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

Cello World Limited / Equity Capital Markets

<ul>
<li>Cello World raised around US$230m in its India IPO and will begin trading soon.</li>
<li>Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the demand and trading dynamics</li>
</ul>


Cello World raised around US$230m in its India IPO and will begin trading soon.
Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the demand and trading dynamics


Cello World IPO Trading - Very Strong Institutional Subscription

<ul>
<li>Cello World is looking to raise around US$240m in its upcoming India IPO.</li>
<li>Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.</li>
</ul>


Cello World is looking to raise around US$240m in its upcoming India IPO.
Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.


<ul>
<li>Cello World is looking to raise around US$240m in its upcoming India IPO.</li>
<li>Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>


Cello World is looking to raise around US$240m in its upcoming India IPO.
Cello World (CW) is an Indian consumer products company. The firm is a leading company in the consumerware market in India.
In this note, we look at the company’s past performance.


Cello World IPO - Strong past Growth but Has a Number of Related Party Issues

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>Strong underlying demand, shift towards premium range and rising salience of e- commerce: <div><div><div><div><p>4QFY22 revenue was well above pre-covid level and similar momentum has continued in 1QFY23, led by growth across channels</p></div></div></div></div></li></ul><div><div><div><div><ul><li>LOG has an edge in Borosilicate despite being a late entrant: Borosilicate capacity is expected to be commissioned in 2HFY24 and should start contributing to revenue meaningfully from FY25 (peak revenue potential of Rs1.25bn).</li></ul><div><div><div><div><ul><li>Revamping distribution strategy: Appointment of dedicated persons to lead the channels has led to improvement overall total distribution reach (19,000 outlets compared to 14,000 a couple of years ago) as well as its quality.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><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>

Strong underlying demand, shift towards premium range and rising salience of e- commerce: 4QFY22 revenue was well above pre-covid level and similar momentum has continued in 1QFY23, led by growth across channelsLOG has an edge in Borosilicate despite being a late entrant: Borosilicate capacity is expected to be commissioned in 2HFY24 and should start contributing to revenue meaningfully from FY25 (peak revenue potential of Rs1.25bn).Revamping distribution strategy: Appointment of dedicated persons to lead the channels has led to improvement overall total distribution reach (19,000 outlets compared to 14,000 a couple of years ago) as well as its quality.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.

La Opala RG - Positive Demand Outlook; Bright Prospects for Borosilicate

<div><div><div><div><ul><li>4QFY22 performance: LOG’s 4QFY22 revenue at Rs896mn (up 12% YoY) came in line with our estimate.</li><li>Revenue was well ahead of pre-Covid level. The management indicated that growth was equally strong across channels.</li><li>EBITDA margin witnessed 520bps QoQ moderation despite strong gross margin, mainly on account of higher other expenses (4Q other expenses are always high on account of director commissions and channel partners incentives etc.) </li></ul></div></div></div></div><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>

4QFY22 performance: LOG’s 4QFY22 revenue at Rs896mn (up 12% YoY) came in line with our estimate.Revenue was well ahead of pre-Covid level. The management indicated that growth was equally strong across channels.EBITDA margin witnessed 520bps QoQ moderation despite strong gross margin, mainly on account of higher other expenses (4Q other expenses are always high on account of director commissions and channel partners incentives etc.) 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.

La Opala RG - Tracking Expectations; Demand Outlook Is Positive

India

La Opala RG Limited manufactures glass and glass products.

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La Opala Rg Ltd (LOG IN)

Cello World IPO Trading - Very Strong Institutional Subscription

Cello World raised around US$230m in its India IPO and will begin trading soon. In this note we talk about the demand and trading dynamics.

Sumeet Singh

Cello World IPO - Thoughts on Valuation

Cello World is looking to raise around US$240m in its upcoming India IPO. We looked at the past performance in our previous note, in this note we...

Sumeet Singh

La Opala RG - Positive Demand Outlook; Bright Prospects for Borosilicate

We recently interacted with the management of La Opala RG (LOG) to get some perspective on demand trends, status of expansion plans in Opalware &...

Nirmal Bang

La Opala RG - Tracking Expectations; Demand Outlook Is Positive

La Opala RG’s (LOG) 4QFY22 operating performance came in line with our estimates, but importantly, the third consecutive strong quarter indicates...

Nirmal Bang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cello World IPO Trading - Very Strong Institutional Subscription

Cello World raised around US$230m in its India IPO and will begin trading soon. In this note we talk about the demand and trading dynamics.

Sumeet Singh

Cello World IPO - Thoughts on Valuation

Cello World is looking to raise around US$240m in its upcoming India IPO. We looked at the past performance in our previous note, in this note we...

Sumeet Singh

Cello World IPO - Strong past Growth but Has a Number of Related Party Issues

Cello World is looking to raise around US$240m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

La Opala RG - Positive Demand Outlook; Bright Prospects for Borosilicate

We recently interacted with the management of La Opala RG (LOG) to get some perspective on demand trends, status of expansion plans in Opalware &...

Nirmal Bang

La Opala RG - Tracking Expectations; Demand Outlook Is Positive

La Opala RG’s (LOG) 4QFY22 operating performance came in line with our estimates, but importantly, the third consecutive strong quarter indicates...

Nirmal Bang