so Far This Year

<ul>
<li>
<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company (UCL IN)</a> is looking to raise about US$220m in its upcoming India IPO.</li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Urban Company (UCL IN) is looking to raise about US$220m in its upcoming India IPO.
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.


Urban Company IPO - Thoughts on Valuations - Not a Whole Lot of Upside

<ul>
<li>
<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company</a>(UC) is looking to raise about US$220m in its upcoming India IPO. </li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Urban Company(UC) is looking to raise about US$220m in its upcoming India IPO. 
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
In this note, we look at the company’s past performance.


Urban Company IPO - Hyperlocal SME Services Increases Disintermediation Risk

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yatra-online-ltd" target="_blank" data-smartkarma-citation="entities:40288:1" rel="noopener">Yatra (YATRA IN)</a> had its IPO recently and is the third largest OTA players in India (among key OTA players) in F23. </li>
<li>When it comes to the financials and forensics, there are several red alarms that catch our attention. </li>
<li>These include weak internal controls as highlighted by auditors, poor earnings quality, revenue recognition woes, high litigation liabilities off the books, etc. </li>
</ul>



Yatra (YATRA IN) had its IPO recently and is the third largest OTA players in India (among key OTA players) in F23. 
When it comes to the financials and forensics, there are several red alarms that catch our attention. 
These include weak internal controls as highlighted by auditors, poor earnings quality, revenue recognition woes, high litigation liabilities off the books, etc. 


United States

Yatra Online, Inc. provides online travel agency services. The Company helps businesses and consumers to book airline, railway, and bus tickets, as well as car and hotel accommodations for customers. Yatra Online serves customers in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Yatra Online (YTRA US)

Aequitas: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Urban Company IPO Trading - Highest Demand so Far This Year

Urban Company (UC) raised around US$220m in its heavily subscribed India IPO. In this note, we talk about the trading updates.

Sumeet Singh

Urban Company IPO - Thoughts on Valuations - Not a Whole Lot of Upside

Urban Company (UCL IN) is looking to raise about US$220m in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Urban Company IPO - Hyperlocal SME Services Increases Disintermediation Risk

Urban Company(UC) is looking to raise about US$220m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

Yatra Online Ltd- Forensic Analysis

Yatra's recent IPO reveals concerning financials and red flags including weak internal controls, poor earnings quality, revenue recognition...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Urban Company IPO Trading - Highest Demand so Far This Year

Urban Company (UC) raised around US$220m in its heavily subscribed India IPO. In this note, we talk about the trading updates.

Sumeet Singh

Urban Company IPO - Thoughts on Valuations - Not a Whole Lot of Upside

Urban Company (UCL IN) is looking to raise about US$220m in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Urban Company IPO - Hyperlocal SME Services Increases Disintermediation Risk

Urban Company(UC) is looking to raise about US$220m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

Yatra Online Ltd- Forensic Analysis

​Yatra's recent IPO reveals concerning financials and red flags including weak internal controls, poor earnings quality, revenue recognition...

Nitin Mangal

Yatra's recent IPO reveals concerning financials and red flags including weak internal controls, poor earnings quality, revenue recognition...