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

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<li>
<a href="https://www.smartkarma.com/entities/makemytrip-ltd" target="_blank" data-smartkarma-citation="entities:23580:1" rel="noopener">Makemytrip Ltd (MMYT US)</a> is looking to raise upto US$2.66bn via an equity combo of a 14m share selldown, which could raise around US$1.41bn and US$1.25bn five-year put-three convertible bonds.</li>
<li>The company plans to use the proceeds to buy back Class B shares from Trip.com to lower Trip.com’s voting power in MakeMyTrip to 19.99%.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Makemytrip Ltd (MMYT US) is looking to raise upto US$2.66bn via an equity combo of a 14m share selldown, which could raise around US$1.41bn and US$1.25bn five-year put-three convertible bonds.
The company plans to use the proceeds to buy back Class B shares from Trip.com to lower Trip.com’s voting power in MakeMyTrip to 19.99%.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


MakeMyTrip Placement - Basically a Selldown by Trip.com

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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<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

Macroeconomics

<ul>
<li>The Mahakumbh Mela 2025, hailed as the largest gathering of the Hindu faith, is set to host an estimated 400-450 million devotees from India and around the world.</li>
<li>The event’s estimated budget is INR 6,382 crore (USD 800 Mn) for event management and infrastructure development, 72% higher than the budget allocated in 2019 Kumbh.</li>
<li>Kumbh Mela could generate financial transactions totaling INR 2–2.5 lakh crore (USD 25–30 billion) over 45 days. This accounts for an estimated 0.5–0.8% of the country’s GDP.</li>
</ul>


The Mahakumbh Mela 2025, hailed as the largest gathering of the Hindu faith, is set to host an estimated 400-450 million devotees from India and around the world.
The event’s estimated budget is INR 6,382 crore (USD 800 Mn) for event management and infrastructure development, 72% higher than the budget allocated in 2019 Kumbh.
Kumbh Mela could generate financial transactions totaling INR 2–2.5 lakh crore (USD 25–30 billion) over 45 days. This accounts for an estimated 0.5–0.8% of the country’s GDP.


Maha Kumbh 2025- How Big Is It for Economy?

India

Yatra Online Limited, doing business as Yatra.com, provides online travel agency services. The Company offers comprehensive travel-related services which include domestic and international air ticketing, hotel bookings, homestays, holiday packages, bus ticketing, rail ticketing, activities, and ancillary services. Yatra.com serves customers worldwide.

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Yatra (YATRA IN)

MakeMyTrip Placement - Basically a Selldown by Trip.com

MakeMyTrip (MMYT) is looking to raise upto US$2.66bn via an equity combo including a 14m share selldown , which could raise around US$1.41bn along...

Akshat Shah

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

Maha Kumbh 2025- How Big Is It for Economy?

The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MakeMyTrip Placement - Basically a Selldown by Trip.com

MakeMyTrip (MMYT) is looking to raise upto US$2.66bn via an equity combo including a 14m share selldown , which could raise around US$1.41bn along...

Akshat Shah

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

Maha Kumbh 2025- How Big Is It for Economy?

​The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...

Nitin Mangal

The Mahakumbh Mela 2025, expected to draw 400-450 million devotees, and could generate up to INR 2-2.5 lakh crore in financial transactions,...