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

Nexus Select Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> raised around US$391m in its India IPO in May 2023.</li>
<li>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. Its portfolio covers retail malls, office assets, hospitality assets and a renewable power plant. </li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Nexus Select Trust (NST IN) raised around US$391m in its India IPO in May 2023.
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. Its portfolio covers retail malls, office assets, hospitality assets and a renewable power plant. 
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Nexus Select Trust IPO Lockup Expiry - US$1.5bn Stake Comes Free. Will Likely Be a Coordinated Exit

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Companies in India have disclosed their shareholding pattern as of end-March in April. There are companies with significant float changes from end-September and/or end-December.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 14 stocks with passive inflows from global trackers while 7 could see passive outflows in May.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-March in April. There are companies with significant float changes from end-September and/or end-December.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
Depending on the date that the shareholding was published, there could be 14 stocks with passive inflows from global trackers while 7 could see passive outflows in May.


India: Potential Free Float Changes & Passive Flows in May

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>ICICI Securities research report onMacrotech Developers Along expected lines, Macrotech Developers (LODHA) achieved strong Q4FY24 sales bookings of INR 42.3bn (up 40% YoY).</li><li>Hence, the company has achieved FY24 sales bookings of INR 145bn, exactly in line with its FY24 sales booking guidance.</li><li>With the recent equity raise of ~INR 33bn, LODHA has pared net debt to INR 30.1bn (net D/E of 0.1x).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

ICICI Securities research report onMacrotech Developers Along expected lines, Macrotech Developers (LODHA) achieved strong Q4FY24 sales bookings of INR 42.3bn (up 40% YoY).Hence, the company has achieved FY24 sales bookings of INR 145bn, exactly in line with its FY24 sales booking guidance.With the recent equity raise of ~INR 33bn, LODHA has pared net debt to INR 30.1bn (net D/E of 0.1x).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Macrotech Developers - FY24 Lays Strong Foundation; Balance Sheet Strength Constructive

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> was hoping for better luck with its listing this time around.</li>
<li>For placements, it was a very busy week for a change with most regions, apart from Hong Kong, chipping in.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Trial Holdings (5882 JP) was hoping for better luck with its listing this time around.
For placements, it was a very busy week for a change with most regions, apart from Hong Kong, chipping in.


ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Lodha Developers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/macrotech-developers-limited" target="_blank" data-smartkarma-citation="entities:27315:1" rel="noopener">Macrotech Developers (LODHA IN)</a> is looking to raise around US$398m via a QIP.</li>
<li>The deal here will be a well flagged one with LODHA’s board having announced its intention of raising up to INR50bn via a QIP earlier in Jan 2024.</li>
<li>That being said, while representing just 3% of LODHA’s shares outstanding, the deal would be a large one to digest at 30 days of its three month ADV.</li>
</ul>



Macrotech Developers (LODHA IN) is looking to raise around US$398m via a QIP.
The deal here will be a well flagged one with LODHA’s board having announced its intention of raising up to INR50bn via a QIP earlier in Jan 2024.
That being said, while representing just 3% of LODHA’s shares outstanding, the deal would be a large one to digest at 30 days of its three month ADV.


Macrotech Developers Placement - Large Deal, and Not Cheap Per Se

India

Lodha Developers is an Indian multinational real estate company primarily focused on developing residential, commercial, and retail properties. The company also engages in the leasing of retail and office spaces, and develops warehousing, logistics, and digital infrastructure parks. Lodha Developers is headquartered in Mumbai, India, and was founded in 1980.

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Lodha Developers (LODHA IN)

Nexus Select Trust IPO Lockup Expiry - US$1.5bn Stake Comes Free. Will Likely Be a Coordinated Exit

Nexus Select Trust (NST IN) raised around US$391m in its India IPO in May 2023. The company's pre-IPO shareholders will be released from their...

Sumeet Singh

India: Potential Free Float Changes & Passive Flows in May

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 3...

Brian Freitas

Macrotech Developers - FY24 Lays Strong Foundation; Balance Sheet Strength Constructive

ICICI Securities research report onMacrotech Developers Along expected lines, Macrotech Developers (LODHA) achieved strong Q4FY24 sales bookings of...

ICICI Securities Limited

ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Macrotech Developers Placement - Large Deal, and Not Cheap Per Se

Macrotech Developers (LODHA IN) is looking to raise around US$398m via a QIP. The deal would be a large one to digest at 30 days of its three month...

Clarence Chu

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