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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/acevector-ltd" target="_blank" data-smartkarma-citation="entities:46171:1" rel="noopener">AceVector Ltd (3673145Z IN)</a> (AVL) is looking to raise about US$100m in its upcoming India IPO. The deal will be run by IIFL and CLSA.</li>
<li>AVL is a digital commerce ecosystem comprising (i) Snapdeal, a value-focused lifestyle e-commerce marketplace, (ii) Unicommerce, an e-commerce enablement SaaS platform, and (iii) Stellaro Brands-an omnichannel consumer brands retailing business.</li>
<li>Together, these businesses cover the entire e-commerce value chain across B2C and B2B segments catering to multiple stakeholders vertically- through both online and offline modes and horizontally.</li>
</ul>



AceVector Ltd (3673145Z IN) (AVL) is looking to raise about US$100m in its upcoming India IPO. The deal will be run by IIFL and CLSA.
AVL is a digital commerce ecosystem comprising (i) Snapdeal, a value-focused lifestyle e-commerce marketplace, (ii) Unicommerce, an e-commerce enablement SaaS platform, and (iii) Stellaro Brands-an omnichannel consumer brands retailing business.
Together, these businesses cover the entire e-commerce value chain across B2C and B2B segments catering to multiple stakeholders vertically- through both online and offline modes and horizontally.


Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

ICICI Prudential AMC / Equity Capital Markets

<ul>
<li>
<strong>A Business So Perfect, It’s Almost Boring</strong> : Industry Tailwinds, Leader and extra ordinary return on equity makes <a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC (570643Z IN)</a> an attractive long term investment.</li>
<li>In this insight, we also present reasons why the near term listing gains may not be so attractive.</li>
<li>Business and industry insights, valuation comparison and our view on this IPO are presented in this insight</li>
</ul>



A Business So Perfect, It’s Almost Boring : Industry Tailwinds, Leader and extra ordinary return on equity makes ICICI Prudential AMC (570643Z IN) an attractive long term investment.
In this insight, we also present reasons why the near term listing gains may not be so attractive.
Business and industry insights, valuation comparison and our view on this IPO are presented in this insight


ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Quantitative Analysis

<ul>
<li>Buy the Dip is everywhere in market commentary and is widely used as shorthand for price action, often without a clear or consistent definition.</li>
<li>We examine possible definitions and return metrics from acting on those definitions across major markets.</li>
<li>Surprising and distinct trends emerge from the data and help explain the prevalence of Buy the Dip themed commentary.</li>
</ul>


Buy the Dip is everywhere in market commentary and is widely used as shorthand for price action, often without a clear or consistent definition.
We examine possible definitions and return metrics from acting on those definitions across major markets.
Surprising and distinct trends emerge from the data and help explain the prevalence of Buy the Dip themed commentary.


Buying the Dip: What It Means and How It Has Played Out Across Macro Markets

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC</a> raised around US$1.2bn in its upcoming India IPO.</li>
<li>IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Meesho Limited operates as an online retailer. The Company retails apparels, jewelries, personal care, home and kitchen, footwear, bags, kids essentials, and electronics items at lower prices for resellers and consumers. Meesho serves customers in India.

<ul>
<li>Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers</li>
<li>We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers</li>
<li>IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).</li>
</ul>


Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).


Meesho - Potential Play on Value E-Commerce

Indian Blocks Bazaar
Indian Blocks and Placements

AceVector Ltd Pre-IPO Tearsheet

AceVector Ltd (AVL) is looking to raise around US$100m in its upcoming India IPO. The deal will be run by IIFL and CLSA.

Akshat Shah

ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

We expect a strong listing for ICICI Prudential AMC today, as the timing of SEBI’s mutual fund regulatory overhaul (17 Dec’25) could not have been...

Sreemant Dudhoria,CFA

Buying the Dip: What It Means and How It Has Played Out Across Macro Markets

An examination of how Buy the Dip can be defined, how often it appears and what the data show when those definitions are applied across major macro...

John Ley

ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar