Research / Equity Analyst (IPO Evaluation)

Role Overview

Category III AIF

Key Responsibilities

1. IPO Evaluation & Fundamental Research

• Conduct thorough due diligence on DRHPs/RHPs, management profiles, promoter holdings, governance structures, and financial disclosures.
• Analyse business models, revenue growth drivers, cost structures, working capital cycles, and competitive moats.
• Assess industry attractiveness and macro linkages relevant to listing performance.
• Identify red flags including accounting anomalies, related party issues, contingent liabilities, and promoter quality concerns.

2. Valuation & Recommendation Preparation

• Build detailed valuation frameworks:

• Relative valuation:

  P/E, EV/EBITDA, EV/Sales, P/BV, PEG

• Absolute valuation:

  DCF, SOTP, unit economics

• Quick-screening valuation tools

  for near-listing trade decisions
• Prepare crisp investment notes with actionable insights for:

• Listing gains strategy

• Short-term post-listing trades

• Medium-term accumulation opportunities

3. Category III AIFSpecific Responsibilities

• Work closely with the Fund Manager to identify:
• Rapid-turnover opportunities in newly listed stocks
• Liquidity-adjusted position-sizing strategies
• Momentum and sentiment indicators that impact listing outcomes
• Track subscription data, grey market trends, price bands, anchor book quality, and institutional participation.
• Coordinate with trading desk for:
• Entry/exit timing
• Day-of-listing execution
• Stop-loss discipline and risk thresholds
• Monitor SEBI and exchange circulars relevant to IPOs, settlement cycles, and allotment mechanisms.

4. Post-Listing Coverage & Tracking

• Maintain coverage on newly listed names for 6–12 months.
• Update models post earnings.
• Identify catalysts such as sector rerating, margin expansions, order wins, management guidance, etc.
• Provide alerts to PM/CIO on volatility risks, unexpected disclosures, or key developments.

5. Reporting & Internal Communication

• Prepare IC notes tailored for a

  Category III risk-managed portfolio

  .
• Maintain IPO dashboard covering subscription data, anchor allocations, expected listing price ranges, and valuations.
• Summarise and present research findings in team huddles and IC discussions.
• Ensure all analysis adheres to internal

  risk, compliance, and research documentation protocols

  .

Key Skills & Competencies

• Deep understanding of equity markets, listing dynamics, and IPO valuation.
• Strong proficiency in Excel and financial modelling.
• Ability to synthesise large datasets and DRHP disclosures quickly.
• Strong sense of market timing, order execution awareness, and liquidity assessment.
• Excellent communication skills—ability to produce concise, high-quality research notes.
• Ability to manage multiple IPOs simultaneously under tight deadlines.
• Familiarity with tools such as Bloomberg, Prime Database, Screener, RHP repositories, NSE/BSE data, Anchor allocation filings, etc.

Experience & Qualifications

• 3–5 years

  of experience in equity research, IPO desk, PMS/AIF, investment banking, or brokerage research.
• CA, CFA Level 1/2, MBA (Finance), or equivalent preferred.
• Demonstrated experience working with IPOs is a strong plus.
• Familiarity with SEBI AIF norms and trading dynamics of Category III funds is preferred (but can be learned on the job).

What We Offer

• Opportunity to work directly with the Fund Manager and CIO in a high-energy Category III AIF environment.
• Exposure to IPO evaluation, listing-day strategy, and active trading frameworks.
• High responsibility from Day 1, with clear growth toward an Investment Associate role.
• Competitive compensation with strong performance-linked incentives.
• A learning-intensive culture combining research rigour with real-time market execution.