APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

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

<ul><li>Uptick in Revenue and Profitability: Revenue, EBITDA, and PAT increased by 9.2%, 8.7%, and 27% YoY, respectively, driven by strong export volume growth, though slightly impacted by negative rate variance in API prices.</li><li>Segment-Wise Performance: The Formulations business saw a significant sequential jump of 26.9%, while the API segment grew by 20.6% QoQ and is now focused on expanding into more international markets.</li><li>Capex Investments for Future Growth: During FY25, the company incurred a Capex of ~Rs 177 Cr, primarily for capacity expansion, backward integration, and new product launches.</li></ul>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.

Uptick in Revenue and Profitability: Revenue, EBITDA, and PAT increased by 9.2%, 8.7%, and 27% YoY, respectively, driven by strong export volume growth, though slightly impacted by negative rate variance in API prices.Segment-Wise Performance: The Formulations business saw a significant sequential jump of 26.9%, while the API segment grew by 20.6% QoQ and is now focused on expanding into more international markets.Capex Investments for Future Growth: During FY25, the company incurred a Capex of ~Rs 177 Cr, primarily for capacity expansion, backward integration, and new product launches.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.

Aarti Drugs Ltd - Resilient Demand and Plans for Scale-Up

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>Received US FDA Approval for both Tarapur &amp; Baddi Facility &amp; moving to regulated market.</li>
<li>Increase in revenues &amp; margins with the US FDA approvals &amp; Many products are backward integration or import substitution which is expected to boost demand</li>
<li>US entry to allow product &amp; bottomline expansion and would also focus on increasing market presence from semi-regulated markets along with regulated markets</li>
</ul>


Received US FDA Approval for both Tarapur &amp; Baddi Facility &amp; moving to regulated market.
Increase in revenues &amp; margins with the US FDA approvals &amp; Many products are backward integration or import substitution which is expected to boost demand
US entry to allow product &amp; bottomline expansion and would also focus on increasing market presence from semi-regulated markets along with regulated markets


<ul><li>Aarti Drugs Limited is a key player in the pharmaceutical industry, particularly in manufacturing Active Pharmaceutical Ingredients (APIs), Pharma Intermediates, and Specialty Chemicals.</li><li>With an extensive range of over 50 compounds covering various therapeutic categories, it stands as a market leader in APIs.</li><li>The company's strong focus on exports, with 39% of revenue coming from overseas markets, indicates a robust global presence. </li></ul>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.

Aarti Drugs Limited is a key player in the pharmaceutical industry, particularly in manufacturing Active Pharmaceutical Ingredients (APIs), Pharma Intermediates, and Specialty Chemicals.With an extensive range of over 50 compounds covering various therapeutic categories, it stands as a market leader in APIs.The company's strong focus on exports, with 39% of revenue coming from overseas markets, indicates a robust global presence. 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.

Pick of the Week: Aarti Drugs Ltd - 21 MAY 2024

<ul><li>Aarti Drugs reported Q4FY24 results that exceeded our expectations. Revenue, EBITDA, and PAT grew by 2.3%, 22.3%, and 34.4% QoQ, respectively.</li><li>Gross margins improved by 282bps sequentially due to a better product mix and a decline in input costs.</li><li>Additionally, EBITDA margins improved by 227bps sequentially, driven by operating leverage from enhanced capacity utilization. </li></ul>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.

Aarti Drugs reported Q4FY24 results that exceeded our expectations. Revenue, EBITDA, and PAT grew by 2.3%, 22.3%, and 34.4% QoQ, respectively.Gross margins improved by 282bps sequentially due to a better product mix and a decline in input costs.Additionally, EBITDA margins improved by 227bps sequentially, driven by operating leverage from enhanced capacity utilization. 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.

Aarti Drugs Ltd - API Prices Bottomed Out

India

Aarti Drugs is a prominent Indian pharmaceutical company specializing in the manufacturing of Active Pharmaceutical Ingredients (APIs), pharmaceutical intermediates, and specialty chemicals. It produces over 50 API molecules and 80+ finished products for various therapeutic segments, including anti-protozoals, anti-inflammatory, antibiotics, and antidiabetics, serving both domestic and international markets. The company was founded in 1984 and is headquartered in Mumbai, Maharashtra, India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Aarti Drugs (ARTD IN)

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

Aarti Drugs Ltd - Resilient Demand and Plans for Scale-Up

Revenue, EBITDA, and PAT increased by 9.2%, 8.7%, and 27% YoY, respectively, driven by strong export volume growth, though slightly impacted by...

Axis Direct

The Beat Ideas: Aarti Drugs Revival

US FDA approvals for Tarapur & Baddi facilities will boost revenues and margins, allowing entry into regulated US market and expanding market...

Sudarshan Bhandari

Pick of the Week: Aarti Drugs Ltd - 21 MAY 2024

The company's strong focus on exports, with 39% of revenue coming from overseas markets, indicates a robust global presence.

Axis Direct

Aarti Drugs Ltd - API Prices Bottomed Out

Aarti Drugs reported Q4FY24 results that exceeded our expectations. Revenue, EBITDA, and PAT grew by 2.3%, 22.3%, and 34.4% QoQ, respectively.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

Aarti Drugs Ltd - Resilient Demand and Plans for Scale-Up

Revenue, EBITDA, and PAT increased by 9.2%, 8.7%, and 27% YoY, respectively, driven by strong export volume growth, though slightly impacted by...

Axis Direct

The Beat Ideas: Aarti Drugs Revival

​US FDA approvals for Tarapur & Baddi facilities will boost revenues and margins, allowing entry into regulated US market and expanding market...

Sudarshan Bhandari

Pick of the Week: Aarti Drugs Ltd - 21 MAY 2024

The company's strong focus on exports, with 39% of revenue coming from overseas markets, indicates a robust global presence.

Axis Direct

Aarti Drugs Ltd - API Prices Bottomed Out

Aarti Drugs reported Q4FY24 results that exceeded our expectations. Revenue, EBITDA, and PAT grew by 2.3%, 22.3%, and 34.4% QoQ, respectively.

Axis Direct

US FDA approvals for Tarapur & Baddi facilities will boost revenues and margins, allowing entry into regulated US market and expanding market...