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

PB Fintech (Policybazaar) IPO Trading - Mixed Bag Demand

PB Fintech (Policy Bazaar) Lockup Expiry - US$1bn+, Stock Down 60% but Everyone Is in the Money

Paytm (One 97) Lockup - US$4bn+ Lockup Expiry, Some Large Shareholders Are Underwater, a Lot Aren’t

PB Fintech (Policybazaar) Pre-IPO - The Positives - Fast Growth

FSN E-Commerce (Nykaa) IPO - Beauty Showing Signs of Improvement but Its Too Expensive for Our Taste

PB Fintech (Policybazaar) Pre-IPO - The Negatives - Patchy Data, Strategy Missteps

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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

PB Fintech (PBF), India’s largest online platform for insurance and lending products, aims to raise up to US$793m via selling a mix of primary and secondary shares in its India IPO. The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. As per Frost &amp; Sullivan, the company is a leader in the online sphere in both segments. Despite Paisabazaar having taken a hit due to COVID-19, the company has managed to grow its revenue by 80% over FY19-21. In addition, it has been able to rein in expenses as well leading to an improvement in margins. Although, it was still making losses in FY21. On the flip side, its growth has come on the back of large ad spending and given the transactional nature of both of its platforms combined with the increase in competition, its ad spending will probably remain high. We have covered most aspects of the deal in our previous notes,  <a href="https://www.smartkarma.com/insights/pb-fintech-policybazaar-pre-ipo-the-positives-fast-growth" target="_blank" rel="noopener">PB Fintech (Policybazaar) Pre-IPO - The Positives - Fast Growth</a> and <a href="https://www.smartkarma.com/insights/pb-fintech-policybazaar-pre-ipo-the-negatives-patchy-data-strategy-missteps" target="_blank" rel="noopener">PB Fintech (Policybazaar) Pre-IPO - The Negatives - Patchy Data, Strategy Missteps</a>.In this note, we will talk about updates since our last note and valuations.

PB Fintech (PBF), India’s largest online platform for insurance and lending products, aims to raise up to US$793m via selling a mix of primary and secondary shares in its India IPO. The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. As per Frost &amp; Sullivan, the company is a leader in the online sphere in both segments. Despite Paisabazaar having taken a hit due to COVID-19, the company has managed to grow its revenue by 80% over FY19-21. In addition, it has been able to rein in expenses as well leading to an improvement in margins. Although, it was still making losses in FY21. On the flip side, its growth has come on the back of large ad spending and given the transactional nature of both of its platforms combined with the increase in competition, its ad spending will probably remain high. We have covered most aspects of the deal in our previous notes,  PB Fintech (Policybazaar) Pre-IPO - The Positives - Fast Growth and PB Fintech (Policybazaar) Pre-IPO - The Negatives - Patchy Data, Strategy Missteps.In this note, we will talk about updates since our last note and valuations.

FSN E-Commerce Ventures (Nykaa) (NYKAA IN)

PB Fintech (Policybazaar) IPO - Increasing Competition Will Keep Ad Spending High