Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

PNB Housing Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pnb-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:23613:1" rel="noopener">PNB Housing Finance Ltd (PNBHOUSI IN)</a> (PHBHF) aims to raise up to US$300m via a rights issue in order to boost its capital base.</li>
<li>PNBHF is the housing finance arm of Punjab National Bank and is partly owned by Carlyle, with investments from General Atlantic as well.</li>
<li>In this note, we will talk about the rights issue and other deal dynamics.</li>
</ul>



PNB Housing Finance Ltd (PNBHOUSI IN) (PHBHF) aims to raise up to US$300m via a rights issue in order to boost its capital base.
PNBHF is the housing finance arm of Punjab National Bank and is partly owned by Carlyle, with investments from General Atlantic as well.
In this note, we will talk about the rights issue and other deal dynamics.


PNB Housing Finance Rights Issue - Finally Closing in on the Capital Raising

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.

Equity Bottom-Up

Aptus Value Housing Finance India / Equity Bottom-Up

Aptus Value Housing Finance India (APTUS IN)

<ul><li>Demand in core markets remains strong – The management has indicated that the demand in the core states of Tamil Nadu (TN), Andhra Pradesh (AP), Telangana (TL) and Karnataka (KA) continues to remain encouraging given the under-penetration in these markets and the large un/underserved demand.</li><li>It remains confident of delivering a 25-30% AUM growth over the next 3-5 years. Aptus will strategically focus on the core markets of KA and TL to improve its penetration and will also look to strengthen its presence in one of the new markets (Odisha) by gradually adding branches.</li><li>Home Loans and Business Loans (SME) will continue to remain key growth drivers. We expect Aptus to deliver a robust AUM growth of ~28% CAGR over FY23-25E.</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.

Demand in core markets remains strong – The management has indicated that the demand in the core states of Tamil Nadu (TN), Andhra Pradesh (AP), Telangana (TL) and Karnataka (KA) continues to remain encouraging given the under-penetration in these markets and the large un/underserved demand.It remains confident of delivering a 25-30% AUM growth over the next 3-5 years. Aptus will strategically focus on the core markets of KA and TL to improve its penetration and will also look to strengthen its presence in one of the new markets (Odisha) by gradually adding branches.Home Loans and Business Loans (SME) will continue to remain key growth drivers. We expect Aptus to deliver a robust AUM growth of ~28% CAGR over FY23-25E.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 Value Housing Finance Ltd. - Strong Growth Runway

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 (0958461D IN)</a> raised around US$190m in its India IPO. </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>We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.</li>
</ul>



Five Star Business Finance (0958461D IN) raised around US$190m in its India IPO. 
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.


Five-Star Business IPO Trading - One of the Best Anchor Books but Worst Overall Demand

<ul><li>Aptus Value Housing Finance Ltd. (Aptus) Q2FY23 was broadly in line with our expectations, except marginal miss in the operating profit owing to a higher-than-expected Opex.</li><li>Disbursement growth remained robust, registering a growth of 43/15% YoY/QoQ, thereby aiding AUM growth of 33/7%YoY/QoQ.</li><li>Given the under-penetration in the self-employed segment along with the abilities that the company has developed in servicing these customers and its deep penetration in the Tier 3/4 markets, the management remains confident of credit growth outpacing the overall industry growth by 2x.</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 Value Housing Finance Ltd. (Aptus) Q2FY23 was broadly in line with our expectations, except marginal miss in the operating profit owing to a higher-than-expected Opex.Disbursement growth remained robust, registering a growth of 43/15% YoY/QoQ, thereby aiding AUM growth of 33/7%YoY/QoQ.Given the under-penetration in the self-employed segment along with the abilities that the company has developed in servicing these customers and its deep penetration in the Tier 3/4 markets, the management remains confident of credit growth outpacing the overall industry growth by 2x.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 Value Housing Finance Ltd. - Robust Growth Momentum Continues

<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 (0958461D IN)</a> is looking to raise around US$250m in its upcoming India IPO. </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>We have looked at various aspects of the deal in our previous note, in this note, we talk about valuations.</li>
</ul>



Five Star Business Finance (0958461D IN) is looking to raise around US$250m in its upcoming India IPO. 
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
We have looked at various aspects of the deal in our previous note, in this note, we talk about valuations.


Five-Star Business IPO - Thoughts on Valuation

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)

PNB Housing Finance Rights Issue - Finally Closing in on the Capital Raising

PNB Housing Finance Ltd (PNBHOUSI IN) (PHBHF) aims to raise up to US$300m via a rights issue in order to boost its capital base.

Sumeet Singh

Aptus Value Housing Finance Ltd. - Strong Growth Runway

Home Loans and Business Loans (SME) will continue to remain key growth drivers. We expect Aptus to deliver a robust AUM growth of ~28% CAGR over...

Axis Direct

Five-Star Business IPO Trading - One of the Best Anchor Books but Worst Overall Demand

Five Star Business Finance raised around US$190m in its India IPO. In this note, we talk about the deal demand and trading dynamics.

Sumeet Singh

Aptus Value Housing Finance Ltd. - Robust Growth Momentum Continues

Aptus Value Housing Finance Ltd. (Aptus) Q2FY23 was broadly in line with our expectations, except marginal miss in the operating profit owing to a...

Axis Direct

Five-Star Business IPO - Thoughts on Valuation

Five Star Business Finance is looking to raise around US$250m in its upcoming India IPO. In this note, we'll talk about valuations.

Sumeet Singh

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