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

InterGlobe Aviation Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder Rakesh Gangwal aims to raise around US$250m via selling 2.8% of the company.</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with the other co-founder Rahul Bhatia. </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder Rakesh Gangwal aims to raise around US$250m via selling 2.8% of the company.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with the other co-founder Rahul Bhatia. 
In this note, we will talk about the placement and run the deal through our ECM framework.


Interglobe Aviation (Indigo) Placement - The Beginning of the End of the Overhang

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Goldman Sachs: Coalition Management Key for BJP as Economic Stability Persists</li>
<li>
<a href="https://www.smartkarma.com/entities/zee-entertainment-enterprises" target="_blank" data-smartkarma-citation="entities:19466:1" rel="noopener">Zee Entertainment Enterprises (Z IN)</a> to Raise Rs. 2,000 Crore Following Sony Deal Fallout, <a href="https://www.smartkarma.com/entities/spicejet-ltd" target="_blank" data-smartkarma-citation="entities:5266:1" rel="noopener">Spicejet Ltd (SJET IN)</a> is also planning to raise funds in coming months</li>
<li>RBI Approves <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN)</a>’s 70% Stake Sale in Insurance Arm to Zurich Insurance</li>
</ul>


Goldman Sachs: Coalition Management Key for BJP as Economic Stability Persists

Zee Entertainment Enterprises (Z IN) to Raise Rs. 2,000 Crore Following Sony Deal Fallout, Spicejet Ltd (SJET IN) is also planning to raise funds in coming months
RBI Approves Kotak Mahindra Bank (KMB IN)’s 70% Stake Sale in Insurance Arm to Zurich Insurance


#9 India Insight: Goldman Sachs on India Election, Zee& SpiceJet Fundraise, ITC Demerger

Mid-Small Cap specialist | Equities | India, Nurture Capital Advisory

Nurture Capital Advisory

Mid-Small Cap specialist | Equities | India

Buyside Outfit and Advisory Services

We are a Buyside outfit and also offer Advisory services. Most notes published here are written for our consumption. These notes offer readers a perspective of our approach to scanning sectors and distilling ideas to constructing a bottom-up Equity portfolio. Combining top down and bottom-up approaches to identifying themes/ value stocks at inflexion Sector agnostic | Value oriented - Inflexion approach | Bottom-Up Ideas Biased towards Sustainability, ESG Team is Wall Street Journal, ET Now - Star mine Lipper, Asia money rated.

<ul>
<li>Indigo and Spice Jet have turned to profits in Q3FY23.</li>
<li>Indian Aviation sector is at infancy and the large market is consolidating. </li>
<li>However, rising ATF costs may restrict profit recovery, thus while valuations are reasonable and there is a long runway, it's not yet the time to go aboard.</li>
</ul>


Indigo and Spice Jet have turned to profits in Q3FY23.
Indian Aviation sector is at infancy and the large market is consolidating. 
However, rising ATF costs may restrict profit recovery, thus while valuations are reasonable and there is a long runway, it's not yet the time to go aboard.


Aviation, Should One Buy the Profit Recovery?

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

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>Travel and Tourism was one of the forefronts in the 2023-24 union budget speech.</li>
<li>While majority of the sectors have seen revival, the travel and tourism sector is still in recovery mode that awaits extraordinary growth.</li>
<li>Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the year'.</li>
</ul>


Travel and Tourism was one of the forefronts in the 2023-24 union budget speech.
While majority of the sectors have seen revival, the travel and tourism sector is still in recovery mode that awaits extraordinary growth.
Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the year'.


<ul>
<li>GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. The company is owned by the Wadia family, who also own <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries (BRIT IN)</a>.</li>
<li>Go Air is an ultra-low-cost carrier (ULCC) primarily operating in India. It had a market share of 10.8% in FY20 in the domestic market.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. The company is owned by the Wadia family, who also own Britannia Industries (BRIT IN).
Go Air is an ultra-low-cost carrier (ULCC) primarily operating in India. It had a market share of 10.8% in FY20 in the domestic market.
In this note, we will talk about the positive aspects of the deal.


Go Air (Go First) Pre-IPO - The Positives - Was Flying Reasonably High Pre-COVID

India

SpiceJet Limited is a domestic low-budget air carrier which provides scheduled flights between major cities in India. The Company operates a fleet of Boeing 737 aircraft. E-booking and e-ticketing facilities are available online along with telephone booking. SpiceJet's maintenance support is handled by KLM and technology from Star Navigation, Russel Adams and Tech Log.

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Spicejet Ltd (SJET IN)

Interglobe Aviation (Indigo) Placement - The Beginning of the End of the Overhang

InterGlobe Aviation Ltd (INDIGO IN)’s co-founder Rakesh Gangwal aims to raise around US$250m via selling 2.8% of the company.

Sumeet Singh

#9 India Insight: Goldman Sachs on India Election, Zee& SpiceJet Fundraise, ITC Demerger

Goldman Sachs highlights importance of coalition management for BJP amid economic stability; Zee and Spicejet to raise funds, RBI approves Kotak...

Sudarshan Bhandari

Aviation, Should One Buy the Profit Recovery?

Aviation sector turned to profits in Q3FY23. However, rising ATF costs may restrict profit recovery, thus while valuations are reasonable and there...

Nurture Capital Advisory

Travel and Tourism: Theme of the Year

Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the...

Nitin Mangal

Go Air (Go First) Pre-IPO - The Positives - Was Flying Reasonably High Pre-COVID

GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. The company is owned by the Wadia family, who also own Britannia...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Interglobe Aviation (Indigo) Placement - The Beginning of the End of the Overhang

InterGlobe Aviation Ltd (INDIGO IN)’s co-founder Rakesh Gangwal aims to raise around US$250m via selling 2.8% of the company.

Sumeet Singh

#9 India Insight: Goldman Sachs on India Election, Zee& SpiceJet Fundraise, ITC Demerger

​Goldman Sachs highlights importance of coalition management for BJP amid economic stability; Zee and Spicejet to raise funds, RBI approves Kotak...

Sudarshan Bhandari

Aviation, Should One Buy the Profit Recovery?

Aviation sector turned to profits in Q3FY23. However, rising ATF costs may restrict profit recovery, thus while valuations are reasonable and there...

Nurture Capital Advisory

Travel and Tourism: Theme of the Year

Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the...

Nitin Mangal

Go Air (Go First) Pre-IPO - The Positives - Was Flying Reasonably High Pre-COVID

GoAir (Go First) is looking to raise up to US$500m in its upcoming India IPO. The company is owned by the Wadia family, who also own Britannia...

Sumeet Singh

Goldman Sachs highlights importance of coalition management for BJP amid economic stability; Zee and Spicejet to raise funds, RBI approves Kotak...