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

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

Happiest Minds Technologies / Equity Capital Markets

Happiest Minds Technologies (HAPPSTMN IN)

<a href="https://www.smartkarma.com/entities/happiest-minds-technologies" target="_blank" data-smartkarma-citation="entities:29128:1" rel="noopener">Happiest Minds Technologies (HAPPY IN)</a> (HM) is an information technology services company providing end-to-end solutions in the digital space. Its offerings include digital transformation, product engineering, infrastructure management and security services to its clients. It aims to raise around US$100m in its India listing.HM was started by Ashok Soota, who earlier worked with Wipro Limited as Vice Chairman and Mindtree Limited as Chairman and CEO. He was one of the co-founders of Mindtree.HM’s revenue has grown at 23% CAGR over FY18-20 and the company has managed to turn profitable owing to improving employee utilization. In addition, the industry outlook remains robust with IT spending on HM’s chosen areas of focus expected to grow at 20%+ CAGR.At the same time, the company’s average revenue per customer has been growing faster than its overall revenue. This is because the number of customers has been declining. Even if one looks at its largest customers, there are no clear signs of growth picking up. Furthermore, the company’s acquisition track record hasn’t been all that great and the founder has already pledged a substantial part of his shareholding.

Happiest Minds Technologies (HAPPY IN) (HM) is an information technology services company providing end-to-end solutions in the digital space. Its offerings include digital transformation, product engineering, infrastructure management and security services to its clients. It aims to raise around US$100m in its India listing.HM was started by Ashok Soota, who earlier worked with Wipro Limited as Vice Chairman and Mindtree Limited as Chairman and CEO. He was one of the co-founders of Mindtree.HM’s revenue has grown at 23% CAGR over FY18-20 and the company has managed to turn profitable owing to improving employee utilization. In addition, the industry outlook remains robust with IT spending on HM’s chosen areas of focus expected to grow at 20%+ CAGR.At the same time, the company’s average revenue per customer has been growing faster than its overall revenue. This is because the number of customers has been declining. Even if one looks at its largest customers, there are no clear signs of growth picking up. Furthermore, the company’s acquisition track record hasn’t been all that great and the founder has already pledged a substantial part of his shareholding.

Happiest Minds Pre-IPO - Decent Growth, Reputed Founder but Less than Reassuring Metrics