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>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a> is looking to raise about US$536m in its upcoming India IPO.</li>
<li>Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Ather Energy is looking to raise about US$536m in its upcoming India IPO.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In this note, we talk about the not-so-positive aspects of the deal.


Ather Energy Pre-IPO - The Negatives - Outpaced by Rivals

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>GAIL and BPCL have partnered with Chhattisgarh Biofuel Development Authority to establish compressed biogas plants in six cities, utilizing urban waste for clean energy production, promoting sustainability, and creating jobs.</li>
<li>India’s 2025-26 budget is expected to allocate Rs 30,000 crore to new and renewable energy, with PM Surya Ghar scheme aiming for 50 lakh rooftop solar installations by 2026.</li>
<li>Airtel and Bajaj Finance have partnered to create a digital financial services platform. Initially, Airtel will offer Bajaj Finance’s products via its Airtel Thanks App, expanding to nationwide stores later.</li>
</ul>


GAIL and BPCL have partnered with Chhattisgarh Biofuel Development Authority to establish compressed biogas plants in six cities, utilizing urban waste for clean energy production, promoting sustainability, and creating jobs.
India’s 2025-26 budget is expected to allocate Rs 30,000 crore to new and renewable energy, with PM Surya Ghar scheme aiming for 50 lakh rooftop solar installations by 2026.
Airtel and Bajaj Finance have partnered to create a digital financial services platform. Initially, Airtel will offer Bajaj Finance’s products via its Airtel Thanks App, expanding to nationwide stores later.


#91 India Insight: GAIL, BPCL Biogas Plants; Airtel, Bajaj Launch ; ₹30k Cr for Renewable Energy

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
In this note, we talk about the not-so-positive aspects of the deal.


HDB Financial Services Pre-IPO - The Negatives - Performance Has Been Slipping

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
In this note, we talk about the positive aspects of the deal.


HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a>  plans to invest $3 billion to establish a display fabrication facility in India, aiming to capitalize on government subsidies and enhance its position.</li>
<li>
<a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> Quick Commerce Business, Blinkit is rapidly expanding its dark store network in India's competitive quick-commerce market, leading to short-term losses but aiming for long-term gains.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindustan-aeronautics-ltd" target="_blank" data-smartkarma-citation="entities:26747:1" rel="noopener">Hindustan Aeronautics (HNAL IN)</a>  aims delivering 16 LCA Mk1A jets to the IAF by 2025, a history of delays and a recent unconfirmed report raise questions about the program's timeline.</li>
</ul>



Dixon Technologies India Ltd (DIXON IN)  plans to invest $3 billion to establish a display fabrication facility in India, aiming to capitalize on government subsidies and enhance its position.

Zomato (ZOMATO IN) Quick Commerce Business, Blinkit is rapidly expanding its dark store network in India's competitive quick-commerce market, leading to short-term losses but aiming for long-term gains.

Hindustan Aeronautics (HNAL IN)  aims delivering 16 LCA Mk1A jets to the IAF by 2025, a history of delays and a recent unconfirmed report raise questions about the program's timeline.


#90 India Insight: Dixon's $3 Bn Display Fab, Blinkit Expansion Burns Cash, HAL Delays

India

Eternal Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurants, and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Eternal serves customers worldwide.

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Eternal (ETERNAL IN)

Ather Energy Pre-IPO - The Negatives - Outpaced by Rivals

Ather Energy is looking to raise about US$536m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

#91 India Insight: GAIL, BPCL Biogas Plants; Airtel, Bajaj Launch ; ₹30k Cr for Renewable Energy

GAIL and BPCL partner with Chhattisgarh for biogas plants, India's budget to allocate Rs 30,000 crore for renewable energy, Airtel and Bajaj...

Sudarshan Bhandari

HDB Financial Services Pre-IPO - The Negatives - Performance Has Been Slipping

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Sumeet Singh

HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

#90 India Insight: Dixon's $3 Bn Display Fab, Blinkit Expansion Burns Cash, HAL Delays

Dixon Technologies to invest $3 billion in display facility, Zomato's Blinkit expanding dark store network, HAL aims to deliver 16 LCA jets by...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ather Energy Pre-IPO - The Negatives - Outpaced by Rivals

Ather Energy is looking to raise about US$536m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

#91 India Insight: GAIL, BPCL Biogas Plants; Airtel, Bajaj Launch ; ₹30k Cr for Renewable Energy

​GAIL and BPCL partner with Chhattisgarh for biogas plants, India's budget to allocate Rs 30,000 crore for renewable energy, Airtel and Bajaj...

Sudarshan Bhandari

HDB Financial Services Pre-IPO - The Negatives - Performance Has Been Slipping

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Sumeet Singh

HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

#90 India Insight: Dixon's $3 Bn Display Fab, Blinkit Expansion Burns Cash, HAL Delays

​Dixon Technologies to invest $3 billion in display facility, Zomato's Blinkit expanding dark store network, HAL aims to deliver 16 LCA jets by...

Sudarshan Bhandari

GAIL and BPCL partner with Chhattisgarh for biogas plants, India's budget to allocate Rs 30,000 crore for renewable energy, Airtel and Bajaj...

Dixon Technologies to invest $3 billion in display facility, Zomato's Blinkit expanding dark store network, HAL aims to deliver 16 LCA jets by...