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

LG Energy Solution / Equity Capital Markets

<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>There were no major IPO launches during the week. Thai Life will list early next week</li>
<li>There were no major placements apart from ANZ and a smallish one in Xtep. There are two major lock-up expiries coming up.</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.
There were no major IPO launches during the week. Thai Life will list early next week
There were no major placements apart from ANZ and a smallish one in Xtep. There are two major lock-up expiries coming up.


ECM Weekly (24th Jul 2022) - ANZ, Zomato, LG Energy, Xtep, SoCar, WCP, Thai Life, Beneunder, Ubox

Event-Driven

<ul>
<li>Zomato (Zomato IN) raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India.</li>
<li>Zomato is one of two leading food delivery app operators in India. It recently acquired Blinkit marking its foray into the instant grocery segment.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Zomato (Zomato IN) raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India.
Zomato is one of two leading food delivery app operators in India. It recently acquired Blinkit marking its foray into the instant grocery segment.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Zomato IPO Lock-Up - A US$3.4bn Lockup Release Test Case for India

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Government of India (GoI) raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of gross written premium (GWP).</li>
<li>In this note, we will talk about the demand and trading dynamics.</li>
</ul>


Government of India (GoI) raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its India IPO.
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of gross written premium (GWP).
In this note, we will talk about the demand and trading dynamics.


Life Insurance Corporation IPO Trading - Demand Shored up by Policyholders, Trading Won’t Be

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<ul>
<li>Past phenomenal success of <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN) </a>led to a belief that an oppressive work culture is the driver for performance and premium valuation</li>
<li>Present CEOs at <a href="https://www.smartkarma.com/entities/icici-bank-ltd" target="_blank" data-smartkarma-citation="entities:547:1" rel="noopener">ICICI Bank Ltd (ICICIBC IN)</a> and HDFC Bank believe a genteel and more humane approach can deliver similar results.</li>
<li>Market has rewarded ICICI Bank and penalised HDFC Bank. Both CEOs are putting in place the building blocks for future sustained performance</li>
</ul>


Past phenomenal success of HDFC Bank (HDFCB IN) led to a belief that an oppressive work culture is the driver for performance and premium valuation
Present CEOs at ICICI Bank Ltd (ICICIBC IN) and HDFC Bank believe a genteel and more humane approach can deliver similar results.
Market has rewarded ICICI Bank and penalised HDFC Bank. Both CEOs are putting in place the building blocks for future sustained performance


Return of the Genteel Low Profile Bankers

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Axis Bank’s acquisition of the Indian Citi consumer banking franchise makes strategic sense, bolstering its market share and scale especially in credit cards, wealth management and incrementally in core deposits</li>
<li>Strategy aside, Axis management’s execution needs to be totally on point to retain Citi clients and minimise the loss of key personnel given the acquisition’s seemingly full price tag</li>
<li>Axis Bank tops the year-to-date share performance among the large cap Indian bank peers; yet we believe that, with regard to the Citi deal, management still has to deliver</li>
</ul>


Axis Bank’s acquisition of the Indian Citi consumer banking franchise makes strategic sense, bolstering its market share and scale especially in credit cards, wealth management and incrementally in core deposits
Strategy aside, Axis management’s execution needs to be totally on point to retain Citi clients and minimise the loss of key personnel given the acquisition’s seemingly full price tag
Axis Bank tops the year-to-date share performance among the large cap Indian bank peers; yet we believe that, with regard to the Citi deal, management still has to deliver


Axis Bank-Citi India M&A; The Devil Is in the Client Retention and Integration Detail

India

Axis Bank Limited provides a full range of banking services throughout India. The Group's activities include retail banking, investment management, merchant banking, treasury and NRI services, cash and credit management services, and ATM facilities.

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Axis Bank Ltd (AXSB IN)

ECM Weekly (24th Jul 2022) - ANZ, Zomato, LG Energy, Xtep, SoCar, WCP, Thai Life, Beneunder, Ubox

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

Zomato IPO Lock-Up - A US$3.4bn Lockup Release Test Case for India

Zomato raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India. The lock-up on its pre...

Sumeet Singh

Life Insurance Corporation IPO Trading - Demand Shored up by Policyholders, Trading Won’t Be

Government of India raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India in its India IPO. In this note, we will...

Sumeet Singh

Return of the Genteel Low Profile Bankers

HDFC Bank and ICICI Bank CEOs have heralded a new beginning in in terms of compliance, staff welfare and customer well-being. The building blocks...

Hemindra Hazari

Axis Bank-Citi India M&A; The Devil Is in the Client Retention and Integration Detail

Axis Bank’s purchase of the Indian Citi consumer banking franchise makes strategic sense; yet execution needs to be on point to retain Citi...

Victor Galliano

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)