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

HDB Financial Services Ltd / Equity Capital Markets

HDB Financial Services Limited provides financial services. The Company offers personal, gold, auto, business, durable, and commercial vehicle finance, as well as loan against property. HDB Financial Services serves customers in India.

<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 US$1.5bn in its India IPO. Banks on the deal include JMFin, BNP, BofA, GS, HSBC, IIFL, Jefferies, MS, Motilal, Nomura, Nuvama, UBS.</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>It operates in three main lending verticals: Enterprise Lending, Asset Finance and Consumer Finance. It is a subsidiary of <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a>. </li>
</ul>



HDB Financial Services (HDBFS) is looking to raise US$1.5bn in its India IPO. Banks on the deal include JMFin, BNP, BofA, GS, HSBC, IIFL, Jefferies, MS, Motilal, Nomura, Nuvama, UBS.
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.
It operates in three main lending verticals: Enterprise Lending, Asset Finance and Consumer Finance. It is a subsidiary of HDFC Bank (HDFCB IN). 


Eternal Beauty Holdings Limited / Equity Capital Markets

Eternal Beauty Holdings Limited (EBHL12 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a>(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
In this note, we talk about the positive aspects of the deal.


Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

ACME Solar Holdings / Equity Capital Markets

ACME Solar Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides innovative green energy and energy management solutions for telecom passive Infrastructure. ACME Solar Holdings serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/acme-solar-holdings" target="_blank" data-smartkarma-citation="entities:43723:1" rel="noopener">ACME Solar Holdings</a> is looking to raise up to US$345m in its India IPO. </li>
<li>ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates and IPO valuations</li>
</ul>



ACME Solar Holdings is looking to raise up to US$345m in its India IPO. 
ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates and IPO valuations


ACME Solar Holdings IPO - Needs Lots of Sunscreen and an Umbrella as Well

Bundl Technologies Private Limited provides food ordering and delivery services. The Company operates a fleet of delivery personnel who pick up orders from restaurants and deliver it to customers. Bundl Technologies serves customers in India.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPOs front, Indian deals continue to flow in, even as other markets have taken a breather ahead of US elections this week.</li>
<li>On the placements front, there weren't many large deals but we did look at a number of upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPOs front, Indian deals continue to flow in, even as other markets have taken a breather ahead of US elections this week.
On the placements front, there weren't many large deals but we did look at a number of upcoming lockup expiries.


ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a>, a hyperlocal commerce platform, aims to raise up to US$1.35 billion through an IPO at a price range of Rs371-390.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/swiggy-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:163915" rel="noopener">Swiggy IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/swiggy-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:164347" rel="noopener">Swiggy IPO: The Bear Case</a>. 
</li>
<li>Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.</li>
</ul>



Swiggy (1255298D IN), a hyperlocal commerce platform, aims to raise up to US$1.35 billion through an IPO at a price range of Rs371-390.
We previously discussed the IPO in Swiggy IPO: The Bull Case and Swiggy IPO: The Bear Case. 

Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.


Equity Capital Markets (ECM)
Equity Capital Markets (ECM) Insights

HDB Financial Services Pre-IPO Tearsheet

HDB Financial Services (HDBFS) is looking to raise US$1.5bn in its India IPO. Banks on the deal include JMFin, BNP, BofA, GS, HSBC, IIFL,...

Sumeet Singh

Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the positives aspects of...

Sumeet Singh

ACME Solar Holdings IPO - Needs Lots of Sunscreen and an Umbrella as Well

ACME Solar Holdings is looking to raise up to US$345m in its India IPO. We have looked at the company's past performance in our earlier note. In...

Sumeet Singh

ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Swiggy IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs371-390 per share is unattractive. Therefore, we would pass on the IPO.

Arun George