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>Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>We have covered various aspects of the deal in our earlier notes. In this note, we will undertake a peer comparison. </li>
</ul>


Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
We have covered various aspects of the deal in our earlier notes. In this note, we will undertake a peer comparison. 


Delhivery IPO - Peer Comparison, What It Gains in Growth It Gives up in Margins

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>Delhivery is the largest and fastest-growing 3PL express parcel delivery player in India. It has cut its IPO raise from Rs74.6 billion ($1 billion) to Rs52.4 billion ($0.7 billion).</li>
<li>In <a href="https://www.smartkarma.com/insights/delhivery-ipo-initiation-can-it-deliver" target="_blank" data-smartkarma-citation="insights:63738" rel="noopener">Delhivery IPO Initiation: Can It Deliver?</a>, we noted that the fundamentals are mixed as it has been unable to leverage strong growth to deliver profits or cash generation.  </li>
<li>In this note, we look at the RHP which discloses 9MFY22 results. We continue to believe the negatives outweigh the positives. We are inclined to give the IPO a pass.</li>
</ul>


Delhivery is the largest and fastest-growing 3PL express parcel delivery player in India. It has cut its IPO raise from Rs74.6 billion ($1 billion) to Rs52.4 billion ($0.7 billion).
In Delhivery IPO Initiation: Can It Deliver?, we noted that the fundamentals are mixed as it has been unable to leverage strong growth to deliver profits or cash generation.  
In this note, we look at the RHP which discloses 9MFY22 results. We continue to believe the negatives outweigh the positives. We are inclined to give the IPO a pass.


Delhivery IPO: Yet to Convincingly Deliver

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

Equity Bottom-Up

<ul><li>We reiterate our Buy rating with a revised TP of INR2,130, implying a potential upside of 25%. </li><li>TCIE is a well-established player in the Express Logistics segment, with a pan India presence and catering to 95% of pin codes.</li><li>With a lease-based model for most of its required assets, TCIE enjoys greater operational flexibilities and generates a better return on assets</li></ul><div class="content-highlight"><em>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.</em></div>

We reiterate our Buy rating with a revised TP of INR2,130, implying a potential upside of 25%. TCIE is a well-established player in the Express Logistics segment, with a pan India presence and catering to 95% of pin codes.With a lease-based model for most of its required assets, TCIE enjoys greater operational flexibilities and generates a better return on assetsContent 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.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<ul><li>About the stock: TCI Express is a leading asset light B2B (95% of revenues) express logistics company with 28 sorting centres, 800+ owned pan-India centres covering 40000 pick-up and delivery points.</li><li>SME and corporate clients comprise 50:50 of overall revenues </li><li>Total 55% of revenues from sectors like auto ancillary, pharma, engineering</li></ul><div class="content-highlight"><em>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.</em></div>

About the stock: TCI Express is a leading asset light B2B (95% of revenues) express logistics company with 28 sorting centres, 800+ owned pan-India centres covering 40000 pick-up and delivery points.SME and corporate clients comprise 50:50 of overall revenues Total 55% of revenues from sectors like auto ancillary, pharma, engineeringContent 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/delhivery-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33471:1" rel="noopener">Delhivery (1058656D IN)</a> is the largest and fastest-growing 3PL express parcel delivery player in India by revenue in FY21. It has won SEBI approval to raise up to $1 billion.  </li>
<li>The fundamentals are mixed as it has been unable to leverage its leading position and strong growth to deliver profits or cash generation.  </li>
<li>Based on the draft red herring prospectus, we are cautious about this potential IPO as the negatives outweigh the positives.  </li>
</ul>



Delhivery (1058656D IN) is the largest and fastest-growing 3PL express parcel delivery player in India by revenue in FY21. It has won SEBI approval to raise up to $1 billion.  
The fundamentals are mixed as it has been unable to leverage its leading position and strong growth to deliver profits or cash generation.  
Based on the draft red herring prospectus, we are cautious about this potential IPO as the negatives outweigh the positives.  


Delhivery IPO Initiation: Can It Deliver?

India

TCI Express Limited operates as an integrated supply chain and logistics solutions provider. The Company offers transportation, storage, warehousing, and support services for transportation. TCI Express serves customers worldwide.

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TCI Express Ltd (TCIEXP IN)

Delhivery IPO - Peer Comparison, What It Gains in Growth It Gives up in Margins

Delhivery is now looking to raise around US$700m in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Delhivery IPO: Yet to Convincingly Deliver

Delhivery has cut its IPO raise from $1 bn to $0.7 bn. The subscription period runs from 11 to 13 May. A high-growth but loss-making and cash...

Arun George

TCI Express: Ticking All the Right Boxes

We reiterate our Buy rating with a revised TP of INR2,130, implying a potential upside of 25%. TCIE is a well-established player in the Express...

Motilal Oswal

TCI Express

What should investors do? TCI has been consistently delivering strong profitable growth (within a competitive environment), helped by its...

ICICI Securities Limited

Delhivery IPO Initiation: Can It Deliver?

Delhivery has won SEBI approval to raise up to $1 billion. Based on the draft red herring prospectus, we are cautious about this potential IPO as...

Arun George

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