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

Honasa Consumer  / Equity Capital Markets

<ul>
<li>Honasa Consumer (HC) is looking to raise about US$350m in its upcoming India IPO.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Honasa Consumer (HC) is looking to raise about US$350m in its upcoming India IPO.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments. 
In this note, we will talk about the positive aspects of the deal.


Honasa Consumer Pre-IPO - The Positives - New Age DTC Brand

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Concord Biotech Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> is looking to raise around US$250m in its upcoming India IPO.</li>
<li>Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).</li>
<li>As per F&amp;S, it was one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on FY21 volume.</li>
</ul>



Concord Biotech Ltd (658823Z IN) is looking to raise around US$250m in its upcoming India IPO.
Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
As per F&amp;S, it was one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on FY21 volume.


Concord Biotech Pre-IPO - Sales Have Been Growing but Watch Out for Its High Concentration Risk

Avalon Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avalon-technologies-pvt-ltd" target="_blank" data-smartkarma-citation="entities:36234:1" rel="noopener">Avalon Technologies (6594468Z IN)</a> is looking to raise about US$130m in its upcoming India IPO. The IPO is expected to consist of both a fresh issue and a secondary portion. </li>
<li>Avalon Tech (Avalon) is a vertically integrated electronic manufacturing services (EMS) firm delivering box build solutions in India.</li>
<li>As per F&amp;S, the firm is one of the leading domestic EMS companies with end-to-end capabilities offering a full stack product and solution suite.</li>
</ul>



Avalon Technologies (6594468Z IN) is looking to raise about US$130m in its upcoming India IPO. The IPO is expected to consist of both a fresh issue and a secondary portion. 
Avalon Tech (Avalon) is a vertically integrated electronic manufacturing services (EMS) firm delivering box build solutions in India.
As per F&amp;S, the firm is one of the leading domestic EMS companies with end-to-end capabilities offering a full stack product and solution suite.


Avalon Technologies Pre-IPO - Sales Concentrated on a Handful. Market Tailwind Could Be Overstated

Ethan Aw

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (1652951D IN)</a> is looking to raise about US$350m in its upcoming India IPO. The deal will be run by Kotak, Citibank, JM Financial and JP Morgan.</li>
<li>Honasa Consumer is the largest digital-first beauty and personal care (BPC) company in India in terms of revenue for FY22 (Year ended 31st Mar 2022) according to RedSeer. </li>
<li>Honasa Consumer’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments. </li>
</ul>



Honasa Consumer (1652951D IN) is looking to raise about US$350m in its upcoming India IPO. The deal will be run by Kotak, Citibank, JM Financial and JP Morgan.
Honasa Consumer is the largest digital-first beauty and personal care (BPC) company in India in terms of revenue for FY22 (Year ended 31st Mar 2022) according to RedSeer. 
Honasa Consumer’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments. 


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

Private Capital Markets

Honasa Consumer  / Private Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-private-limited-mamaearth" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Mamaearth (1652951D IN)</a>'s in one of foremost D2C personal care brands. Initially started with baby products, the brand now offers a full range of toxin free, natural products.  </li>
<li>Channel feedback suggests good products and premium pricing, but chasing traditional retail is not easy and will test Mamaearth's execution capabilities. </li>
<li>COVID has boosted financials. Revenues have skyrocketed and the company has become profitable. The way forward for traditional retailing and its execution will be the key.  </li>
</ul>



Mamaearth (1652951D IN)'s in one of foremost D2C personal care brands. Initially started with baby products, the brand now offers a full range of toxin free, natural products.  
Channel feedback suggests good products and premium pricing, but chasing traditional retail is not easy and will test Mamaearth's execution capabilities. 
COVID has boosted financials. Revenues have skyrocketed and the company has become profitable. The way forward for traditional retailing and its execution will be the key.  


India

Honasa Consumer Limited, doing business as Mamaearth, provides e-commerce services. The Company offers baby, skin, body, and hair care products, as well as mosquito protection roll on and creams. Mamaearth serves customers in India.

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Honasa Consumer (HONASA IN)

Honasa Consumer Pre-IPO - The Positives - New Age DTC Brand

Honasa Consumer, a DTC beauty and personal care brand, is looking to raise about US$350m in its upcoming India IPO. In this note, we will talk...

Sumeet Singh

Concord Biotech Pre-IPO - Sales Have Been Growing but Watch Out for Its High Concentration Risk

Concord Biotech Ltd (658823Z IN) is looking to raise around US$250m in its upcoming India IPO. Concord is an India-based biopharma firm, which...

Clarence Chu

Avalon Technologies Pre-IPO - Sales Concentrated on a Handful. Market Tailwind Could Be Overstated

Avalon Technologies (6594468Z IN) is looking to raise about US$130m in its upcoming India IPO. The IPO is expected to consist of both a fresh issue...

Clarence Chu

Honasa Consumer Pre-IPO Tearsheet

Honasa Consumer (1652951D IN) is looking to raise about US$350m in its upcoming India IPO. The deal will be run by Kotak, Citibank, JM Financial...

Ethan Aw

Mamaearth Tearsheet - Going Beyond D2C

India Unicorn Series: We profile India's premier D2C brand "Mamaearth". Growth and financials have been great so far, its execution in traditional...

Pranav Bhavsar

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