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>Paytm (PAYTM IN) raised around US$2.5bn via selling a mix of primary and secondary shares in its India IPO.</li>
<li>The company is backed by <a href="https://www.smartkarma.com/entities/ant-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24240:1" rel="noopener">Ant Financial Services Group (6688 HK)</a>, <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> and counts <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> among its investors.</li>
<li>In this note, we will talk about the subscription levels and the trading dynamics.</li>
</ul>


Paytm (PAYTM IN) raised around US$2.5bn via selling a mix of primary and secondary shares in its India IPO.
The company is backed by Ant Financial Services Group (6688 HK), Softbank Group (9984 JP) and counts Berkshire Hathaway Inc Cl A (BRK/A US) among its investors.
In this note, we will talk about the subscription levels and the trading dynamics.


Paytm IPO Trading - Largest IPO with Lowest Coverage, Skipped by Domestics

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Lava International / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lava-international" target="_blank" data-smartkarma-citation="entities:34998:1" rel="noopener">Lava International (9263793Z IN)</a> is looking to raise around US$188m in its upcoming India IPO. The deal will be run by Axis Capital, BOB Capital, DAM Capital, and SBI Capital.</li>
<li>Lava International is a mobile device manufacturer in India that covers the entire end-to-end process, from designing and manufacturing to distribution and servicing mobile handsets, tablets and other electronics accessories.</li>
<li>According to F&amp;S, the firm had a market share of 10.2% in the less than US$70 equivalent range market in India, in terms of sales volume in FY21.</li>
</ul>



Lava International (9263793Z IN) is looking to raise around US$188m in its upcoming India IPO. The deal will be run by Axis Capital, BOB Capital, DAM Capital, and SBI Capital.
Lava International is a mobile device manufacturer in India that covers the entire end-to-end process, from designing and manufacturing to distribution and servicing mobile handsets, tablets and other electronics accessories.
According to F&amp;S, the firm had a market share of 10.2% in the less than US$70 equivalent range market in India, in terms of sales volume in FY21.


Healthium Medtech / Equity Capital Markets

<p>Healthium Medtech (HM) is looking to raise up to US$500m in its upcoming India IPO. </p><p>Healthium Medtech is a global medtech company that manufactures products used in surgical, post-surgical and chronic care. It operates in three key markets namely, India, UK and the Rest of the World and currently has eight manufacturing facilities, seven in India and one in China. The firm has a diverse suite of offerings with over 52,000 SKUs and as of Mar 21, one in five surgeries conducted globally had used a Healthium Medtech product, as per Frost &amp; Sullivan (F&amp;S).</p><p>While the company started off by manufacturing surgical consumables, it has since then expanded into other segments, mostly via acquisitions. Now the company primarily sells products pertaining to surgical consumables, urology and arthroscopy. </p><p>HM revenue has been growing steadily over the past few years, while its margins have been expanding, resulting in bottom-line growth comfortably outpacing sales growth. In addition, HM has undertaken three acquisitions in FY22 which will increase its earnings by 40-50%. </p><p>Although, the company hasn’t been very forthcoming with data and it didn’t pay a whole lot for the companies that it recently acquired.</p><p>We have covered the company background in our earlier note, <a href="https://www.smartkarma.com/insights/healthium-medtech-pre-ipo-tearsheet" target="_blank" rel="noopener">Healthium Medtech Pre-IPO Tearsheet.</a></p>

Healthium Medtech (HM) is looking to raise up to US$500m in its upcoming India IPO. Healthium Medtech is a global medtech company that manufactures products used in surgical, post-surgical and chronic care. It operates in three key markets namely, India, UK and the Rest of the World and currently has eight manufacturing facilities, seven in India and one in China. The firm has a diverse suite of offerings with over 52,000 SKUs and as of Mar 21, one in five surgeries conducted globally had used a Healthium Medtech product, as per Frost &amp; Sullivan (F&amp;S).While the company started off by manufacturing surgical consumables, it has since then expanded into other segments, mostly via acquisitions. Now the company primarily sells products pertaining to surgical consumables, urology and arthroscopy. HM revenue has been growing steadily over the past few years, while its margins have been expanding, resulting in bottom-line growth comfortably outpacing sales growth. In addition, HM has undertaken three acquisitions in FY22 which will increase its earnings by 40-50%. Although, the company hasn’t been very forthcoming with data and it didn’t pay a whole lot for the companies that it recently acquired.We have covered the company background in our earlier note, Healthium Medtech Pre-IPO Tearsheet.

Healthium Medtech Pre-IPO - Steady Earnings, Creating a Niche

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

<p>In this"Beyond 280", we present details of our conversation with a large restaurant chain owner from South India with an objective to understand the current operating environment and future earnings drivers for food delivery players like <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>.</p><div><h3>About Beyond 280</h3></div><div><p>Anecdotal, primary conversations along with constant innovation in product delivery are part of our core research process.  While there is no denying the value provided by 280 Character conversations on Twitter is immense and challenging, the ability to capture lengthier and broader conversations often has its own merits and hence we introduce "Beyond 280". The objective of "Beyond 280" is to capture our channel conversations in as much detail as possible along with opening up our research architecture to enable our readers to draw their own conclusions if they require.  </p></div>

In this"Beyond 280", we present details of our conversation with a large restaurant chain owner from South India with an objective to understand the current operating environment and future earnings drivers for food delivery players like Zomato (ZOMATO IN).About Beyond 280Anecdotal, primary conversations along with constant innovation in product delivery are part of our core research process.  While there is no denying the value provided by 280 Character conversations on Twitter is immense and challenging, the ability to capture lengthier and broader conversations often has its own merits and hence we introduce "Beyond 280". The objective of "Beyond 280" is to capture our channel conversations in as much detail as possible along with opening up our research architecture to enable our readers to draw their own conclusions if they require.  

Beyond 280 | Zomato (Zomato IN) - Conversation with a Restaurant Chain Owner

FSN E-Commerce Ventures (Nykaa) / Equity Capital Markets

<p>FSN E-commerce (Nykaa) raised around US$720m, via selling a mix of primary and secondary shares in its Indian IPO. Nykaa is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products. As per RedSeer, it was the largest Specialty Beauty and Personal Care Platform in India in terms of value of products sold in FY21.</p>
<p>We have looked at various aspects of the deal in our previous notes:<a href="https://www.smartkarma.com/insights/fsn-e-commerce-nykaa-pre-ipo-mixed-bag-fashion-growing-beauty-slowing" target="_blank" rel="noopener"></a></p>
<ul>
<li><a href="https://www.smartkarma.com/insights/fsn-e-commerce-nykaa-pre-ipo-mixed-bag-fashion-growing-beauty-slowing" target="_blank" rel="noopener"> FSN E-Commerce (Nykaa) Pre-IPO - Mixed bag - Fashion growing, beauty slowing, and</a></li>
<li><a href="https://www.smartkarma.com/insights/fsn-e-commerce-nykaa-ipo-beauty-showing-signs-of-improvement-but-its-too-expensive-for-our-taste" target="_blank" rel="noopener">FSN E-Commerce (Nykaa) IPO - Beauty Showing Signs of Improvement but Its Too Expensive for Our Taste</a></li>
</ul>
<p> In this note, we will talk about the trading updates.</p>

FSN E-commerce (Nykaa) raised around US$720m, via selling a mix of primary and secondary shares in its Indian IPO. Nykaa is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products. As per RedSeer, it was the largest Specialty Beauty and Personal Care Platform in India in terms of value of products sold in FY21.
We have looked at various aspects of the deal in our previous notes:

 FSN E-Commerce (Nykaa) Pre-IPO - Mixed bag - Fashion growing, beauty slowing, and
FSN E-Commerce (Nykaa) IPO - Beauty Showing Signs of Improvement but Its Too Expensive for Our Taste

 In this note, we will talk about the trading updates.

FSN E-Commerce (Nykaa) IPO Trading - FOMO.

India

Zomato Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurant partners and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Zomato serves customers worldwide.

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Zomato (ZOMATO IN)

Paytm IPO Trading - Largest IPO with Lowest Coverage, Skipped by Domestics

Paytm (PAYTM IN) raised around US$2.5bn via selling a mix of primary and secondary shares in its India IPO. In this note, we will talk about the...

Sumeet Singh

Lava International Pre-IPO Tearsheet

Lava International (9263793Z IN) is looking to raise around US$188m in its upcoming India IPO. The deal will be run by Axis Capital, BOB Capital,...

Clarence Chu

Healthium Medtech Pre-IPO - Steady Earnings, Creating a Niche

Healthium Medtech is looking to raise up to US$500m in its upcoming India IPO. Healthium Medtech is a medtech company that manufactures products...

Sumeet Singh

Beyond 280 | Zomato (Zomato IN) - Conversation with a Restaurant Chain Owner

In this"Beyond 280", we present details of our conversation with a large restaurant chain owner from South India highlighting the current operating...

Pranav Bhavsar

FSN E-Commerce (Nykaa) IPO Trading - FOMO.

FSN E-commerce (Nykaa) raised around US$720m, via selling a mix of primary and secondary shares in its Indian IPO. In this note we will talk about...

Sumeet Singh

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