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/doms-industries" target="_blank" data-smartkarma-citation="entities:40059:1" rel="noopener">Doms (DOMS IN)</a> is looking to raise around US$140m in its India IPO.</li>
<li>DOMS is a leading player and brand in India’s stationery and art products market. It designs, manufactures, and sells a wide range of products, primarily under its flagship brand ‘DOMS’.</li>
<li>We have looked at the company's past performance in our earlier note. In this note, we talk about valuations.</li>
</ul>



Doms (DOMS IN) is looking to raise around US$140m in its India IPO.
DOMS is a leading player and brand in India’s stationery and art products market. It designs, manufactures, and sells a wide range of products, primarily under its flagship brand ‘DOMS’.
We have looked at the company's past performance in our earlier note. In this note, we talk about valuations.


DOMS Industries IPO - Thoughts on Valuation - Isn't Cheap, Neither Are Its Peers Cheap

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> is looking to raise US$135m from selling its remaining stake in <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>.</li>
<li>Since receiving shares from Zomato’s acquisition of 91% of Blinkit’s outstanding shares, Softbank has been busy trimming its stake in Zomato. The stake sale now will be a cleanup one.</li>
<li>Representing just 1.2 days of Zomato’s three month ADV, the deal here would be easily digested by the firm.</li>
</ul>



Softbank Group (9984 JP) is looking to raise US$135m from selling its remaining stake in Zomato (ZOMATO IN).
Since receiving shares from Zomato’s acquisition of 91% of Blinkit’s outstanding shares, Softbank has been busy trimming its stake in Zomato. The stake sale now will be a cleanup one.
Representing just 1.2 days of Zomato’s three month ADV, the deal here would be easily digested by the firm.


Zomato Placement - SVF's Overhang Will Be Lifted Post-Deal, Momentum on the Stock Remains Strong

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

Equity Bottom-Up

<ul>
<li>Market sentiment remains optimistic, we anticipate the rally to continue with 20,200 on the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> as a trend check level. </li>
<li>There are concerns about <a href="https://www.smartkarma.com/entities/one-97-communications-limited-paytm" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a> growth in personal loans in the near term, but the merchant side provides a large enough opportunity.  </li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a>, <a href="https://www.smartkarma.com/entities/poonawalla-fincorp" target="_blank" data-smartkarma-citation="entities:3449:1" rel="noopener">Poonawalla Fincorp (POONAWAL IN)</a>, and <a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (FIVESTAR IN)</a> </li>
</ul>


Market sentiment remains optimistic, we anticipate the rally to continue with 20,200 on the NIFTY Index (NIFTY INDEX) as a trend check level. 
There are concerns about Paytm (PAYTM IN) growth in personal loans in the near term, but the merchant side provides a large enough opportunity.  
Other names discussed include Eicher Motors (EIM IN), Poonawalla Fincorp (POONAWAL IN), and Five Star Business Finance (FIVESTAR IN) 


[Week 12] Namaste India 🙏 | Paytm (PAYTM IN) | Opportunity Size Outweigh Growth Concerns

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, Tata Technologies and IREDA continued the India IPO juggernaut. </li>
<li>On the placements front, there seems to be no stopping Japan flows.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Tata Technologies and IREDA continued the India IPO juggernaut. 
On the placements front, there seems to be no stopping Japan flows.


ECM Weekly (3rd Dec 2023) - Denso, Toyota, Zensho, Asahi, Kotak, Zomato, Zeekr, Tatatech, IREDA

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A holistic view of the three different documents here suggests the <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> buyback, indeed, "It was a trap".</li>
<li>3D Investment Partners raised its stake in <a href="https://www.smartkarma.com/entities/sapporo-holdings-ltd" target="_blank" data-smartkarma-citation="entities:14085:1" rel="noopener">Sapporo Holdings (2501 JP)</a>,  suggesting the activist investor is optimistic about successfully advancing their proposals.</li>
<li>A firm merger proposal is expected for <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a> in the next couple of weeks. Time to buy.</li>
</ul>


A holistic view of the three different documents here suggests the Denso Corp (6902 JP) buyback, indeed, "It was a trap".
3D Investment Partners raised its stake in Sapporo Holdings (2501 JP),  suggesting the activist investor is optimistic about successfully advancing their proposals.
A firm merger proposal is expected for Hollysys Automation Technologies (HOLI US) in the next couple of weeks. Time to buy.


Last Week in Event SPACE: Denso, Sapporo, Hollysys, PCCW, Origin Energy

India

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

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Tata Consultancy Svcs (TCS IN)

DOMS Industries IPO - Thoughts on Valuation - Isn't Cheap, Neither Are Its Peers Cheap

Doms (DOMS IN) is looking to raise around US$140m in its India IPO. We have looked at the past performance in our earlier notes, in this note we...

Sumeet Singh

Zomato Placement - SVF's Overhang Will Be Lifted Post-Deal, Momentum on the Stock Remains Strong

Softbank Group (9984 JP) is looking to raise US$135m from selling its remaining stake in Zomato (ZOMATO IN). The stake sale now will be a cleanup one.

Clarence Chu

[Week 12] Namaste India 🙏 | Paytm (PAYTM IN) | Opportunity Size Outweigh Growth Concerns

Market sentiment remains optimistic with the NIFTY Index as a trend check level. Concerns about Paytm's growth. Other names discussed: Eicher...

Pranav Bhavsar

ECM Weekly (3rd Dec 2023) - Denso, Toyota, Zensho, Asahi, Kotak, Zomato, Zeekr, Tatatech, IREDA

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Last Week in Event SPACE: Denso, Sapporo, Hollysys, PCCW, Origin Energy

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

DOMS Industries IPO - Thoughts on Valuation - Isn't Cheap, Neither Are Its Peers Cheap

Doms (DOMS IN) is looking to raise around US$140m in its India IPO. We have looked at the past performance in our earlier notes, in this note we...

Sumeet Singh

Zomato Placement - SVF's Overhang Will Be Lifted Post-Deal, Momentum on the Stock Remains Strong

Softbank Group (9984 JP) is looking to raise US$135m from selling its remaining stake in Zomato (ZOMATO IN). The stake sale now will be a cleanup one.

Clarence Chu

[Week 12] Namaste India 🙏 | Paytm (PAYTM IN) | Opportunity Size Outweigh Growth Concerns

​Market sentiment remains optimistic with the NIFTY Index as a trend check level. Concerns about Paytm's growth. Other names discussed: Eicher...

Pranav Bhavsar

ECM Weekly (3rd Dec 2023) - Denso, Toyota, Zensho, Asahi, Kotak, Zomato, Zeekr, Tatatech, IREDA

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Last Week in Event SPACE: Denso, Sapporo, Hollysys, PCCW, Origin Energy

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Market sentiment remains optimistic with the NIFTY Index as a trend check level. Concerns about Paytm's growth. Other names discussed: Eicher...