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

FSN E-Commerce Ventures (Nykaa) / Equity Capital Markets

FSN E-commerce (Nykaa) aims to raise around US$550m, via selling a mix of primary and secondary shares in its Indian IPO. Nykaa is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products. As per RedSeer, it was the largest Specialty Beauty and Personal Care Platform in India in terms of value of products sold in FY21.As of March 21, it had 43.7m cumulative downloads across all its mobile applications. Its offline channel comprises 73 physical stores across 38 cities in India. It reported a gross merchandise value (GMV) of INR40,459.8m (around US$550m) in FY21. As of Mar 21, it offered approximately 2.0m SKUs from 3,826 national and international brands across its business verticals. Nykaa’s GMV, revenue and gross profit have more than doubled over FY19-21, even though the company suffered from a drop in orders due to COVID-19 in 4Q20 and 1Q21. Overall, GMV grew by 62.7% in FY20 and 50.7% in FY21. Revenue growth has broadly kept pace with GMV growth while the company has managed to turn a profit in FY21. However, the growth for its largest segment, beauty and personal care, appears to have slowed down in FY21. While its fashion segment is operated as a marketplace and hence, won’t be a big driver of revenue growth till it scales.

FSN E-commerce (Nykaa) aims to raise around US$550m, via selling a mix of primary and secondary shares in its Indian IPO. Nykaa is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products. As per RedSeer, it was the largest Specialty Beauty and Personal Care Platform in India in terms of value of products sold in FY21.As of March 21, it had 43.7m cumulative downloads across all its mobile applications. Its offline channel comprises 73 physical stores across 38 cities in India. It reported a gross merchandise value (GMV) of INR40,459.8m (around US$550m) in FY21. As of Mar 21, it offered approximately 2.0m SKUs from 3,826 national and international brands across its business verticals. Nykaa’s GMV, revenue and gross profit have more than doubled over FY19-21, even though the company suffered from a drop in orders due to COVID-19 in 4Q20 and 1Q21. Overall, GMV grew by 62.7% in FY20 and 50.7% in FY21. Revenue growth has broadly kept pace with GMV growth while the company has managed to turn a profit in FY21. However, the growth for its largest segment, beauty and personal care, appears to have slowed down in FY21. While its fashion segment is operated as a marketplace and hence, won’t be a big driver of revenue growth till it scales.

FSN E-Commerce (Nykaa) Pre-IPO - Mixed Bag - Fashion Growing, Beauty Slowing

External broker reports(aggregated public sources), SMC Global

SMC Online

External broker reports(aggregated public sources)

Equity Bottom-Up

Oil & Natural Gas Corp / Equity Bottom-Up

On a consolidated basis, Oil and Natural Gas Corporation (ONGC) reported a net profit of Rs 5,985.16 crore in Q1 FY22, steeply higher than net profit of Rs 115.89 crore in Q1 FY21. Net sales during the quarter rose 73% YoY to Rs 108135.63 crore. The company posted a pre-tax...<div class="content-highlight">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.</div>

On a consolidated basis, Oil and Natural Gas Corporation (ONGC) reported a net profit of Rs 5,985.16 crore in Q1 FY22, steeply higher than net profit of Rs 115.89 crore in Q1 FY21. Net sales during the quarter rose 73% YoY to Rs 108135.63 crore. The company posted a pre-tax...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.

Nuvoco Vistas (NV) aims to raise around US$673m in its India IPO. It is promoted by the Nirma Group and has recently acquired Emami’s cement business.Nuvoco Vistas (NV) is the fifth largest cement company in India and the largest cement company in East India, in terms of capacity. It had a total consolidated capacity of 22.32 MMTPA across 11 cement plants, comprising five integrated units, five grinding units and one blending unit. It also operates a RMX business with 49 RMX plants across India. As of Dec 2020, its cement production capacity constituted approximately 4.2% of total cement capacity in India and 17% of total cement capacity in East India.The company’s past revenue growth has been subdued, largely owing to COVID-19 impact. Although, it has managed to expand its EBITDA margin, especially in FY20, thus shoring up EBITDA growth. However, there is nothing particularly alluring about the stock that makes it stand out versus its peers. In this note, we will run the deal through our ECM framework and talk about pricing

Nuvoco Vistas (NV) aims to raise around US$673m in its India IPO. It is promoted by the Nirma Group and has recently acquired Emami’s cement business.Nuvoco Vistas (NV) is the fifth largest cement company in India and the largest cement company in East India, in terms of capacity. It had a total consolidated capacity of 22.32 MMTPA across 11 cement plants, comprising five integrated units, five grinding units and one blending unit. It also operates a RMX business with 49 RMX plants across India. As of Dec 2020, its cement production capacity constituted approximately 4.2% of total cement capacity in India and 17% of total cement capacity in East India.The company’s past revenue growth has been subdued, largely owing to COVID-19 impact. Although, it has managed to expand its EBITDA margin, especially in FY20, thus shoring up EBITDA growth. However, there is nothing particularly alluring about the stock that makes it stand out versus its peers. In this note, we will run the deal through our ECM framework and talk about pricing

Nuvoco Vistas IPO - Don’t See Any Strong Reason to Buy

CarTrade Tech aims to raise around US$400m in its India IPO. The company is backed by Warburg Pincus and Temasek.CarTrade Tech (CTT) is an online auto portal for sale of cars and two-wheelers in India. It is a multichannel auto platform with coverage and presence across vehicle types and value-added services through its various brands, namely: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.In 4Q21 (period ending March 21), its platforms had an average of 31.99m unique visitors per month and 814,316 vehicles were listed for auction in FY 2021. Although, most of the prior growth appears to have come via acquisitions. Were one to adjust for the acquisitions, the underlying growth doesn’t appear to be very strong.We have covered various aspects of the deal in our previous note, <a href="https://www.smartkarma.com/insights/cartrade-tech-pre-ipo-acquisition-adjusted-growth-remains-lows" target="_blank" rel="noopener">CarTrade Tech Pre-IPO - Acquisition adjusted growth remains low</a>.In this note, we will run the deal through our ECM framework and talk about pricing.

CarTrade Tech aims to raise around US$400m in its India IPO. The company is backed by Warburg Pincus and Temasek.CarTrade Tech (CTT) is an online auto portal for sale of cars and two-wheelers in India. It is a multichannel auto platform with coverage and presence across vehicle types and value-added services through its various brands, namely: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz.In 4Q21 (period ending March 21), its platforms had an average of 31.99m unique visitors per month and 814,316 vehicles were listed for auction in FY 2021. Although, most of the prior growth appears to have come via acquisitions. Were one to adjust for the acquisitions, the underlying growth doesn’t appear to be very strong.We have covered various aspects of the deal in our previous note, CarTrade Tech Pre-IPO - Acquisition adjusted growth remains low.In this note, we will run the deal through our ECM framework and talk about pricing.

Cartrade Tech IPO - Too Expensive for Our Taste

Alpha-Centric ESG Research

Kyle Rudden

Shortly after publishing <a href="https://www.smartkarma.com/insights/engine-versus-exxon-activist-hedge-fund-s-proxy-fight-win-reverberates-through-big-oil-boardrooms" target="_blank" data-smartkarma-citation="insights:52318" rel="noopener">Engine Versus Exxon: Activist Hedge Fund's Proxy Fight Win Reverberates Through "Big Oil" Boardrooms</a>, I decided that a follow-up report (such as this one) would be a good supplement. So, consider this an addendum of sorts to that first Insight.Whereas "Engine Versus Exxon" was a mostly qualitative discussion of recent events for Exxon and six other supermajors, this is a more data-driven look of a much larger universe of oil stocks; 50 in total, representing 24 countries (mainly in the Americas, Asia Pacific, and Europe).Together, they are a good proxy for the broader Energy sector – an aggregate market capitalisation of US$4.6 trillion, and responsible for an astounding 20.5 billion MtCO2e in emissions, about 65% of all energy-related greenhouse gas (GHG) emissions.This is a relatively focused Insight, covering four related areas:<ol>
<li>
Carbon Footprints: Scope 1, Scope 2, and Scope 3 emissions for each (ranked and sorted).</li>
<li>
Climate Policies: Where each stands vis-à-vis implementation of climate-related policies.</li>
<li>
Emissions Targets: Which companies are claiming to go net-zero emissions, and by when.</li>
<li>
Capital Investment: How future CapEx is (or is not) aligned with global warming targets.</li>
</ol>

Shortly after publishing Engine Versus Exxon: Activist Hedge Fund's Proxy Fight Win Reverberates Through "Big Oil" Boardrooms, I decided that a follow-up report (such as this one) would be a good supplement. So, consider this an addendum of sorts to that first Insight.Whereas "Engine Versus Exxon" was a mostly qualitative discussion of recent events for Exxon and six other supermajors, this is a more data-driven look of a much larger universe of oil stocks; 50 in total, representing 24 countries (mainly in the Americas, Asia Pacific, and Europe).Together, they are a good proxy for the broader Energy sector – an aggregate market capitalisation of US$4.6 trillion, and responsible for an astounding 20.5 billion MtCO2e in emissions, about 65% of all energy-related greenhouse gas (GHG) emissions.This is a relatively focused Insight, covering four related areas:

Carbon Footprints: Scope 1, Scope 2, and Scope 3 emissions for each (ranked and sorted).

Climate Policies: Where each stands vis-à-vis implementation of climate-related policies.

Emissions Targets: Which companies are claiming to go net-zero emissions, and by when.

Capital Investment: How future CapEx is (or is not) aligned with global warming targets.


Greenhouse Gas Emissions Profiles of 50 of the World's Largest Oil Companies

India

Oil and Natural Gas Corporation Limited specializes in the exploration and production of crude oil and gas. The Company has joint ventures in oil fields in Vietnam, Norway, Egypt, Tunisia, Iran and Australia. The Group's other activities include deep sea explorations on the east and west coasts of India, and the exploration of coal bed methane.

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Oil & Natural Gas Corp (ONGC IN)

FSN E-Commerce (Nykaa) Pre-IPO - Mixed Bag - Fashion Growing, Beauty Slowing

FSN E-commerce (Nykaa) aims to raise around US$550m, via selling a mix of primary and secondary shares in its Indian IPO.

Sumeet Singh

ONGC: Q1 PAT at Rs 5,985 Cr

On a consolidated basis, Oil and Natural Gas Corporation (ONGC) reported a net profit of Rs 5,985.16 crore in Q1 FY22, steeply higher than net...

SMC Online

Nuvoco Vistas IPO - Don’t See Any Strong Reason to Buy

Nuvoco Vistas (NV) aims to raise around US$673m in its India IPO. It is promoted by the Nirma Group and has recently acquired Emami’s cement business.

Sumeet Singh

Cartrade Tech IPO - Too Expensive for Our Taste

CarTrade Tech aims to raise around US$400m in its India IPO, via a 100% secondary selldown. The company is backed by Warburg Pincus and Temasek.

Sumeet Singh

Greenhouse Gas Emissions Profiles of 50 of the World's Largest Oil Companies

A quick overview of the carbon footprints and climate policies of 50 of the world's largest oil stocks (mainly Asia Pacific, Americas, and Europe...

Kyle Rudden

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