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/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards</a> is looking to raise around US$117m in its upcoming India IPO.</li>
<li>Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. </li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we will talk about recent updates and valuations.</li>
</ul>



Sula Vineyards is looking to raise around US$117m in its upcoming India IPO.
Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. 
We have looked at various aspects of the deal in our previous notes. In this note, we will talk about recent updates and valuations.


Sula Vineyards IPO - Does Offer a Unique Exposure with Lots of Ifs and Buts

<ul>
<li>DPC Dash aims to raise around US$100m in its Hong Kong IPO. </li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


DPC Dash aims to raise around US$100m in its Hong Kong IPO. 
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.
In this note, we will talk about the positive aspects of the deal.


DPC Dash Pre-IPO - The Positives - On a Rapid Expansion Spree

Event-Driven

<ul>
<li>In Nov 2021, Sapphire Foods Limited (SFL), one of Yum Brand’s franchisees in the Indian subcontinent, raised around US$280m in its Indian IPO. </li>
<li>The lock-up on its shareholders will expire soon, with a number of PE funds on its register</li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Nov 2021, Sapphire Foods Limited (SFL), one of Yum Brand’s franchisees in the Indian subcontinent, raised around US$280m in its Indian IPO. 
The lock-up on its shareholders will expire soon, with a number of PE funds on its register
In this note, we will talk about the upcoming lockup expiry.


Sapphire Foods IPO - Smallish Stock with Big (US$550m) Multiple PE Lockup Expiry

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Devyani International  / Equity Bottom-Up

<ul><li>DIL’s Q2 EBITDA was largely in line with our estimates.</li><li>Among brands, KFC SSG at 13% was better than expected, while PH SSG at 3% was weaker.</li><li>Near-term commentary was cautious, as PH softness was attributed to weak consumer sentiment amid elevated retail inflation.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

DIL’s Q2 EBITDA was largely in line with our estimates.Among brands, KFC SSG at 13% was better than expected, while PH SSG at 3% was weaker.Near-term commentary was cautious, as PH softness was attributed to weak consumer sentiment amid elevated retail inflation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Devyani International - Cautious Near-Term Commentary, but Medium-Term Outlook Retained

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bikaji-foods-international-ltd" target="_blank" data-smartkarma-citation="entities:36502:1" rel="noopener">Bikaji Foods (BIKAJI IN)</a> , an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.</li>
<li>Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we'll talk about implied valuations.</li>
</ul>



Bikaji Foods (BIKAJI IN) , an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.
Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.
In our previous note, we looked at the company’s past performance. In this note, we'll talk about implied valuations.


Bikaji Foods International IPO - At an Equally Spicy Valuation

India

Devyani International Limited distributes groceries and related products. The Company operates franchisee business and chain of quick service restaurants. Devyani International serves customers in India.

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Devyani International (DEVYANI IN)

Sula Vineyards IPO - Does Offer a Unique Exposure with Lots of Ifs and Buts

Sula Vineyards is looking to raise around US$117m in its upcoming India IPO. In this note, we talk about the recent updates and valuations.

Sumeet Singh

DPC Dash Pre-IPO - The Positives - On a Rapid Expansion Spree

DPC Dash, master franchisee for Domino's Pizza in China, aims to raise around US$100m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

Sapphire Foods IPO - Smallish Stock with Big (US$550m) Multiple PE Lockup Expiry

In Nov 2021, Sapphire Foods Limited, one of Yum Brand’s franchisees in the Indian subcontinent, raised around US$280m in its Indian IPO. In this...

Sumeet Singh

Devyani International - Cautious Near-Term Commentary, but Medium-Term Outlook Retained

Near-term commentary was cautious, as PH softness was attributed to weak consumer sentiment amid elevated retail inflation.

Emkay

Bikaji Foods International IPO - At an Equally Spicy Valuation

Bikaji Foods, an ethnic snacks company, is looking to raise approximately US$107m in its India IPO. In this note, we talk about valuations.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)