IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

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>, a consumption centre REIT, is seeking to raise up to Rs32 billion (US$391 million). The offer opens from 9-11 May. </li>
<li>NST, sponsored by <a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group (BX US)</a>, owns India’s most extensive portfolio of consumption centres and will be the first publicly listed consumption centre REIT in India.</li>
<li>The key elements of the investment case rest on strong portfolio performance, high occupancy rates, favourable lease contracts, rental reversion potential and low tenant concentration risk.</li>
</ul>



Nexus Select Trust (NST IN), a consumption centre REIT, is seeking to raise up to Rs32 billion (US$391 million). The offer opens from 9-11 May. 
NST, sponsored by Blackstone Group (BX US), owns India’s most extensive portfolio of consumption centres and will be the first publicly listed consumption centre REIT in India.
The key elements of the investment case rest on strong portfolio performance, high occupancy rates, favourable lease contracts, rental reversion potential and low tenant concentration risk.


Nexus Select Trust IPO: The Investment Case

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.

<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>  is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.</li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



Nexus Select Trust (NST IN)  is looking to raise up to US$500m in its upcoming India IPO. 
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
In this note, we will talk about the not-so-positive aspects of the deal.


Nexus Select Trust Pre-IPO - The Negatives - Some Assets Were Recently Acquired, Not All Doing Well

<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>  is looking to raise up to US$500m in its upcoming India IPO. </li>
<li>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Nexus Select Trust (NST IN)  is looking to raise up to US$500m in its upcoming India IPO. 
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
In this note, we will talk about the positive aspects of the deal.


Nexus Select Trust Pre-IPO - The Positives - Forecasting Robust Growth

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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

Embassy Office Parks REIT / Equity Bottom-Up

<ul><li>Leased 1 msf across 19 deals in Q3FY23 at 13% leasing spreads with YTD total leasing of 4.4 msf across 71 deals</li><li>Announced distributions of Rs 5,03 Cr or Rs 5.31 per unit, marking the 15th consecutive quarter of 100% payouts</li><li>Hotel revenue also increased due to an improvement in average occupancy to 47% YoY (vs. 37%) and average daily rates to Rs 9,697 YoY (vs. Rs 6,397).</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>

Leased 1 msf across 19 deals in Q3FY23 at 13% leasing spreads with YTD total leasing of 4.4 msf across 71 dealsAnnounced distributions of Rs 5,03 Cr or Rs 5.31 per unit, marking the 15th consecutive quarter of 100% payoutsHotel revenue also increased due to an improvement in average occupancy to 47% YoY (vs. 37%) and average daily rates to Rs 9,697 YoY (vs. Rs 6,397).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.

Embassy IN - India Office Remains A Long-Term Growth Opportunity

<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>While the holiday shortened week didn't see much action in Asia, but there was one more ADR filing in the US, adding to the mini-pipeline.</li>
<li>Adani's ongoing FPO was the only live deal this week, although it had enough drama to make up for the lack of other deals.</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.
While the holiday shortened week didn't see much action in Asia, but there was one more ADR filing in the US, adding to the mini-pipeline.
Adani's ongoing FPO was the only live deal this week, although it had enough drama to make up for the lack of other deals.


ECM Weekly (29th Jan 2023) - Adani, Oasis, Mankind Pharma, ZJLD, India IPO Bookrunners

India

Embassy Office Parks REIT operates as a real estate investment trust. The Company acquires and develops commercial buildings, offices, IT parks, and industrial areas. Embassy Office Parks serves customers in India.

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Embassy Office Parks REIT (EMBASSY IN)

Nexus Select Trust IPO: The Investment Case

The key elements of the investment case rest on strong portfolio performance, high occupancy rates, favourable lease contracts, rental reversion...

Arun George

Nexus Select Trust Pre-IPO - The Negatives - Some Assets Were Recently Acquired, Not All Doing Well

Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects...

Sumeet Singh

Nexus Select Trust Pre-IPO - The Positives - Forecasting Robust Growth

Nexus Select Trust, backed by Blackstoner, is looking to raise up to US$500m in its upcoming India IPO. In this note, we will talk about the...

Sumeet Singh

Embassy IN - India Office Remains A Long-Term Growth Opportunity

Leased 1 msf across 19 deals in Q3FY23 at 13% leasing spreads with YTD total leasing of 4.4 msf across 71 deals. Announced distributions of Rs 5,03...

Axis Direct

ECM Weekly (29th Jan 2023) - Adani, Oasis, Mankind Pharma, ZJLD, India IPO Bookrunners

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)