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>EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.</li>
<li>EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal</li>
</ul>


EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.
EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.
In this note, we talk about the not-so-positive aspects of the deal


EbixCash Pre-IPO - The Negatives - Growing Too Fast for Its Previous Auditors, and Short Sellers

<ul>
<li>EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.</li>
<li>EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


EbixCash (EC) is looking to raise around US$800m in its upcoming India IPO. The deal will be run by Motilal, Equirus, ISec, SBI Caps and Yes Securities.
EC is a provider of digital products and services in the B2C, B2B and financial technology arena. Its has four primary business segments: Payment solutions, travel, financial technologies and BPO.
In this note, we talk about the positive aspects of the deal.


EbixCash Pre-IPO - The Positives - The Few that There Are: Diversified Offering, Fast Revenue Growth

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

Equity Bottom-Up

Indian Railway Catering & Tourism / Equity Bottom-Up

Indian Railway Catering & Tourism (IRCTC IN)

<a href="https://www.smartkarma.com/entities/indian-railway-catering-and-tourism-corporation-limited" target="_blank" data-smartkarma-citation="entities:33951:1" rel="noopener">Indian Railway Catering and Tourism (IRCTC IN)</a> has given a superficial return to the shareholders since it has got listed on the Indian bourses. The company is in news post the announced split of shares in the ratio of 1:5. On October 28, 2021, the split of share of the company got effected.On the same day i.e. October 28, 2021, post market hours, the company informed exchanges that Ministry of Railways vide above referred letter has conveyed its decision to share the revenue earned from convenience fee collected by IRCTC in the ratio of 50: 50 w.e.f.  November 1, 2021.  The stock got hammered next morning by more than 28%; later during the day i.e. October 29, 2021, the company again informed exchanges that Ministry of Railways has withdrawn its order for sharing convenience fee, as a result stock got recovered and closed at ~7.5% down from the previous close.There are few grey areas in the news created around the company and in this insight we try to analyse the situation and possible way ahead the Ministry may be eyeing for.

Indian Railway Catering and Tourism (IRCTC IN) has given a superficial return to the shareholders since it has got listed on the Indian bourses. The company is in news post the announced split of shares in the ratio of 1:5. On October 28, 2021, the split of share of the company got effected.On the same day i.e. October 28, 2021, post market hours, the company informed exchanges that Ministry of Railways vide above referred letter has conveyed its decision to share the revenue earned from convenience fee collected by IRCTC in the ratio of 50: 50 w.e.f.  November 1, 2021.  The stock got hammered next morning by more than 28%; later during the day i.e. October 29, 2021, the company again informed exchanges that Ministry of Railways has withdrawn its order for sharing convenience fee, as a result stock got recovered and closed at ~7.5% down from the previous close.There are few grey areas in the news created around the company and in this insight we try to analyse the situation and possible way ahead the Ministry may be eyeing for.

IRCTC Limited: The Possible Implication Of Regulatory Fiasco

PB Fintech (PBF), India’s largest online platform for insurance and lending products, aims to raise up to US$793m via selling a mix of primary and secondary shares in its India IPO. The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. As per Frost &amp; Sullivan, the company is a leader in the online sphere in both segments. Despite Paisabazaar having taken a hit due to COVID-19, the company has managed to grow its revenue by 80% over FY19-21. In addition, it has been able to rein in expenses as well leading to an improvement in margins. Although, it was still making losses in FY21. On the flip side, its growth has come on the back of large ad spending and given the transactional nature of both of its platforms combined with the increase in competition, its ad spending will probably remain high. We have covered most aspects of the deal in our previous notes,  <a href="https://www.smartkarma.com/insights/pb-fintech-policybazaar-pre-ipo-the-positives-fast-growth" target="_blank" rel="noopener">PB Fintech (Policybazaar) Pre-IPO - The Positives - Fast Growth</a> and <a href="https://www.smartkarma.com/insights/pb-fintech-policybazaar-pre-ipo-the-negatives-patchy-data-strategy-missteps" target="_blank" rel="noopener">PB Fintech (Policybazaar) Pre-IPO - The Negatives - Patchy Data, Strategy Missteps</a>.In this note, we will talk about updates since our last note and valuations.

PB Fintech (PBF), India’s largest online platform for insurance and lending products, aims to raise up to US$793m via selling a mix of primary and secondary shares in its India IPO. The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. As per Frost &amp; Sullivan, the company is a leader in the online sphere in both segments. Despite Paisabazaar having taken a hit due to COVID-19, the company has managed to grow its revenue by 80% over FY19-21. In addition, it has been able to rein in expenses as well leading to an improvement in margins. Although, it was still making losses in FY21. On the flip side, its growth has come on the back of large ad spending and given the transactional nature of both of its platforms combined with the increase in competition, its ad spending will probably remain high. We have covered most aspects of the deal in our previous notes,  PB Fintech (Policybazaar) Pre-IPO - The Positives - Fast Growth and PB Fintech (Policybazaar) Pre-IPO - The Negatives - Patchy Data, Strategy Missteps.In this note, we will talk about updates since our last note and valuations.

PB Fintech (Policybazaar) IPO - Increasing Competition Will Keep Ad Spending High

Easy Trip Planners / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/easemytrip" target="_blank" data-smartkarma-citation="entities:28897:1" rel="noopener">EaseMyTrip (0896537D IN)</a> or Easy Trip Planners Ltd is the third largest player in the Indian Online Travel Agency (OTA) space behind <a href="https://www.smartkarma.com/entities/makemytrip-ltd" target="_blank" data-smartkarma-citation="entities:23580:1" rel="noopener">Makemytrip Ltd (MMYT US)</a> and <a href="https://www.smartkarma.com/entities/yatra-online-inc" target="_blank" data-smartkarma-citation="entities:25997:1" rel="noopener">Yatra Online (YTRA US); </a>in fact it has surpassed Yatra in the number of gross booking volumes (air ticketing) for F20.
The company has planned to come up with an IPO of INR 5.1 bn this week; the IPO does not entail fresh issue of shares but rather only comprises of offer for sale by the promoters. Similar to our previous coverages on IPO, we will not dwell on the valuation aspect, but instead put forward certain aspects with respect to governance and balance sheet checks which one must know about.

EaseMyTrip (0896537D IN) or Easy Trip Planners Ltd is the third largest player in the Indian Online Travel Agency (OTA) space behind Makemytrip Ltd (MMYT US) and Yatra Online (YTRA US); in fact it has surpassed Yatra in the number of gross booking volumes (air ticketing) for F20.
The company has planned to come up with an IPO of INR 5.1 bn this week; the IPO does not entail fresh issue of shares but rather only comprises of offer for sale by the promoters. Similar to our previous coverages on IPO, we will not dwell on the valuation aspect, but instead put forward certain aspects with respect to governance and balance sheet checks which one must know about. 

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.

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Yatra Online (YTRA US)

EbixCash Pre-IPO - The Negatives - Growing Too Fast for Its Previous Auditors, and Short Sellers

EbixCash is looking to raise around US$800m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

EbixCash Pre-IPO - The Positives - The Few that There Are: Diversified Offering, Fast Revenue Growth

EbixCash is looking to raise around US$800m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

IRCTC Limited: The Possible Implication Of Regulatory Fiasco

There are few grey areas in the news created around the company regarding convenience fee sharing. In this insight we try to analyse the situation...

Nitin Mangal

PB Fintech (Policybazaar) IPO - Increasing Competition Will Keep Ad Spending High

PB Fintech, India’s largest online platform for insurance and lending products, aims to raise up to US$793m in its India IPO. The company is backed...

Sumeet Singh

EaseMyTrip IPO: Not so Easy on the Eye

While Easemytrip operations suggest short-mid term growth, our forensic checks do indicate some balance sheet and governance concerns as well which...

Nitin Mangal

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