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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aadhar-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:32152:1" rel="noopener">Aadhar Housing Finance</a> raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we will talk about the lockup dynamics and possible placement.


Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Sammaan Capital's Board approved a preferential issue to Avenir Investment RSC Ltd., a wholly-owned subsidiary of Abu Dhabi's IHC, aggregating INR 8,850 crore (USD 1.06 billion) in equity and warrants.  </li>
<li>The strategic inflow from the well-capitalized, sovereign-linked IHC provides a massive de-risking event, validates Sammaan's new-book strategy, and signals a powerful new stream of capital flows into Indian HFC/NBFC space.  </li>
<li>The scale, strategic nature, and pricing of the deal position Sammaan for a significant re-rating, shifting the investment thesis from asset quality clean-up to funded growth.</li>
</ul>


Sammaan Capital's Board approved a preferential issue to Avenir Investment RSC Ltd., a wholly-owned subsidiary of Abu Dhabi's IHC, aggregating INR 8,850 crore (USD 1.06 billion) in equity and warrants.  
The strategic inflow from the well-capitalized, sovereign-linked IHC provides a massive de-risking event, validates Sammaan's new-book strategy, and signals a powerful new stream of capital flows into Indian HFC/NBFC space.  
The scale, strategic nature, and pricing of the deal position Sammaan for a significant re-rating, shifting the investment thesis from asset quality clean-up to funded growth.


Sammaan Capital: Is Abu Dhabi’s $1.06 Billion Bet the Start of a New Era?

Equity Bottom-Up

<ul>
<li>India's largest HF company with a stable loan book, supported by LIC's parentage and a focus on salaried home loans, shows its fundamental strength.  </li>
<li>The company demonstrates robust operational performance, marked by a decade-high 1.83% Return on Assets (RoA) and a competitive 16% Return on Equity (ROE).  </li>
<li>It targets future growth by efficiently managing borrowing costs and strategically diversifying into higher-margin segments like project finance and LAP/LRD.</li>
</ul>


India's largest HF company with a stable loan book, supported by LIC's parentage and a focus on salaried home loans, shows its fundamental strength.  
The company demonstrates robust operational performance, marked by a decade-high 1.83% Return on Assets (RoA) and a competitive 16% Return on Equity (ROE).  
It targets future growth by efficiently managing borrowing costs and strategically diversifying into higher-margin segments like project finance and LAP/LRD.


The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

Equity Capital Markets

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> (HDBFS) raised around US$1.4bn in its India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>We have looked at the past performance and pricing in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
We have looked at the past performance and pricing in our previous note. In this note, we talk about the trading dynamics.


HDB Financial Services IPO Trading - Strong Demand, Driven by Instis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.


HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

India

Aadhar Housing Finance Limited provides housing loan services. The Company offers home loans for salaried employees, self-employed, plot purchase, construction, home improvement, extension, and loans against property, as well as balance transfer services. Aadhar Housing Finance serves customers in India.

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Aadhar Housing Finance (AADHARHF IN)

Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

Sammaan Capital: Is Abu Dhabi’s $1.06 Billion Bet the Start of a New Era?

Sammaan Capital secures $1.06 billion investment from Abu Dhabi's IHC, signaling a new era of growth and re-rating potential in the Indian HFC...

Nimish Maheshwari

The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.

Nimish Maheshwari

HDB Financial Services IPO Trading - Strong Demand, Driven by Instis

HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

Sammaan Capital: Is Abu Dhabi’s $1.06 Billion Bet the Start of a New Era?

​Sammaan Capital secures $1.06 billion investment from Abu Dhabi's IHC, signaling a new era of growth and re-rating potential in the Indian HFC...

Nimish Maheshwari

The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

​India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.

Nimish Maheshwari

HDB Financial Services IPO Trading - Strong Demand, Driven by Instis

HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

Sammaan Capital secures $1.06 billion investment from Abu Dhabi's IHC, signaling a new era of growth and re-rating potential in the Indian HFC...

India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.