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/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> is now looking to raise about US$730m 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 our previous notes, we looked at the company’s performance, undertook a peer comparison and talked about valuations. In this note, we look at the updates from its recent filings.</li>
</ul>



Ola Electric is now looking to raise about US$730m 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 our previous notes, we looked at the company’s performance, undertook a peer comparison and talked about valuations. In this note, we look at the updates from its recent filings.


Ola Electric IPO - RHP Updates - Growing Faster than Expected, Driven by GoI Policy

<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 our previous note we looked at the company’s past performance and undertook a peer comparison. In this note, we will talk about valuations.</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 our previous note we looked at the company’s past performance and undertook a peer comparison. In this note, we will talk about valuations.


Ola Electric Pre-IPO - Initial Thoughts on Valuation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<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 (1700674D IN)</a>, the largest Indian player in electric two-wheel vehicles (E2W), will launch a US$660 million IPO at a lower US$4.5 billion valuation (vs. the previous US$7-8bn target). </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/ola-electric-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:123749" rel="noopener">Ola Electric IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/ola-electric-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:123960" rel="noopener">Ola Electric IPO: The Bear Case</a>. In this note, we examine the latest updates in the RHP. </li>
<li>The investment case rests on rising market share in a growing market, rapid growth aided by product diversification, path to profitability supported by lower losses and declining cash burn.</li>
</ul>



Ola Electric (1700674D IN), the largest Indian player in electric two-wheel vehicles (E2W), will launch a US$660 million IPO at a lower US$4.5 billion valuation (vs. the previous US$7-8bn target). 
We previously discussed the IPO in Ola Electric IPO: The Bull Case and Ola Electric IPO: The Bear Case. In this note, we examine the latest updates in the RHP. 
The investment case rests on rising market share in a growing market, rapid growth aided by product diversification, path to profitability supported by lower losses and declining cash burn.


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

<ul>
<li>We spoke with multiple channels covering 3Ws, 2Ws, and 4Ws to understand the current dynamics of the Electric Vehicle (EV) scene in India.</li>
<li>Adoption of E-3 and E-4 Wheelers is hindered by high prices, range issues, inadequate charging infrastructure, and platform stability concerns.</li>
<li>E-2 Wheelers show resilience with stable sales led by aggressive pricing from <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a>. </li>
</ul>


We spoke with multiple channels covering 3Ws, 2Ws, and 4Ws to understand the current dynamics of the Electric Vehicle (EV) scene in India.
Adoption of E-3 and E-4 Wheelers is hindered by high prices, range issues, inadequate charging infrastructure, and platform stability concerns.
E-2 Wheelers show resilience with stable sales led by aggressive pricing from Ola Electric (1700674D IN). 


India Channel Insight | What Is the EV Scene in India?

Hyundai Motor India  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-co-3267897e-5e6b-47f2-9804-92aa22202d2b" target="_blank" data-smartkarma-citation="entities:26933:1" rel="noopener">Hyundai Motor (005387 KS)</a> is looking to raise around US$3bn via listing its India unit, <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India</a>. HMI is a wholly owned subsidiary of the Hyundai Motor Group.</li>
<li>HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Hyundai Motor (005387 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of the Hyundai Motor Group.
HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.
In this note, we talk about the positive aspects of the deal.


Hyundai Motor India Pre-IPO - The Positives - Quasi-Local, Riding the SUV Wave

India

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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Hero Motocorp (HMCL IN)

Ola Electric IPO - RHP Updates - Growing Faster than Expected, Driven by GoI Policy

Ola Electric is now looking to raise about US$730m in its upcoming India IPO. In this note, we look at the updates from its most recent filings.

Sumeet Singh

Ola Electric Pre-IPO - Initial Thoughts on Valuation

Ola Electric has launched its IPO at a much more digestible valuation than what it was aiming for earlier. At the current valuations, it would be...

Sumeet Singh

Ola Electric IPO: The Investment Case

The investment case rests on rising market share in a growing market, rapid growth aided by product diversification, path to profitability...

Arun George

India Channel Insight | What Is the EV Scene in India?

Current dynamics of Electric Vehicles in India show hindrances in adoption of 3 and 4 wheelers due to various challenges, while E-2 wheelers led...

Pranav Bhavsar

Hyundai Motor India Pre-IPO - The Positives - Quasi-Local, Riding the SUV Wave

Hyundai Motor (005387 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of...

Sumeet Singh

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52-week Range

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Ola Electric IPO - RHP Updates - Growing Faster than Expected, Driven by GoI Policy

Ola Electric is now looking to raise about US$730m in its upcoming India IPO. In this note, we look at the updates from its most recent filings.

Sumeet Singh

Ola Electric Pre-IPO - Initial Thoughts on Valuation

Ola Electric has launched its IPO at a much more digestible valuation than what it was aiming for earlier. At the current valuations, it would be...

Sumeet Singh

Ola Electric IPO: The Investment Case

The investment case rests on rising market share in a growing market, rapid growth aided by product diversification, path to profitability...

Arun George

India Channel Insight | What Is the EV Scene in India?

​Current dynamics of Electric Vehicles in India show hindrances in adoption of 3 and 4 wheelers due to various challenges, while E-2 wheelers led...

Pranav Bhavsar

Hyundai Motor India Pre-IPO - The Positives - Quasi-Local, Riding the SUV Wave

Hyundai Motor (005387 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of...

Sumeet Singh

Current dynamics of Electric Vehicles in India show hindrances in adoption of 3 and 4 wheelers due to various challenges, while E-2 wheelers led...