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/bikaji-foods-international-ltd" target="_blank" data-smartkarma-citation="entities:36502:1" rel="noopener">Bikaji Foods (BIKAJI IN)</a>, an ethnic snacks company, raised approximately US$107m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire soon.</li>
<li>Bikaji was the third largest ethnic snacks company in India and the second fastest growing company in the Indian organized snacks market in FY22, as per Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Bikaji Foods (BIKAJI IN), an ethnic snacks company, raised approximately US$107m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire soon.
Bikaji was the third largest ethnic snacks company in India and the second fastest growing company in the Indian organized snacks market in FY22, as per Frost &amp; Sullivan (F&amp;S).
In this note, we will talk about the lock-up dynamics and updates since our last note.


Bikaji Foods IPO Lock-Up - Small Expiry with a Chance to Lift the Overhang

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Expect pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is decelerating</li><li>Delivery has been under pressure during the last 2-3 quarters and we expect a similar trend in Q4 too</li><li>Dine-in has outpaced delivery during the same period and that divergence is expected to sustain in Q4FY23 also</li></ul>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.

Expect pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is deceleratingDelivery has been under pressure during the last 2-3 quarters and we expect a similar trend in Q4 tooDine-in has outpaced delivery during the same period and that divergence is expected to sustain in Q4FY23 alsoContent 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.

<ul>
<li>Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs</li>
<li>However, the growth trajectory was quite slow in India vs that in China, which can be attributed to the variance in the economic growth of these two countries</li>
<li>India is still quite an under-penetrated market with ~3 stores per million population vs China’s 13 stores per million (six stores in 2013)</li>
</ul>
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.


Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs
However, the growth trajectory was quite slow in India vs that in China, which can be attributed to the variance in the economic growth of these two countries
India is still quite an under-penetrated market with ~3 stores per million population vs China’s 13 stores per million (six stores in 2013)

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.

<ul><li>Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs</li><li>However, the growth trajectory was quite slow in India vs that in China, which can be attributed to the variance in the economic growth of these two countries</li><li>India is still quite an under-penetrated market with ~3 stores per million population vs China’s 13 stores per million (six stores in 2013)</li></ul>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.

Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubsHowever, the growth trajectory was quite slow in India vs that in China, which can be attributed to the variance in the economic growth of these two countriesIndia is still quite an under-penetrated market with ~3 stores per million population vs China’s 13 stores per million (six stores in 2013)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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> raised around US$75m, after pricing its IPO at the bottom-end. </li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 604 stores across 17 cities, as of Feb 2023.</li>
<li>In this note, we talk about the subscription levels and trading dynamics.</li>
</ul>



DPC Dash (1405 HK) raised around US$75m, after pricing its IPO at the bottom-end. 
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 604 stores across 17 cities, as of Feb 2023.
In this note, we talk about the subscription levels and trading dynamics.


DPC Dash IPO Trading - Tepid Demand Even as Capital Group Tops Up

India

Sapphire Foods India Limited owns and operates quick service restaurants. The Company offers prepared food and beverages to be served on premise. Sapphire Foods serves clients in India and Sri Lanka.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sapphire Foods (SAPPHIRE IN)

Bikaji Foods IPO Lock-Up - Small Expiry with a Chance to Lift the Overhang

Bikaji Foods (BIKAJI IN), an ethnic snacks company, raised approximately US$107m in its India IPO. The stock was listed on 16th Nov 2022, its six...

Sumeet Singh

QSR: Pressure on demand and margin

Expect pressure on ADS, store addition pace to continue: Our QSR universe is expected to see growth weakness as discretionary demand is decelerating

HDFC Securities

QSR Thematic - Fishing Time?

Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs However,...

HDFC Securities

QSR - Fishing Time?

Global QSR giants entered India and China in the 90s with high hope of massive store network potential, thanks to two large populous hubs

HDFC Securities

DPC Dash IPO Trading - Tepid Demand Even as Capital Group Tops Up

DPC Dash (1405 HK) raised around US$75m, after pricing its IPO at the bottom-end. In this note, we will talk about the subscription levels and...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)