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

InterGlobe Aviation Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares (4% of TSO).</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn battle with his co-founder Rahul Bhatia. He last sold in Sep 2022 and Feb 2023.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares (4% of TSO).
He had earlier stated his intention to pare down his stake after a long drawn battle with his co-founder Rahul Bhatia. He last sold in Sep 2022 and Feb 2023.
In this note, we will talk about the placement and run the deal through our ECM framework.


Interglobe Aviation (Indigo) Placement - Selldowns Are Becoming Increasingly Regular

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

American Airlines Group / Equity Bottom-Up

<ul><li>American Airlines Group managed to surpass the revenue expectations as well as the earnings expectations of analysts.</li><li>While overseas unit revenue increased, domestic unit revenue decreased.</li><li>In the first half of the year, American Airlines received 13 deliveries, and by the end of the year, it anticipates receiving 10 more planes.</li></ul>

American Airlines Group managed to surpass the revenue expectations as well as the earnings expectations of analysts.While overseas unit revenue increased, domestic unit revenue decreased.In the first half of the year, American Airlines received 13 deliveries, and by the end of the year, it anticipates receiving 10 more planes.

American Airlines Group Inc.: New Flight Additions To Cater To Rising Demand! - Key Drivers

American Airlines Group / Equity Capital Markets

<ul><li>In 2023, American Airlines Group got off to a good start with revenues above expectations in the latest quarterly result as well as an earnings beat.</li><li>In addition to delivering a profit for the quarter, the American Airlines team outperformed its initial EPS projection of roughly breakeven.</li><li>American Airlines is also satisfied with its domestic and short-haul international unit revenue results.</li></ul>

In 2023, American Airlines Group got off to a good start with revenues above expectations in the latest quarterly result as well as an earnings beat.In addition to delivering a profit for the quarter, the American Airlines team outperformed its initial EPS projection of roughly breakeven.American Airlines is also satisfied with its domestic and short-haul international unit revenue results.

American Airlines Group Inc.: Improving Premium Cabin Demand Is A Positive Sign – Key Drivers

<ul><li>American Airlines Group's performance was solid in the last quarter as it delivered an all-around beat.</li><li>The company reported a net income of $827 million for the fourth quarter and $328 million for the entire year and performed considerably better than peers, particularly Southwest.</li><li>We give American Airlines Group a 'Hold' rating with a revised target price.</li></ul>

American Airlines Group's performance was solid in the last quarter as it delivered an all-around beat.The company reported a net income of $827 million for the fourth quarter and $328 million for the entire year and performed considerably better than peers, particularly Southwest.We give American Airlines Group a 'Hold' rating with a revised target price.

American Airlines Group Inc.: Major Drivers

<ul><li>With customers resuming travel in large numbers, the last quarter was one of the busiest quarters for American Airlines.</li><li>Given the significant run-up in the prices of oil, American Airlines missed out on meeting analyst expectations on earnings.</li><li>Overall, we provide the stock of American Airlines with a ‘Hold’ rating and a revision in the target price.</li></ul>

With customers resuming travel in large numbers, the last quarter was one of the busiest quarters for American Airlines.Given the significant run-up in the prices of oil, American Airlines missed out on meeting analyst expectations on earnings.Overall, we provide the stock of American Airlines with a ‘Hold’ rating and a revision in the target price.

American Airlines: New Routes & Other Developments

United States

American Airlines Group Inc. operates an airline that provides scheduled passenger, freight, and mail service throughout North America, the Caribbean, Latin America, Europe, and the Pacific.  The Company also provides connecting service throughout the United States, Canada, and the Caribbean.

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American Airlines Group (AAL US)

Interglobe Aviation (Indigo) Placement - Selldowns Are Becoming Increasingly Regular

InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares...

Ethan Aw

American Airlines Group Inc.: New Flight Additions To Cater To Rising Demand! - Key Drivers

American Airlines Group managed to surpass the revenue expectations as well as the earnings expectations of analysts. While overseas unit revenue...

Baptista Research

American Airlines Group Inc.: Improving Premium Cabin Demand Is A Positive Sign – Key Drivers

In 2023, American Airlines Group got off to a good start with revenues above expectations in the latest quarterly result as well as an earnings...

Baptista Research

American Airlines Group Inc.: Major Drivers

American Airlines Group's performance was solid in the last quarter as it delivered an all-around beat. The company reported a net income of $827...

Baptista Research

American Airlines: New Routes & Other Developments

With customers resuming travel in large numbers, the last quarter was one of the busiest quarters for American Airlines. Given the significant...

Baptista Research

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