APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Fedbank Financial Services / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/fedbank-financial-services" target="_blank" data-smartkarma-citation="entities:40010:1" rel="noopener">Fedbank Financial Services (0702066D IN)</a> is looking to raise about US$200m in its upcoming India IPO.</li>
<li>Fedbank Financial Services (Fedbank) is a retail-focused non-banking finance company (NBFC) promoted by The Federal Bank Limited.</li>
<li>As per CRISIL, the firm had the second lowest cost of borrowing across the MSMEs, gold loan and MSME &amp; gold loan peer set in India in FY23. </li>
</ul>



Fedbank Financial Services (0702066D IN) is looking to raise about US$200m in its upcoming India IPO.
Fedbank Financial Services (Fedbank) is a retail-focused non-banking finance company (NBFC) promoted by The Federal Bank Limited.
As per CRISIL, the firm had the second lowest cost of borrowing across the MSMEs, gold loan and MSME &amp; gold loan peer set in India in FY23. 


Fedbank Financial Services Pre-IPO Tearsheet

Ethan Aw

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbfc-finance-limited" target="_blank" data-smartkarma-citation="entities:36713:1" rel="noopener">SBFC Finance Limited (1547353D IN)</a> is looking to raise up to US$131m in its India IPO. </li>
<li>SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold. </li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about RHP updates, undertake a peer comparison and provide our thoughts on valuation.</li>
</ul>



SBFC Finance Limited (1547353D IN) is looking to raise up to US$131m in its India IPO. 
SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold. 
In our previous note, we looked at the company’s past performance. In this note, we talk about RHP updates, undertake a peer comparison and provide our thoughts on valuation.


SBFC Finance IPO - RHP Updates, Peer Comparison and Thoughts on Valuation

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/home-first-finance-company-india" target="_blank" data-smartkarma-citation="entities:28865:1" rel="noopener">Home First Finance (HOMEFIRS IN)</a> is a technology-driven affordable housing finance company (HFC) focused on first-time homebuyers in low and middle-income groups. </li>
<li>We believe access to finance is more relevant rather than quick TAT and hence question the relevance of wanting to be the fastest provider.</li>
<li>Considering the fading competitive advantage, borrower profile and segment dynamics, HOMEFIRS may be the fastest but not necessarily the safest.</li>
</ul>



Home First Finance (HOMEFIRS IN) is a technology-driven affordable housing finance company (HFC) focused on first-time homebuyers in low and middle-income groups. 
We believe access to finance is more relevant rather than quick TAT and hence question the relevance of wanting to be the fastest provider.
Considering the fading competitive advantage, borrower profile and segment dynamics, HOMEFIRS may be the fastest but not necessarily the safest.


Home First Finance (HOMEFIRS IN) | Irrelevant Mission, Fading Moat

Five-Star Business Finance / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (FIVESTAR IN)</a> is a NBFC based in India, specializing in providing financial services to small and medium-sized enterprises (SMEs) in the informal and semi-formal sectors. </li>
<li>The focus on in-house sourcing, collection, and risk management aids in maintaining strong asset quality.</li>
<li>In terms of valuations, FIVESTAR trades at a premium. However, considering its competitive moat and growth potential, any available opportunities should be capitalized upon.</li>
</ul>



Five Star Business Finance (FIVESTAR IN) is a NBFC based in India, specializing in providing financial services to small and medium-sized enterprises (SMEs) in the informal and semi-formal sectors. 
The focus on in-house sourcing, collection, and risk management aids in maintaining strong asset quality.
In terms of valuations, FIVESTAR trades at a premium. However, considering its competitive moat and growth potential, any available opportunities should be capitalized upon.


Five Star Business Finance (FIVESTAR IN) | A Five Star Business

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Five-Star Business Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (FIVESTAR IN)</a> raised around US$190m in its India IPO in Nov 2022.</li>
<li>Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Five Star Business Finance (FIVESTAR IN) raised around US$190m in its India IPO in Nov 2022.
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Five Star IPO Lock-Up - Over US$1.3bn Lockup Release with Less than US$1m ADV

India

Aavas Financiers Ltd. is a retail-focused housing finance company primarily serving the low and middle-income segments, particularly self-employed individuals, in semi-urban and rural areas of India. The company specializes in providing home loans, including for construction, purchase, renovation, and extension, along with MSME loans and loans against property, to customers often excluded from formal credit due to a lack of documented income. Aavas Financiers Ltd. is headquartered in Jaipur, Rajasthan, India, and was founded on February 23, 2011.

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Aavas Financiers (AAVAS IN)

Fedbank Financial Services Pre-IPO Tearsheet

Fedbank Financial Services (0702066D IN) is looking to raise about US$200m in its upcoming India IPO. Fedbank is a retail-focused non-banking...

Clarence Chu

SBFC Finance IPO - RHP Updates, Peer Comparison and Thoughts on Valuation

SBFC Finance Limited (1547353D IN) is looking to raise up to US$131m in its India IPO. In this note, we talk about RHP updates, undertake a peer...

Ethan Aw

Home First Finance (HOMEFIRS IN) | Irrelevant Mission, Fading Moat

HOMEFIRS IN is a tech-driven HFC targeting first-time homebuyers in low/middle-income groups. We question the relevance of being the fastest...

Pranav Bhavsar

Five Star Business Finance (FIVESTAR IN) | A Five Star Business

FIVESTAR focuses on in-house sourcing, strong collections, and risk management for robust asset quality and offers growth potential despite trading...

Pranav Bhavsar

Five Star IPO Lock-Up - Over US$1.3bn Lockup Release with Less than US$1m ADV

Five Star Business Finance (FIVESTAR IN) raised around US$190m in its India IPO in Nov 2022. Its US$1.3bn worth IPO lockup expiry is coming up soon.

Sumeet Singh

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