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

Reliance Industries / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, following up with India after having looked at Hong Kong earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, following up with India after having looked at Hong Kong earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


<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>A few large placements in India, along with <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> pricing, kept the market ticking this week.</li>
<li>In the IPO space, India saw a flurry of launches, as companies and banker try to cash-in on the market frenzy.</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.
A few large placements in India, along with Denso Corp (6902 JP) pricing, kept the market ticking this week.
In the IPO space, India saw a flurry of launches, as companies and banker try to cash-in on the market frenzy.


ECM Weekly (17th Dec 2023) - Toyota, Denso, Mankind, Axis, Merdeka, DOMS, India Shelter, Inox

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doms-industries" target="_blank" data-smartkarma-citation="entities:40059:1" rel="noopener">Doms (DOMS IN)</a> is looking to raise around US$140m in its India IPO.</li>
<li>DOMS is a leading player and brand in India’s stationery and art products market. It designs, manufactures, and sells a wide range of products, primarily under its flagship brand ‘DOMS’.</li>
<li>We have looked at the company's past performance in our earlier note. In this note, we talk about valuations.</li>
</ul>



Doms (DOMS IN) is looking to raise around US$140m in its India IPO.
DOMS is a leading player and brand in India’s stationery and art products market. It designs, manufactures, and sells a wide range of products, primarily under its flagship brand ‘DOMS’.
We have looked at the company's past performance in our earlier note. In this note, we talk about valuations.


DOMS Industries IPO - Thoughts on Valuation - Isn't Cheap, Neither Are Its Peers Cheap

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>The broader sentiment remains positive, with markets primarily driven by participation from foreign investors, wise to increase the trailing stop at 20,600 for any possible change in trend.</li>
<li>We have already highlighted the weak operational performance of <a href="https://www.smartkarma.com/entities/whirlpool-of-india-ltd" target="_blank" data-smartkarma-citation="entities:7270:1" rel="noopener">Whirlpool of India (WHIRL IN)</a> , the company's tax woes continue. </li>
<li>Names covered in this insight include <a href="https://www.smartkarma.com/entities/whirlpool-of-india-ltd" target="_blank" data-smartkarma-citation="entities:7270:1" rel="noopener">Whirlpool of India (WHIRL IN)</a> , <a href="https://www.smartkarma.com/entities/thyrocare-technologies-ltd" target="_blank" data-smartkarma-citation="entities:22694:1" rel="noopener">Thyrocare Technologies (THYROCAR IN)</a>, <a href="https://www.smartkarma.com/entities/one-97-communications-limited-paytm" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a> and <a href="https://www.smartkarma.com/entities/flywire-corp" target="_blank" data-smartkarma-citation="entities:33339:1" rel="noopener">Flywire Corp (FLYW US)</a> </li>
</ul>


The broader sentiment remains positive, with markets primarily driven by participation from foreign investors, wise to increase the trailing stop at 20,600 for any possible change in trend.
We have already highlighted the weak operational performance of Whirlpool of India (WHIRL IN) , the company's tax woes continue. 
Names covered in this insight include Whirlpool of India (WHIRL IN) , Thyrocare Technologies (THYROCAR IN), Paytm (PAYTM IN) and Flywire Corp (FLYW US) 


[Week 13] Namaste India 🙏 | Whirlpool's Tax Woes

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doms-industries" target="_blank" data-smartkarma-citation="entities:40059:1" rel="noopener">Doms (DOMS IN)</a> IPO opens for subscription soon. The INR 12 bn IPO includes INR 3.5 bn fresh issue and the remaining as offer for sale. </li>
<li>The company is a prominent player in the Indian stationary market and has one of the most diverse product portfolio with a market share of 12% in F23. </li>
<li>DOMS ticks right in majority of the boxes when it comes to operations and B/S health. One must still be cautious regarding dependence on FILA group, and faster depreciating rates.  </li>
</ul>



Doms (DOMS IN) IPO opens for subscription soon. The INR 12 bn IPO includes INR 3.5 bn fresh issue and the remaining as offer for sale. 
The company is a prominent player in the Indian stationary market and has one of the most diverse product portfolio with a market share of 12% in F23. 
DOMS ticks right in majority of the boxes when it comes to operations and B/S health. One must still be cautious regarding dependence on FILA group, and faster depreciating rates.  


DOMS Industries Ltd IPO- Forensic Analysis

India

Doms Industries Private Limited manufactures stationery products. The Company offers wooden graphite and colour pencils, wax crayons, erasers, sharpeners, plastic scales, glitters, geometry boxes, and pens. Writefine Products serves customers worldwide.

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Doms (DOMS IN)

Aequitas 2024 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, following up with India after having looked at Hong Kong earlier.

Sumeet Singh

ECM Weekly (17th Dec 2023) - Toyota, Denso, Mankind, Axis, Merdeka, DOMS, India Shelter, Inox

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

DOMS Industries IPO - Thoughts on Valuation - Isn't Cheap, Neither Are Its Peers Cheap

Doms (DOMS IN) is looking to raise around US$140m in its India IPO. We have looked at the past performance in our earlier notes, in this note we...

Sumeet Singh

[Week 13] Namaste India 🙏 | Whirlpool's Tax Woes

Foreign investors are driving positive market sentiment, but caution is advised with a trailing stop at 20,600. Whirlpool of India's weak...

Pranav Bhavsar

DOMS Industries Ltd IPO- Forensic Analysis

DOMS has 12% market share and ticks right in several boxes such as revenue growth, operating leverage, balance sheet health, etc. There is a...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas 2024 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, following up with India after having looked at Hong Kong earlier.

Sumeet Singh

ECM Weekly (17th Dec 2023) - Toyota, Denso, Mankind, Axis, Merdeka, DOMS, India Shelter, Inox

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

DOMS Industries IPO - Thoughts on Valuation - Isn't Cheap, Neither Are Its Peers Cheap

Doms (DOMS IN) is looking to raise around US$140m in its India IPO. We have looked at the past performance in our earlier notes, in this note we...

Sumeet Singh

[Week 13] Namaste India 🙏 | Whirlpool's Tax Woes

​Foreign investors are driving positive market sentiment, but caution is advised with a trailing stop at 20,600. Whirlpool of India's weak...

Pranav Bhavsar

DOMS Industries Ltd IPO- Forensic Analysis

​DOMS has 12% market share and ticks right in several boxes such as revenue growth, operating leverage, balance sheet health, etc. There is a...

Nitin Mangal

Foreign investors are driving positive market sentiment, but caution is advised with a trailing stop at 20,600. Whirlpool of India's weak...

DOMS has 12% market share and ticks right in several boxes such as revenue growth, operating leverage, balance sheet health, etc. There is a...