APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Akums Drugs and Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals (0200361D IN)</a> is looking to raise up to US$239m in its upcoming India IPO. </li>
<li>Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$239m in its upcoming India IPO. 
Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
In this note, we talk about the company’s historical performance.


Akums Drugs and Pharmaceuticals Pre-IPO - Profitable but Needs to Scale up More

Global Healthcare Analyst

Tina Banerjee

Emcure Pharmaceuticals / Equity Capital Markets

<ul>
<li>Emcure Pharmaceuticals seeks to raise INR19.5B in upcoming IPO through a fresh issue of INR8B and an OFS of 11.4M shares. IPO price band has been set at INR960–1,008.</li>
<li>The issue will open for subscription on July 3 and close on July 5. Bidding for anchor investors will open on July 2. Lot size for bidding is 14 shares.</li>
<li>IPO proceeds will be used to repay debt. As at March 31, 2024, the company’s outstanding borrowings stood at INR21B against cash balance of INR2B.  </li>
</ul>


Emcure Pharmaceuticals seeks to raise INR19.5B in upcoming IPO through a fresh issue of INR8B and an OFS of 11.4M shares. IPO price band has been set at INR960–1,008.
The issue will open for subscription on July 3 and close on July 5. Bidding for anchor investors will open on July 2. Lot size for bidding is 14 shares.
IPO proceeds will be used to repay debt. As at March 31, 2024, the company’s outstanding borrowings stood at INR21B against cash balance of INR2B.  


Emcure Pharmaceuticals Pre-IPO: IPO Price Band Set; Steep Valuation Offers Limited Upside Potential

Equity Bottom-Up

Alkem Laboratories Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alkem-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:26928:1" rel="noopener">Alkem Laboratories Ltd (ALKEM IN)</a> reports 1% revenue growth in Q4FY24. However, gross margin improved significantly backed by lower raw material cost and lower intensity of price erosion in U.S.</li>
<li>For FY25, the company has guided for 10% YoY revenue growth, which is at par with the last five year’s average growth.</li>
<li>Alkem expects to maintain FY25 gross margin and EBITDA margin at the current level. As API prices have become mostly stable, there is limited room for further margin expansion.</li>
</ul>



Alkem Laboratories Ltd (ALKEM IN) reports 1% revenue growth in Q4FY24. However, gross margin improved significantly backed by lower raw material cost and lower intensity of price erosion in U.S.
For FY25, the company has guided for 10% YoY revenue growth, which is at par with the last five year’s average growth.
Alkem expects to maintain FY25 gross margin and EBITDA margin at the current level. As API prices have become mostly stable, there is limited room for further margin expansion.


Alkem Laboratories Ltd (ALKEM IN): Sluggish Performance Expected In Near-Term; Time to Book Profit

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ajanta-pharma-ltd" target="_blank" data-smartkarma-citation="entities:10053:1" rel="noopener">Ajanta Pharma (AJP IN)</a> reported strong Q4FY24 results, with double-digit revenue and PAT growth, and improving margins, driven by growth across all the business segments.</li>
<li>The company has announced INR3.5B buyback plan, involving purchase of 10,28,881 equity shares (0.82% of the total paid-up equity share capital) at a price of INR2,770 per equity share.</li>
<li>Ajanta Pharma is confident of maintaining double-digit growth going ahead with the existing products gaining market share, new launches, and expansion of field force.</li>
</ul>



Ajanta Pharma (AJP IN) reported strong Q4FY24 results, with double-digit revenue and PAT growth, and improving margins, driven by growth across all the business segments.
The company has announced INR3.5B buyback plan, involving purchase of 10,28,881 equity shares (0.82% of the total paid-up equity share capital) at a price of INR2,770 per equity share.
Ajanta Pharma is confident of maintaining double-digit growth going ahead with the existing products gaining market share, new launches, and expansion of field force.


Ajanta Pharma (AJP IN): Stellar Q4 Performance; INR3B Buyback Plan Announced

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ipca-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:15774:1" rel="noopener">Ipca Laboratories (IPCA IN)</a> reported strong Q3FY24 results, with revenue and net profit increasing 33% and 67%, YoY, respectively. Domestic formulation and generic exports remained main growth drivers.</li>
<li>Ipca’s India formulation business revenue is expected to grow 15% YoY to ~INR7,000 million in Q4FY24. The company guided for 13–14% domestic revenue growth in FY25.</li>
<li>Riding on improving profitability at Unichem operation and launch of U.S. product, Ipca is expecting 10–12% growth in EBITDA and 2% improvement in EBITDA margin in FY25.  </li>
</ul>



Ipca Laboratories (IPCA IN) reported strong Q3FY24 results, with revenue and net profit increasing 33% and 67%, YoY, respectively. Domestic formulation and generic exports remained main growth drivers.
Ipca’s India formulation business revenue is expected to grow 15% YoY to ~INR7,000 million in Q4FY24. The company guided for 13–14% domestic revenue growth in FY25.
Riding on improving profitability at Unichem operation and launch of U.S. product, Ipca is expecting 10–12% growth in EBITDA and 2% improvement in EBITDA margin in FY25.  


Ipca Laboratories (IPCA IN): Solid Q3 Result; Mid-Teens Growth Expected in Domestic Revenue in Q4

India

Ajanta Pharma Limited is a pharmaceutical company involved in the areas of product research, manufacturing, and marketing. The Company's manufacturing capabilities include segments such as antiretrovirals, antimalarials, cardiovascular, dermatology, and ophthalmology. The Company also markets over the counter products that include some nature-based remedies.

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Ajanta Pharma (AJP IN)

Akums Drugs and Pharmaceuticals Pre-IPO - Profitable but Needs to Scale up More

Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$239m in its upcoming India IPO. In this note, we talk about the...

Ethan Aw

Emcure Pharmaceuticals Pre-IPO: IPO Price Band Set; Steep Valuation Offers Limited Upside Potential

Emcure Pharmaceuticals seeks to raise INR19.5B through fresh issue of INR8B and an OFS of 11.4M shares. The issue will open for subscription on...

Tina Banerjee

Alkem Laboratories Ltd (ALKEM IN): Sluggish Performance Expected In Near-Term; Time to Book Profit

Alkem reports just 1% revenue growth in Q4FY24, with significant improvement in gross margin. The company expects 10% YoY revenue growth for FY25,...

Tina Banerjee