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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.</li>
<li>On the placements front, deals continue to flow through as the market remains receptive. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.
On the placements front, deals continue to flow through as the market remains receptive. 


ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

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>Nims to Benefit in the Rate Cut Cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed-rate.</li><li>The management indicated that it does not intend to pass on the rate cuts to its fixed-rate customers.</li><li>On the borrowing side, ~56% of the company’s loans are floating, of which 30% are MCLR-linked, while the balance 26% are EBLR-linked. </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.

Nims to Benefit in the Rate Cut Cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed-rate.The management indicated that it does not intend to pass on the rate cuts to its fixed-rate customers.On the borrowing side, ~56% of the company’s loans are floating, of which 30% are MCLR-linked, while the balance 26% are EBLR-linked. 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 India Ltd. - Margins to Benefit From Rate Cut and Ratings Upgrade...

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>India's largest HF company with a stable loan book, supported by LIC's parentage and a focus on salaried home loans, shows its fundamental strength.  </li>
<li>The company demonstrates robust operational performance, marked by a decade-high 1.83% Return on Assets (RoA) and a competitive 16% Return on Equity (ROE).  </li>
<li>It targets future growth by efficiently managing borrowing costs and strategically diversifying into higher-margin segments like project finance and LAP/LRD.</li>
</ul>


India's largest HF company with a stable loan book, supported by LIC's parentage and a focus on salaried home loans, shows its fundamental strength.  
The company demonstrates robust operational performance, marked by a decade-high 1.83% Return on Assets (RoA) and a competitive 16% Return on Equity (ROE).  
It targets future growth by efficiently managing borrowing costs and strategically diversifying into higher-margin segments like project finance and LAP/LRD.


The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

<ul><li>NIMs to benefit in the rate cut cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed rate.</li><li>The impact of the repricing of ~20% floating rate book on NIMs is expected to be marginal.</li><li>In its borrowing mix, ~56% of the loans are floating rate borrowings, of which ~30% are linked to the repo rate and would reprice downwards, and the management expects the benefit on CoF to be visible in Q1FY26. </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.

NIMs to benefit in the rate cut cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed rate.The impact of the repricing of ~20% floating rate book on NIMs is expected to be marginal.In its borrowing mix, ~56% of the loans are floating rate borrowings, of which ~30% are linked to the repo rate and would reprice downwards, and the management expects the benefit on CoF to be visible in Q1FY26. 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 India Ltd. - Strong Growth Delivery to Continue

<ul><li>Geographic footprint expansion and improving branch productivity to drive growth: Aptus’ strategy to penetrate deeper in existing geographies and improve its geographic footprint, offers the company a strong growth runway.</li><li>The management indicated that the company will continue to add 35-40 branches each year over the medium term, primarily in the newer states (10 branches each) in Maharashtra (MH), Odisha (OD) and deepen its presence in existing markets of Karnataka (KA) and Telangana (TL).</li><li>Additionally, in the core state of Tamil Nadu (TN), with the concerns around employee attrition easing, the company will look at resuming growth, eyeing an exit AUM growth rate of 15% in FY25 and adding ~6 branches in FY26. </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.

Geographic footprint expansion and improving branch productivity to drive growth: Aptus’ strategy to penetrate deeper in existing geographies and improve its geographic footprint, offers the company a strong growth runway.The management indicated that the company will continue to add 35-40 branches each year over the medium term, primarily in the newer states (10 branches each) in Maharashtra (MH), Odisha (OD) and deepen its presence in existing markets of Karnataka (KA) and Telangana (TL).Additionally, in the core state of Tamil Nadu (TN), with the concerns around employee attrition easing, the company will look at resuming growth, eyeing an exit AUM growth rate of 15% in FY25 and adding ~6 branches in FY26. 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 Delivery to Continue; Maintain BUY!a

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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ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aptus Value Housing Finance India Ltd. - Margins to Benefit From Rate Cut and Ratings Upgrade...

Nims to Benefit in the Rate Cut Cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed-rate.

Axis Direct

The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

​India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.

Nimish Maheshwari

Aptus Value Housing Finance India Ltd. - Strong Growth Delivery to Continue

NIMs to benefit in the rate cut cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed rate.

Axis Direct

Aptus Value Housing Finance Ltd - Strong Growth Delivery to Continue; Maintain BUY!a

Aptus’ strategy to penetrate deeper in existing geographies and improve its geographic footprint, offers the company a strong growth runway.

Axis Direct

India's largest HF company demonstrates fundamental strength with stable loan book, high RoA, and strategic growth plans.