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

Tata Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> (TT) is looking to raise around US$370m in its upcoming India IPO.</li>
<li>Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison and provided our initial thoughts on valutions. In this note we talk about the RHP updates.</li>
</ul>



Tata Technologies (TATATECH IN) (TT) is looking to raise around US$370m in its upcoming India IPO.
Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
We have looked at the company’s past performance and undertaken a peer comparison and provided our initial thoughts on valutions. In this note we talk about the RHP updates.


Tata Technologies Pre-IPO - RHP Updates - Headline Growth Picking Up

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a>, the largest India-based ER&amp;D service provider, seeks to raise US$350-375 million, which is lower than its previous target of US$600 million.</li>
<li>Tata Technologies is seeking a valuation of US$2.5 billion, which is 27.5% higher than the valuation <a href="https://www.smartkarma.com/entities/tpg-inc" target="_blank" data-smartkarma-citation="entities:35361:1" rel="noopener">TPG Inc (TPG US)</a> acquired a 9.0% stake on 25 October.</li>
<li>The investment case rests on top-tier growth rates, strong core business, lower reliance on <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast (VFS US)</a>, high repeat rates, top-tier profitability, solid FCF profile and no debt. </li>
</ul>



Tata Technologies (TATATECH IN), the largest India-based ER&amp;D service provider, seeks to raise US$350-375 million, which is lower than its previous target of US$600 million.
Tata Technologies is seeking a valuation of US$2.5 billion, which is 27.5% higher than the valuation TPG Inc (TPG US) acquired a 9.0% stake on 25 October.
The investment case rests on top-tier growth rates, strong core business, lower reliance on Vinfast (VFS US), high repeat rates, top-tier profitability, solid FCF profile and no debt. 


Tata Technologies IPO: The Investment Case

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELETEs for the BSE SENSEX, 100, and 200 Indices in the December 2023 Rebalance.</li>
<li>At present, I do not see any changes for the SENSEX index. For the BSE 100 and BSE 200 indices I see six and five changes respectively.</li>
<li>Some of these changes are different from those expected in my last insight. However, the changes expected in this insight will be my final expectations for the December 2023 Rebalance.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELETEs for the BSE SENSEX, 100, and 200 Indices in the December 2023 Rebalance.
At present, I do not see any changes for the SENSEX index. For the BSE 100 and BSE 200 indices I see six and five changes respectively.
Some of these changes are different from those expected in my last insight. However, the changes expected in this insight will be my final expectations for the December 2023 Rebalance.


Quiddity Leaderboard BSE/​​​​SENSEX Dec 23: Bandhan Bank Could Underperform State Bank

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>Bajaj Finance: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer additions (+37% YoY) and new loans booked (+26% YoY)</li><li>NIMs were sequentially softer by 14bps on account of a spike in funding costs, which is likely to further sustain into Q3FY24, reflecting in incremental NIM compression to the tune of 25-30bps</li><li>While our FY24 AUM growth forecast (+28%) is moderately behind management guidance, we believe that NIM compression is likely to be offset by improving operating leverage (Q2FY24: 34%)</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.

Bajaj Finance: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer additions (+37% YoY) and new loans booked (+26% YoY)NIMs were sequentially softer by 14bps on account of a spike in funding costs, which is likely to further sustain into Q3FY24, reflecting in incremental NIM compression to the tune of 25-30bpsWhile our FY24 AUM growth forecast (+28%) is moderately behind management guidance, we believe that NIM compression is likely to be offset by improving operating leverage (Q2FY24: 34%)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.

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life, L&T Technology Services

India

Zensar Technologies Ltd. develops software and it also provides IT consulting and related services. The Company has expertise in key verticals of retail, manufacturing, logistics, financial services, telecom and utilities. Zensar offers end-to-end solutions across diverse technology platforms &industry domains through a Global Delivery Model, which delivers 24 X 7 services.

Cyient Limited provides engineering services, data analytics, and data, networks and operations solutions. The Company offers its services to the aerospace and defense, energy, heavy machinery, consumer, medical utility, communications, semiconductor, and transportation industries around the world.

Intellect Design Arena Ltd is a financial technology firm. The Company caters to banks, insurance companies and other financial service firms.

Tanla Platforms Limited develops and markets computer software.  The Company develops software for wireless communications.

Newgen Software Technologies Limited provides IT services. The Company offers software development, document management system, workflow and process automation, business process, enterprise content, and customer communication management services. Newgen Software Technologies serves customers worldwide.

AurionPro Solutions Limited provides software solutions and offshore information technology outsourcing services to banking, financial services, and technology companies.

Nucleus Software Exports Limited specializes in the development and production of software systems, in addition to the supply of various support and technical advisory services. The majority of the Group's products and services are centered towards the banking and financial services sectors.

Sasken Communication Technologies Ltd. is an embedded telecom solutions company that helps businesses across the telecom value chain accelerate product development life cycles. The Company works with terminal device manufacturers, network equipment manufacturers, semiconductor vendors and network operators on new product development and manufacturing.

ASM Technologies Ltd. offers computer software services.  The Company offers consulting, information technology and software testing services; develops enterprise, Internet and embedded systems applications; and offers networking and telecommunications services.

Subex Limited develops software products and provides software consulting services. The Company's products primarily focus on providing software solutions for clients in the telecommunications sector.

Kingsoft Corporation Ltd. develops and markets computer software.  The Company develops role-playing computer games and security, word processing, and spreadsheet software.

Technology One Limited is an Australian-based company that is engaged in the development, marketing, sales, implementation, support, and distribution of financial management and enterprise software solutions. The Company has operations in New Zealand, the United Kingdom, the South Pacific, and Malaysia.

Hundsun Technologies Inc develops application software for security firms, commercial banks, fund management firms, and other industries.  The Company also sells computer hardware and provides system integration services.

International Games System Co., Ltd. plans, designs, develops, manufactures, and markets software and hardware for arcade games, PC games, and Internet on-line games.

Varonis Systems, Inc. designs and develops data security software solutions. The Company offers data management systems to organize, manage, and protect unstructured and semi-structured data such as documents, spreadsheets, presentations, media files, and other business data. Varonis Systems operates worldwide.

Blackbaud, Inc. provides software and related services designed specifically for non-profit organizations. The Company's products and services enable non-profit organizations to increase donations, reduce fundraising costs, improve communication with constituents, manage their finances, and optimize internal operations.

Qualys, Inc. provides information technology security risk and compliance management solutions. The Company offers products for vulnerability management, policy compliance, web application scanning, malware detection, and associated security products. Qualys conducts business in the United States.

CommVault Systems, Inc. provides data management software applications and related services. The Company develops, markets, and sells a suite of data management software applications designed to protect and manage data throughout its lifecycle.

Trend Micro Incorporated develops and markets anti-virus computer software and internet security software.  The Company also sells its products in the United States, Europe, and Asia.

ACI Worldwide, Inc. develops, markets, and supports software products for the global electronics funds transfer market.  The Company's products are used to process transactions involving credit cards, debit cards, smartcards, home banking services, checks, and automated clearing and settlement.

Tata Elxsi Limited manufactures computers and workstations besides providing system design, software development and integration services. The Group supplies its products to a number of industries, including the automotive, metals, consumer products, finance, IT & Communications, energy, chemicals, engineering, pharmaceuticals, entertainment and agro industries.

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Tata Elxsi Ltd (TELX IN)

Tata Technologies Pre-IPO - RHP Updates - Headline Growth Picking Up

Tata Technologies is looking to raise around US$370m in its upcoming India IPO. We have looked at its past performance and valuation in our earlier...

Sumeet Singh

Tata Technologies IPO: The Investment Case

The investment case rests on top-tier growth rates, strong core business, lower reliance on VinFast, high repeat rates, top-tier profitability,...

Arun George

Quiddity Leaderboard BSE/SENSEX Dec 23: Bandhan Bank Could Underperform State Bank

The BSE SENSEX and BSE 100 index changes for Dec 23 could be announced in a few days. This might be good time to revisit Quiddity's final...

Janaghan Jeyakumar, CFA

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life

Bajaj Finance: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer...

HDFC Securities

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life, L&T Technology Services

Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer additions (+37% YoY)...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tata Technologies Pre-IPO - RHP Updates - Headline Growth Picking Up

Tata Technologies is looking to raise around US$370m in its upcoming India IPO. We have looked at its past performance and valuation in our earlier...

Sumeet Singh

Tata Technologies IPO: The Investment Case

The investment case rests on top-tier growth rates, strong core business, lower reliance on VinFast, high repeat rates, top-tier profitability,...

Arun George

Quiddity Leaderboard BSE/​​​​SENSEX Dec 23: Bandhan Bank Could Underperform State Bank

The BSE SENSEX and BSE 100 index changes for Dec 23 could be announced in a few days. This might be good time to revisit Quiddity's final...

Janaghan Jeyakumar, CFA

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life

Bajaj Finance: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer...

HDFC Securities

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life, L&T Technology Services

Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer additions (+37% YoY)...

HDFC Securities

Quiddity Leaderboard BSE/SENSEX Dec 23: Bandhan Bank Could Underperform State Bank