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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indegene-limited" target="_blank" data-smartkarma-citation="entities:36629:1" rel="noopener">Indegene Limited (1864095D IN)</a> is looking to raise US$220m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.</li>
<li>In this note, we will look at peers and discuss our thoughts on valuation.</li>
</ul>



Indegene Limited (1864095D IN) is looking to raise US$220m in its India IPO, via selling a mix of primary and secondary shares.
Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.
In this note, we will look at peers and discuss our thoughts on valuation.


Indegene IPO - Marquee Clients, Strong Track Record, Decent Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indegene-limited" target="_blank" data-smartkarma-citation="entities:36629:1" rel="noopener">Indegene Limited (1864095D IN)</a> is looking to raise about US$220m in its upcoming India IPO.</li>
<li>Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.</li>
<li>We looked at the firm’s past performance in an earlier note. In this note, we look at the RHP updates.</li>
</ul>



Indegene Limited (1864095D IN) is looking to raise about US$220m in its upcoming India IPO.
Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.
We looked at the firm’s past performance in an earlier note. In this note, we look at the RHP updates.


Indegene Pre-IPO - RHP Updates - Client Base Continued to Grow, and Margins Have Begun Stabilizing

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>ChrysCap is looking to raise around US$295m via selling a 2.8% stake in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at the IPO, lock-up release and prior placement in our earlier notes. In this note, we talk about the current deal dynamics.</li>
</ul>


ChrysCap is looking to raise around US$295m via selling a 2.8% stake in Mankind Pharma.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at the IPO, lock-up release and prior placement in our earlier notes. In this note, we talk about the current deal dynamics.


Mankind Pharma Placement - Well Flagged, past Deals Have Done Well but Its Expensive

<ul>
<li>A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.</li>
</ul>


A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.


Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>NSE Indices has continued to use the current index methodology to come up with the 5 adds/deletes. The proposed methodology seems to be put on ice for reasons unknown.</li>
<li>
<a href="https://www.smartkarma.com/entities/punjab-national-bank" target="_blank" data-smartkarma-citation="entities:542:1" rel="noopener">Punjab National Bank</a>, <a href="https://www.smartkarma.com/entities/shriram-transport-finance" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Transport Finance</a>, <a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent</a>, <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor</a> and <a href="https://www.smartkarma.com/entities/zydus-lifesciences-ltd" target="_blank" data-smartkarma-citation="entities:12914:1" rel="noopener">Zydus Lifesciences</a> will replace <a href="https://www.smartkarma.com/entities/acc-ltd" target="_blank" data-smartkarma-citation="entities:183:1" rel="noopener">ACC</a>, <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures</a>, <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management</a>, <a href="https://www.smartkarma.com/entities/indus-towers-ltd" target="_blank" data-smartkarma-citation="entities:8922:1" rel="noopener">Indus Towers</a> and <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries</a>.</li>
<li>The adds, deletes, capping and funding changes will result in one-way turnover of 13% and in a one-way trade of INR 20.77bn. The impact on the adds/deletes is big.</li>
</ul>


NSE Indices has continued to use the current index methodology to come up with the 5 adds/deletes. The proposed methodology seems to be put on ice for reasons unknown.

Punjab National Bank, Shriram Transport Finance, Trent, TVS Motor and Zydus Lifesciences will replace ACC, FSN E-Commerce Ventures, HDFC Asset Management, Indus Towers and Page Industries.
The adds, deletes, capping and funding changes will result in one-way turnover of 13% and in a one-way trade of INR 20.77bn. The impact on the adds/deletes is big.


NIFTY NEXT50 Index Rebalance: Five Changes; Big Impact; Cross Index Flow

India

Abbott India Limited is a publicly listed subsidiary of Abbott Laboratories, operating as a significant pharmaceutical company in India. It develops, manufactures, and markets science-based healthcare products across various therapeutic areas, including women's health, gastroenterology, metabolics, central nervous system, and vaccines. The company was incorporated on August 22, 1944, and is headquartered in Mumbai, Maharashtra, India.

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Abbott India (BOOT IN)

Indegene IPO - Marquee Clients, Strong Track Record, Decent Valuation

Indegene Limited (1864095D IN) is looking to raise US$220m in its India IPO, via selling a mix of primary and secondary shares.

Clarence Chu

Indegene Pre-IPO - RHP Updates - Client Base Continued to Grow, and Margins Have Begun Stabilizing

Indegene Limited (1864095D IN) is looking to raise about US$220m in its upcoming India IPO. We looked at the firm’s past performance in an earlier...

Clarence Chu

Mankind Pharma Placement - Well Flagged, past Deals Have Done Well but Its Expensive

ChrysCap is looking to raise around US$295m via selling a 2.8% stake in Mankind Pharma. In this note, we talk about the deal dynamics.

Sumeet Singh

Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma. We had looked at the lockup release earlier.

Sumeet Singh

NIFTY NEXT50 Index Rebalance: Five Changes; Big Impact; Cross Index Flow

There are 5 changes for the NEXT50 Index as the existing methodology is used. Turnover is huge and there will be big impact on a lot of stocks....

Brian Freitas

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