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

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<li>
<a href="https://www.smartkarma.com/entities/sbfc-finance-limited" target="_blank" data-smartkarma-citation="entities:36713:1" rel="noopener">SBFC Finance Limited (1547353D IN)</a> is looking to raise up to US$131m in its India IPO. </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 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>



SBFC Finance Limited (1547353D IN) is looking to raise up to US$131m in its India IPO. 
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 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.


SBFC Finance IPO - RHP Updates, Peer Comparison and Thoughts on Valuation

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

Five-Star Business Finance / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (FIVESTAR IN)</a> is a NBFC based in India, specializing in providing financial services to small and medium-sized enterprises (SMEs) in the informal and semi-formal sectors. </li>
<li>The focus on in-house sourcing, collection, and risk management aids in maintaining strong asset quality.</li>
<li>In terms of valuations, FIVESTAR trades at a premium. However, considering its competitive moat and growth potential, any available opportunities should be capitalized upon.</li>
</ul>



Five Star Business Finance (FIVESTAR IN) is a NBFC based in India, specializing in providing financial services to small and medium-sized enterprises (SMEs) in the informal and semi-formal sectors. 
The focus on in-house sourcing, collection, and risk management aids in maintaining strong asset quality.
In terms of valuations, FIVESTAR trades at a premium. However, considering its competitive moat and growth potential, any available opportunities should be capitalized upon.


Five Star Business Finance (FIVESTAR IN) | A Five Star Business

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Aptus Value Housing Finance India / Equity Bottom-Up

Aptus Value Housing Finance India (APTUS IN)

<ul><li>While demand in the existing geographies continues to remain healthy, the management believes in establishing a leadership position by penetrating deeper into the existing geographies rather than entering new geographies.</li><li>Apart from the home loans, Aptus sees good growth opportunities in SME lending with demand and borrowers' repayment capability improving.</li><li>While the company will pursue growth in the SME, it will look to cap this book at 21-23% of the consolidated AUM.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

While demand in the existing geographies continues to remain healthy, the management believes in establishing a leadership position by penetrating deeper into the existing geographies rather than entering new geographies.Apart from the home loans, Aptus sees good growth opportunities in SME lending with demand and borrowers' repayment capability improving.While the company will pursue growth in the SME, it will look to cap this book at 21-23% of the consolidated AUM.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Aptus Value Housing Finance Ltd. - 12 June 2023

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Five-Star Business Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (FIVESTAR IN)</a> raised around US$190m in its India IPO in Nov 2022.</li>
<li>Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Five Star Business Finance (FIVESTAR IN) raised around US$190m in its India IPO in Nov 2022.
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Five Star IPO Lock-Up - Over US$1.3bn Lockup Release with Less than US$1m ADV

<ul><li>Aptus reported a healthy disbursement growth of 29/10% YoY/QoQ, which translated into a strong AUM growth of 30/7% YoY/QoQ.</li><li>The bank’s consolidated AUM growth was driven by Small Business loans which gathered growth momentum and grew by 42/29% YoY/QoQ, while home loans grew by 28/4% YoY/QoQ.</li><li>NII grew by 27/6% YoY/QoQ, supported by strong AUM growth and healthy margins of 8.9% vs. 9.2/9% YoY/QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aptus reported a healthy disbursement growth of 29/10% YoY/QoQ, which translated into a strong AUM growth of 30/7% YoY/QoQ.The bank’s consolidated AUM growth was driven by Small Business loans which gathered growth momentum and grew by 42/29% YoY/QoQ, while home loans grew by 28/4% YoY/QoQ.NII grew by 27/6% YoY/QoQ, supported by strong AUM growth and healthy margins of 8.9% vs. 9.2/9% YoY/QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APTUS IN. - Focus on Strengthening Leadership Position in Core Geographies!

India

Aptus Value Housing Finance India Limited is a specialized retail housing finance company that provides long-term housing loans and small business loans. It focuses on self-employed, low, and middle-income customer segments in Tier 2, 3, and 4 cities, who are often underserved by traditional banking institutions. The company's core products include loans for home construction, purchase, renovation, and extension, as well as loans against property for business needs. Headquartered in Chennai, Tamil Nadu, India, the company was founded in 2009.

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Aptus Value Housing Finance India (APTUS IN)

SBFC Finance IPO - RHP Updates, Peer Comparison and Thoughts on Valuation

SBFC Finance Limited (1547353D IN) is looking to raise up to US$131m in its India IPO. In this note, we talk about RHP updates, undertake a peer...

Ethan Aw

Five Star Business Finance (FIVESTAR IN) | A Five Star Business

FIVESTAR focuses on in-house sourcing, strong collections, and risk management for robust asset quality and offers growth potential despite trading...

Pranav Bhavsar

Pick of the Week: Aptus Value Housing Finance Ltd. - 12 June 2023

Apart from the home loans, Aptus sees good growth opportunities in SME lending with demand and borrowers' repayment capability improving.

Axis Direct

Five Star IPO Lock-Up - Over US$1.3bn Lockup Release with Less than US$1m ADV

Five Star Business Finance (FIVESTAR IN) raised around US$190m in its India IPO in Nov 2022. Its US$1.3bn worth IPO lockup expiry is coming up soon.

Sumeet Singh

APTUS IN. - Focus on Strengthening Leadership Position in Core Geographies!

Aptus reported a healthy disbursement growth of 29/10% YoY/QoQ, which translated into a strong AUM growth of 30/7% YoY/QoQ.

Axis Direct

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