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

Aditya Birla Sun Life AMC / Equity Capital Markets

<ul>
<li>Promoters in <a href="https://www.smartkarma.com/entities/aditya-birla-sun-life-amc-limited" target="_blank" data-smartkarma-citation="entities:34094:1" rel="noopener">Aditya Birla Sun Life AMC (ABSLAMC IN)</a> are looking to raise US$189m via an offer for sale (OFS). This assumes that the over-allotment option is exercised.</li>
<li>This appears to be done in a bid to meet SEBI’s 75% free-float requirement for listed firms in India. .</li>
<li>News of the selldown had surfaced a week earlier leading to a correction in share price. As such, we would argue that the deal here is well flagged</li>
</ul>


Promoters in Aditya Birla Sun Life AMC (ABSLAMC IN) are looking to raise US$189m via an offer for sale (OFS). This assumes that the over-allotment option is exercised.
This appears to be done in a bid to meet SEBI’s 75% free-float requirement for listed firms in India. .
News of the selldown had surfaced a week earlier leading to a correction in share price. As such, we would argue that the deal here is well flagged


Aditya Birla Sun Life AMC OFS - Share Price Has Corrected in Anticipation of the Current Deal

Independent Analyst, Beat the Street

Sudarshan Bhandari

Independent 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

Thematic (Sector/Industry)

<ul>
<li>Indian household savings seeing a significant transition from traditional assets to financial assets</li>
<li>More than transition, there is a transformative trend ahead for financialization of savings paving way for Indian Households a decadal opportunity of wealth creation</li>
<li>What happened in US could happen in India over the next few decades - Significant wealth creation opportunity</li>
</ul>


Indian household savings seeing a significant transition from traditional assets to financial assets
More than transition, there is a transformative trend ahead for financialization of savings paving way for Indian Households a decadal opportunity of wealth creation
What happened in US could happen in India over the next few decades - Significant wealth creation opportunity


From Savings to Wealth Creation: The Financialization of Indian Households

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Tata Consultancy Svcs / 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>On the IPO front, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.</li>
<li>For placements, India was again at the forefront, this time with a not-so-pleasant results of <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a>. </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.
On the IPO front, Trial Holdings (5882 JP) ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.
For placements, India was again at the forefront, this time with a not-so-pleasant results of Tata Consultancy Svcs (TCS IN). 


ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Forensics and Corporate Governance Analyst, Beat the Street

Nimish Maheshwari

Forensics and Corporate Governance Analyst

<ul>
<li>What is a stress test? How it is being calculated?</li>
<li>Key Takeaways of Mutual Fund's Stress Test Results. What should investors know?  </li>
<li>Flaws in SEBI's Stress Testing Results and Way Ahead for investors</li>
</ul>


What is a stress test? How it is being calculated?
Key Takeaways of Mutual Fund's Stress Test Results. What should investors know?  
Flaws in SEBI's Stress Testing Results and Way Ahead for investors


India’s Mutual Fund Stress Testing Is Not the Solution Which Is Need of Hour.

Ethan Aw

SBFC Finance Limited / Equity Capital Markets

<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 (SBFC IN) </a>raised around US$131m in its India IPO, after the deal was priced at INR57/share. Its six-month lockup will expire on 12th Feb 2024. </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 this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



SBFC Finance Limited (SBFC IN) raised around US$131m in its India IPO, after the deal was priced at INR57/share. Its six-month lockup will expire on 12th Feb 2024. 
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 this note, we will talk about the lock-up dynamics and updates since our last note.


SBFC Finance Lockup Expiry - Time to Cash in on Some Hefty Profits

India

Aditya Birla Sun Life Asset Management Company Limited operates as an investment management firm. The Company offers portfolio advisory and wealth management services. Aditya Birla Sun Life Asset Management serves clients in India.

Aditya Birla Sun Life AMC (ABSLAMC IN)

From Savings to Wealth Creation: The Financialization of Indian Households

Equities as % household assets have rose from 2% to 5% as of 2023 and is expected to gone to 10% by 2030 paving a significant opportunity for...

Sudarshan Bhandari

ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

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

India’s Mutual Fund Stress Testing Is Not the Solution Which Is Need of Hour.

Understanding stress tests in mutual funds is crucial for investors as they reveal how funds perform under adverse conditions, but flaws in SEBI's...

Nimish Maheshwari

SBFC Finance Lockup Expiry - Time to Cash in on Some Hefty Profits

SBFC Finance Limited (SBFC IN) raised around US$131m in its India IPO, after the deal was priced at INR57/share. Its six-month lockup will expire...

Ethan Aw

Aditya Birla Sun Life AMC OFS - Share Price Has Corrected in Anticipation of the Current Deal

Promoters in Aditya Birla Sun Life AMC (ABSLAMC IN) are looking to raise US$189m via an offer for sale (OFS). This assumes that the over-allotment...

Clarence Chu

From Savings to Wealth Creation: The Financialization of Indian Households

Equities as % household assets have rose from 2% to 5% as of 2023 and is expected to gone to 10% by 2030 paving a significant opportunity for...

Sudarshan Bhandari

ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

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

India’s Mutual Fund Stress Testing Is Not the Solution Which Is Need of Hour.

​Understanding stress tests in mutual funds is crucial for investors as they reveal how funds perform under adverse conditions, but flaws in SEBI's...

Nimish Maheshwari

SBFC Finance Lockup Expiry - Time to Cash in on Some Hefty Profits

SBFC Finance Limited (SBFC IN) raised around US$131m in its India IPO, after the deal was priced at INR57/share. Its six-month lockup will expire...

Ethan Aw

Understanding stress tests in mutual funds is crucial for investors as they reveal how funds perform under adverse conditions, but flaws in SEBI's...