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 looking to raise US$1bn 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>In this note, we talk about the not so positive aspects of the deal.</li>
</ul>


Delhivery is looking to raise US$1bn 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.
In this note, we talk about the not so positive aspects of the deal.


Delhivery Pre-IPO - The Negatives - Not Showing Clear Signs of Delivering Profits

<ul>
<li>Vedant Fashions raised around US$420m in its India IPO. While insti demand was decent, retail investor gave it a miss. </li>
<li>It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.</li>
<li>In this note, we will talk about the trading updates and other deal dynamics.</li>
</ul>


Vedant Fashions raised around US$420m in its India IPO. While insti demand was decent, retail investor gave it a miss. 
It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.
In this note, we will talk about the trading updates and other deal dynamics.


Vedant Fashions IPO Trading - Liked by Instis While Retail Gave It a Miss

<ul>
<li>Vedant Fashions is looking to raise up to US$420m in its India IPO.</li>
<li>It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal background.</li>
</ul>


Vedant Fashions is looking to raise up to US$420m in its India IPO.
It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.
In this note, we will run the deal through our ECM framework and talk about the deal background.


Vedant Fashions IPO - Dominant Position in a Small Niche but Appears Pricey

Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vedant-fashions" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions</a>, owner of India's leading homegrown brand for premium ethnic wear for men - Manyavar, will launch its IPO on Feb 4th at a price range of Rs824-866/share.</li>
<li>The USD420 mn IPO suggests an equity valuation of USD2.8 bn implying forward P/E of around 70X at a premium to apparel peers but in line with consumer good companies.</li>
<li>The rapid growth in demand for premium ethnic-branded-wear for men have helped Vedant Fashions emerge as a segment leader with a pan India presence and attractive growth outlook.</li>
</ul>



Vedant Fashions, owner of India's leading homegrown brand for premium ethnic wear for men - Manyavar, will launch its IPO on Feb 4th at a price range of Rs824-866/share.
The USD420 mn IPO suggests an equity valuation of USD2.8 bn implying forward P/E of around 70X at a premium to apparel peers but in line with consumer good companies.
The rapid growth in demand for premium ethnic-branded-wear for men have helped Vedant Fashions emerge as a segment leader with a pan India presence and attractive growth outlook.


Vedant Fashions IPO: Regal Ware Deserves a Premium. India's Leading Men's Ethnic Apparel Brand Play.

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<p><a href="https://www.smartkarma.com/entities/oyo-pvt-ltd" target="_blank" data-smartkarma-citation="entities:28861:1" rel="noopener">Oyo (1698548D IN)</a> is looking to raise up to US$1.1bn in its upcoming India IPO. The deal will be run by Deutsche Bank, ICICI Securities, JM Financial, Nomura and joint global coordinators include Citigroup, JP Morgan and Kotak. </p><p>Oyo runs a digital platform that serves as a hotel aggregator between Patrons, which include owners and lessors, and Customers, such as travelers and guests booking for accommodation. Patrons list their digitally-enabled storefronts on the firm’s platform, which can be booked by customers through the firm’s direct to consumer (D2C) channels or via its indirect channels with third-party online travel agencies (OTAs). As at Mar 2021, there were more than 157,344 storefronts across more than 35 countries listed on Oyo’s platform.</p>

Oyo (1698548D IN) is looking to raise up to US$1.1bn in its upcoming India IPO. The deal will be run by Deutsche Bank, ICICI Securities, JM Financial, Nomura and joint global coordinators include Citigroup, JP Morgan and Kotak. Oyo runs a digital platform that serves as a hotel aggregator between Patrons, which include owners and lessors, and Customers, such as travelers and guests booking for accommodation. Patrons list their digitally-enabled storefronts on the firm’s platform, which can be booked by customers through the firm’s direct to consumer (D2C) channels or via its indirect channels with third-party online travel agencies (OTAs). As at Mar 2021, there were more than 157,344 storefronts across more than 35 countries listed on Oyo’s platform.

India

Vedant Fashions Limited operates as a manufacturer and marketer of apparels. The Company provides men, women and kids apparels and accessories. Vedant Fashions also offers ethnic wedding, indo-western, and bridal collections. Vedant Fashions serves customers worldwide.

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Vedant Fashions (MANYAVAR IN)

Delhivery Pre-IPO - The Negatives - Not Showing Clear Signs of Delivering Profits

Delhivery is looking to raise US$1bn in its upcoming India IPO. In this note, we talk about the not so positive aspects of the deal.

Sumeet Singh

Vedant Fashions IPO Trading - Liked by Instis While Retail Gave It a Miss

Vedant Fashions raised around US$420m in its India IPO. While institutional demand was decent, retail investor gave it a miss.

Sumeet Singh

Vedant Fashions IPO - Dominant Position in a Small Niche but Appears Pricey

Vedant Fashions is looking to raise up to US$420m in its India IPO. In this note we will talk about the company background and run the deal through...

Sumeet Singh

Vedant Fashions IPO: Regal Ware Deserves a Premium. India's Leading Men's Ethnic Apparel Brand Play.

A niche player in the premium Indian ethnic wear segment with clear leadership in the men's category. Superior operating margins, return ratios,...

Devi Subhakesan

Oravel Stays (Oyo) Pre-IPO Tearsheet

Oyo (1698548D IN) is looking to raise up to US$1.1bn in its upcoming India IPO. The deal will be run by Deutsche Bank, ICICI Securities, JM...

Clarence Chu

Price Gauge

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