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

TVS Supply Chain Solutions / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/tvs-supply-chain-solutions" target="_blank" data-smartkarma-citation="entities:36778:1" rel="noopener">TVS Supply Chain Solutions (1915741D IN)</a> is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.</li>
<li>TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer. </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>



TVS Supply Chain Solutions (1915741D IN) is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.
TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer. 
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.


TVS Supply Chain Solutions IPO - RHP Updates, Peer Comparison & Thoughts on Valuation

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

India-based integrated logistics company <a href="https://www.smartkarma.com/entities/allcargo-logistics-ltd" target="_blank" data-smartkarma-citation="entities:10602:1" rel="noopener">Allcargo Logistics (AGLL IN)</a> has more-than-tripled in value since last August. The “<a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/9bf60829-9be9-4e37-b6c2-234cc3203040.pdf" target="_blank" rel="noopener">Delisting Proposal</a>" from its Promoter Group (Shashi Kiran Shetty and Talentos Entertainment Private Limited) in August 2020 initiated this rally and after several twists and turns the stock is currently trading at INR328.50 which translates to a +201% gain against the undisturbed price of INR109.00 prior to the announcement of this Delisting Proposal. In this insight, we take a closer look at the company's latest earnings release which has caused the share price to jump by almost +20% today.

India-based integrated logistics company Allcargo Logistics (AGLL IN) has more-than-tripled in value since last August. The “Delisting Proposal" from its Promoter Group (Shashi Kiran Shetty and Talentos Entertainment Private Limited) in August 2020 initiated this rally and after several twists and turns the stock is currently trading at INR328.50 which translates to a +201% gain against the undisturbed price of INR109.00 prior to the announcement of this Delisting Proposal. In this insight, we take a closer look at the company's latest earnings release which has caused the share price to jump by almost +20% today.

Allcargo (AGLL IN): More-Than-Triple Now. What Next?

A couple of weeks ago <a href="https://www.smartkarma.com/entities/allcargo-logistics-ltd" target="_blank" data-smartkarma-citation="entities:10602:1" rel="noopener">Allcargo Logistics (AGLL IN)</a>'s delisting effort failed as shareholders rejected the proposal in a rare historical event. I discussed this in <a href="https://www.smartkarma.com/insights/allcargo-agll-in-shareholders-reject-what-now" target="_blank" data-smartkarma-citation="insights:57570" rel="noopener">Allcargo (AGLL IN): Shareholders Reject! What Now?</a> explaining why this does not have to be entirely bad news for the company as it could also be perceived as  a sign of shareholder confidence in the company's fundamentals. Although the initial reaction was negative as expected, the shares have gained more than 10% since then. Yesterday, the company made a <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/4da4d302-feb2-46a5-855e-22ec0813e054.pdf" target="_blank" rel="noopener">stock exchange announcement</a> that they had "appointed Jefferies Financial as Investment Banker to evaluate fund raising opportunities for private equity and strategic investment in international supply chain business, which operates under the brand name 'ECU Worldwide'". In this insight we take a look at the details of ECU Worldwide ("ECUW") and the potential implications of this divestiture on Allcargo.

A couple of weeks ago Allcargo Logistics (AGLL IN)'s delisting effort failed as shareholders rejected the proposal in a rare historical event. I discussed this in Allcargo (AGLL IN): Shareholders Reject! What Now? explaining why this does not have to be entirely bad news for the company as it could also be perceived as  a sign of shareholder confidence in the company's fundamentals. Although the initial reaction was negative as expected, the shares have gained more than 10% since then. Yesterday, the company made a stock exchange announcement that they had "appointed Jefferies Financial as Investment Banker to evaluate fund raising opportunities for private equity and strategic investment in international supply chain business, which operates under the brand name 'ECU Worldwide'". In this insight we take a look at the details of ECU Worldwide ("ECUW") and the potential implications of this divestiture on Allcargo. 

Allcargo (AGLL IN): ECUW Stake Sale at US$1bn Proposed Valuation

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Shareholder activism is on the rise in India. Institutional shareholders are making their vote count. Proxy advisor firms are also playing a role in guiding institutions to leverage their voting rights prudently. Over the past few months, we saw several instances of activism, mostly through adverse voting and complaining on public forums like earnings call. In a couple of cases, large shareholders (&gt;10% ownership) have also used their rights under Companies Act to call an extraordinary general meeting (EGM) to push for change of board and management.
In our detailed insight below, we discuss many such instances that transpired over the past few months. We also discuss our key takeaways for the Indian markets from this uprising activism.

Shareholder activism is on the rise in India. Institutional shareholders are making their vote count. Proxy advisor firms are also playing a role in guiding institutions to leverage their voting rights prudently. Over the past few months, we saw several instances of activism, mostly through adverse voting and complaining on public forums like earnings call. In a couple of cases, large shareholders (&gt;10% ownership) have also used their rights under Companies Act to call an extraordinary general meeting (EGM) to push for change of board and management.
In our detailed insight below, we discuss many such instances that transpired over the past few months. We also discuss our key takeaways for the Indian markets from this uprising activism.

The Rise of Shareholder Activism in India

<a href="https://www.smartkarma.com/entities/allcargo-logistics-ltd" target="_blank" data-smartkarma-citation="entities:10602:1" rel="noopener">Allcargo Logistics (AGLL IN)</a> announced after market-close yesterday that their shareholders had rejected their proposal for voluntary delisting bringing an abrupt end to an event trade that was gathering a lot of momentum. Since the time the Deal was announced in August 2020, Allcargo share price has more-than-doubled.However, this is now a Deal Break situation. More below the fold.

Allcargo Logistics (AGLL IN) announced after market-close yesterday that their shareholders had rejected their proposal for voluntary delisting bringing an abrupt end to an event trade that was gathering a lot of momentum. Since the time the Deal was announced in August 2020, Allcargo share price has more-than-doubled.However, this is now a Deal Break situation. More below the fold.

Allcargo (AGLL IN): Shareholders Reject! What Now?

India

Allcargo Logistics Limited is a full service logistics company. The Company offers specialized logistics services across multimodal transport operations, container freight station operations and project and engineering solutions.

Allcargo Logistics (AGLL IN)

TVS Supply Chain Solutions IPO - RHP Updates, Peer Comparison & Thoughts on Valuation

TVS Supply Chain Solutions (1915741D IN) is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.

Ethan Aw

Allcargo (AGLL IN): More-Than-Triple Now. What Next?

India-based integrated logistics company Allcargo reported strong earnings growth in 2Q FY22. This may be positive for the anticipated US$1bn sale...

Janaghan Jeyakumar, CFA

Allcargo (AGLL IN): ECUW Stake Sale at US$1bn Proposed Valuation

Allcargo Logistics saw its delisting efforts collapse a couple of weeks ago. Now they are looking to divest their international business unit to...

Janaghan Jeyakumar, CFA

The Rise of Shareholder Activism in India

Shareholder activism is on the rise in India with several recent instances where investors have raised concerns through voting rights and EGMs as...

Ankit Agrawal, CFA

Allcargo (AGLL IN): Shareholders Reject! What Now?

In a rare historical event, shareholders of India-based Allcargo Logistics have rejected the Voluntary Delisting Proposal. This is one for the...

Janaghan Jeyakumar, CFA