Specialist in Indian Banking and Economic Research

Hemindra Hazari

<ul>
<li>Major theft of Rs 342 mn ($4.3mn) in <a href="https://www.smartkarma.com/entities/icici-bank-ltd" target="_blank" data-smartkarma-citation="entities:547:1" rel="noopener">ICICI Bank Ltd (ICICIBC IN)</a> 's currency chest near Mumbai</li>
<li>Apparently a single ICICI Bank staff responsible and shockingly had sole access to the currency chest </li>
<li>Reflects extremely poorly on ICICI Bank's currency chest security protocols and processes and heightens concerns of reputational and operational risk at the bank</li>
</ul>


Major theft of Rs 342 mn ($4.3mn) in ICICI Bank Ltd (ICICIBC IN) 's currency chest near Mumbai
Apparently a single ICICI Bank staff responsible and shockingly had sole access to the currency chest 
Reflects extremely poorly on ICICI Bank's currency chest security protocols and processes and heightens concerns of reputational and operational risk at the bank


Major Theft in ICICI Bank’s Currency Chest Heightens Concerns of Poor Controls

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.

Event-Driven

<ul>
<li>Zomato (Zomato IN) raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India.</li>
<li>Zomato is one of two leading food delivery app operators in India. It recently acquired Blinkit marking its foray into the instant grocery segment.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Zomato (Zomato IN) raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India.
Zomato is one of two leading food delivery app operators in India. It recently acquired Blinkit marking its foray into the instant grocery segment.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Zomato IPO Lock-Up - A US$3.4bn Lockup Release Test Case for India

Equity Capital Markets

<ul>
<li>Bharat FIH (BFIH) aims to raise around US$660m in its India IPO via selling a mix of both primary and secondary shares. BFIH is a subsidiary of Foxconn.</li>
<li>Its initial operations were focused on mobile phones, of late it has been expanding its portfolio to include mechanics, electric vehicles, televisions and hearables. </li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


Bharat FIH (BFIH) aims to raise around US$660m in its India IPO via selling a mix of both primary and secondary shares. BFIH is a subsidiary of Foxconn.
Its initial operations were focused on mobile phones, of late it has been expanding its portfolio to include mechanics, electric vehicles, televisions and hearables. 
In this note, we will talk about the not so positive aspects of the deal.


Bharat FIH Pre-IPO - The Negatives - Not a Whole Lot to Show Yet

<ul>
<li>Bharat FIH (BFIH) aims to raise around US$660m in its India IPO via selling a mix of both primary and secondary shares. BFIH is a subsidiary of Foxconn.</li>
<li>Its initial operations were focussed on mobile phones, of late it has been expanding its portfolio to include mechanics, electric vehicles, televisions and hearables. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Bharat FIH (BFIH) aims to raise around US$660m in its India IPO via selling a mix of both primary and secondary shares. BFIH is a subsidiary of Foxconn.
Its initial operations were focussed on mobile phones, of late it has been expanding its portfolio to include mechanics, electric vehicles, televisions and hearables. 
In this note, we will talk about the positive aspects of the deal.


Bharat FIH Pre-IPO - The Positives - A Whole Lot of Promise

Allied Blenders & Distillers / Equity Capital Markets

<ul>
<li>Allied Blenders and Distillers (ABD) is looking to raise about US$250m in its upcoming India IPO. The deal will be run by ISec, Axis, JM Fin, Kotak and Equirus.</li>
<li>ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY21.</li>
<li>It had a market share of 8.2% in the IMFL market by sales volumes in FY21. Its products are retailed at over 64,000 outlets in India.</li>
</ul>


Allied Blenders and Distillers (ABD) is looking to raise about US$250m in its upcoming India IPO. The deal will be run by ISec, Axis, JM Fin, Kotak and Equirus.
ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY21.
It had a market share of 8.2% in the IMFL market by sales volumes in FY21. Its products are retailed at over 64,000 outlets in India.


Allied Blenders and Distillers Pre-IPO Tear Sheet

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

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ICICI Bank Ltd (ICICIBC IN)

Major Theft in ICICI Bank’s Currency Chest Heightens Concerns of Poor Controls

Major theft at ICICI Bank heightens concerns of poor security protocols reflecting on operational risk management and reputational risk at the bank.

Hemindra Hazari

Zomato IPO Lock-Up - A US$3.4bn Lockup Release Test Case for India

Zomato raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India. The lock-up on its pre...

Sumeet Singh

Bharat FIH Pre-IPO - The Negatives - Not a Whole Lot to Show Yet

Bharat FIH aims to raise around US$660m in its India IPO. BFIH is a subsidiary of Foxconn. In this note, we talk about the not so positive aspects...

Sumeet Singh

Bharat FIH Pre-IPO - The Positives - A Whole Lot of Promise

Bharat FIH aims to raise around US$660m in its India IPO. BFIH is a subsidiary of Foxconn. In this note, we talk about the positive aspects of the...

Sumeet Singh

Allied Blenders and Distillers Pre-IPO Tear Sheet

Allied Blenders and Distillers (ABD) is looking to raise about US$250m in its upcoming India IPO. The deal will be run by ISec, Axis, JM Fin, Kotak...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)