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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, we took an early look at the possible summer 2024 listing of <a href="https://www.smartkarma.com/entities/tokyo-metro" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro.</a>
</li>
<li>For placements, there was another large selldown in <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>, while <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> could see one as well soon from <a href="https://www.smartkarma.com/entities/british-american-tobacco-plc" target="_blank" data-smartkarma-citation="entities:21828:1" rel="noopener">British American Tobacco (BATS LN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, we took an early look at the possible summer 2024 listing of Tokyo Metro.

For placements, there was another large selldown in Renesas Electronics (6723 JP), while ITC Ltd (ITC IN) could see one as well soon from British American Tobacco (BATS LN). 


ECM Weekly (4th Mar 2024) - Tokyo Metro, Mixue, Xtalpi, Bharat InvIT, Renesas, ITC/BAT, Precinct

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Ola Electric is looking to raise about US$1bn in its upcoming India IPO.
Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.
In this note, we talk about the not-so-positive aspects of the deal.


Ola Electric Pre-IPO - The Negatives - Still a Long Road Ahead with Ample Competition

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> is looking to raise about US$1bn in its upcoming India IPO. </li>
<li>Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Ola Electric is looking to raise about US$1bn in its upcoming India IPO. 
Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.
In this note, we talk about the positive aspects of the deal.


Ola Electric Pre-IPO - The Positives - India’s Answer to Tesla?

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Forensic Accounting

<ul>
<li>Adani's $600 million acquisition of Sanghi Cement in August 2023 marked its significant debut in the cement sector, following controversies around the group's infrastructure ventures.</li>
<li>The Master Supply Agreement with Ambuja &amp; pricing structure, based on cost plus a 10% markup, has raised concerns about lower EBITDA realizations for Sanghi Cement, deviating from industry norms.</li>
<li>Issues surrounding potential profit loss (Rs 357 crore) and investor skepticism echo previous instances, like the NDTV case, where minority shareholders experienced less favorable terms compared to the promoter. </li>
</ul>


Adani's $600 million acquisition of Sanghi Cement in August 2023 marked its significant debut in the cement sector, following controversies around the group's infrastructure ventures.
The Master Supply Agreement with Ambuja &amp; pricing structure, based on cost plus a 10% markup, has raised concerns about lower EBITDA realizations for Sanghi Cement, deviating from industry norms.
Issues surrounding potential profit loss (Rs 357 crore) and investor skepticism echo previous instances, like the NDTV case, where minority shareholders experienced less favorable terms compared to the promoter. 


Adani's Ambuja Cement Acquisition of Sanghi Cement Raises Questions Amidst Favorable Terms

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/lippo-malls-indonesia-retail-trust' target='_blank' rel='noopener'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/renew-energy-global-plc' target='_blank' rel='noopener'>ReNew Energy Global </a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Lippo Malls Indonesia Retail TrustVedanta ResourcesReNew Energy Global China Jinmao HoldingsGeely Autoand more...

India

Adani Green Energy Limited operates as a producer of renewable energy. The Company builds, owns, and operates power plants for solar and wind energy. Adani Green Energy serves customers worldwide.


Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Adani Green Energy (ADANIGR IN)

ECM Weekly (4th Mar 2024) - Tokyo Metro, Mixue, Xtalpi, Bharat InvIT, Renesas, ITC/BAT, Precinct

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Ola Electric Pre-IPO - The Negatives - Still a Long Road Ahead with Ample Competition

Ola Electric is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Ola Electric Pre-IPO - The Positives - India’s Answer to Tesla?

Ola Electric is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Adani's Ambuja Cement Acquisition of Sanghi Cement Raises Questions Amidst Favorable Terms

Adani's entry into cement sector with Sanghi Cement acquisition raises concerns about pricing structure and potential profit loss, echoing past...

Nimish Maheshwari

Weekly Wrap - 19 Jan 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (4th Mar 2024) - Tokyo Metro, Mixue, Xtalpi, Bharat InvIT, Renesas, ITC/BAT, Precinct

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Ola Electric Pre-IPO - The Negatives - Still a Long Road Ahead with Ample Competition

Ola Electric is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Ola Electric Pre-IPO - The Positives - India’s Answer to Tesla?

Ola Electric is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Adani's Ambuja Cement Acquisition of Sanghi Cement Raises Questions Amidst Favorable Terms

​Adani's entry into cement sector with Sanghi Cement acquisition raises concerns about pricing structure and potential profit loss, echoing past...

Nimish Maheshwari

Weekly Wrap - 19 Jan 2024

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Adani's entry into cement sector with Sanghi Cement acquisition raises concerns about pricing structure and potential profit loss, echoing past...