Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of IPO & Placements for Aequitas Research. At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%. 
Prior to Aequitas. I was heading Content Strategy for Smartkarma, along with covering IPOs & Placement. In an earlier life I have covered ASEAN property and the banking space in India.

Head of Research, IPOs & Placements

Smartkarma

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Equity Capital Markets

Flemingo Travel Retail / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/26761" target="_blank" data-smartkarma-citation="entities:26761:1">Flemingo Travel Retail Ltd (1577452D IN)</a> (FTR) plans to raise up to US$370m in its IPO. Proceeds from the IPO will be used to fund the restructuring of the holding company, i.e. buy back the stake from PE investors and founders.With operations spread across India, UK, EU, Africa and the Middle-East and business interests ranging from airport duty-free, cruise duty-free, in-flight sales and F&amp;B, FTR has its fingers in a lot of pies. Moreover, given the pending restructuring, it's not easy to make out which business is doing well and which isn't. The dynamic of the duty-free business itself remain attractive, given the rising outbound travel in India. However, that is only one part of the business. In this insight, we will look at the company's past financial performance and highlight some of the risks in the business. We will follow-up with another note looking at the company's valuations when the deal is launched.

Flemingo Travel Retail Ltd (1577452D IN) (FTR) plans to raise up to US$370m in its IPO. Proceeds from the IPO will be used to fund the restructuring of the holding company, i.e. buy back the stake from PE investors and founders.With operations spread across India, UK, EU, Africa and the Middle-East and business interests ranging from airport duty-free, cruise duty-free, in-flight sales and F&amp;B, FTR has its fingers in a lot of pies. Moreover, given the pending restructuring, it's not easy to make out which business is doing well and which isn't. The dynamic of the duty-free business itself remain attractive, given the rising outbound travel in India. However, that is only one part of the business. In this insight, we will look at the company's past financial performance and highlight some of the risks in the business. We will follow-up with another note looking at the company's valuations when the deal is launched.

Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country