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

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> 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>In this note, we talk about the RHP updates and undertake a peer comparison.</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.
In this note, we talk about the RHP updates and undertake a peer comparison.


Five-Star Business IPO - RHP Updates and Peer Comparion

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.

Thematic (Sector/Industry)

<ul><li>Axis Diwali Muhurat Picks: SAMVAT 2079: We are glad to share our report – Axis Diwali Muhurat Picks: SAMVAT 2079 with you.</li><li>The report contains carefully selected and deeply researched stocks that are well-positioned to benefit from the robust festive demand and India’s favourable macroeconomic developments.</li><li>During the month, we published the Consolidated Preview for Q2FY23. You may refer to the full report here.</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.

Axis Diwali Muhurat Picks: SAMVAT 2079: We are glad to share our report – Axis Diwali Muhurat Picks: SAMVAT 2079 with you.The report contains carefully selected and deeply researched stocks that are well-positioned to benefit from the robust festive demand and India’s favourable macroeconomic developments.During the month, we published the Consolidated Preview for Q2FY23. You may refer to the full report here.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.

<ul><li>Samvat 2078 was a year of peaks and troughs with a roller-coaster ride in the equity market across the world.</li><li>Since the last Diwali, the market has witnessed significant volatility led by liquidity reversal, policy tightening, the Russia-Ukraine geopolitical crisis, and rising inflation.</li><li>While these developments inflicted notable changes in the market regimes, especially with higher commodity prices of base metals and crude oil over the first half of the Samvat, a trend reversal was seen in the second half of the Samvat with the majority of commodity prices cooling off primarily due to the policy tightening and the expectation of a slowdown in global growth.</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.

Samvat 2078 was a year of peaks and troughs with a roller-coaster ride in the equity market across the world.Since the last Diwali, the market has witnessed significant volatility led by liquidity reversal, policy tightening, the Russia-Ukraine geopolitical crisis, and rising inflation.While these developments inflicted notable changes in the market regimes, especially with higher commodity prices of base metals and crude oil over the first half of the Samvat, a trend reversal was seen in the second half of the Samvat with the majority of commodity prices cooling off primarily due to the policy tightening and the expectation of a slowdown in global growth.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.

Equity Bottom-Up

Aptus Value Housing Finance India / Equity Bottom-Up

<ul><li>Aptus Value Housing Finance Ltd. (Aptus) reported a strong operational performance, a beat across all parameters, while the 56bps QoQ increase in GNPA was the only dampener.</li><li>The business momentum remained robust with disbursements at Rs 525 Cr (+113% YoY, +1% QoQ) which translated into a healthy AUM growth of 30/7% YoY/QoQ, driven by a 7/2% QoQ growth in the Housing/Business Loans.</li><li>The management remains confident of ample growth opportunities available in the self-employed segment, especially in the Tier III/IV markets where Aptus is well-positioned.</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) reported a strong operational performance, a beat across all parameters, while the 56bps QoQ increase in GNPA was the only dampener.The business momentum remained robust with disbursements at Rs 525 Cr (+113% YoY, +1% QoQ) which translated into a healthy AUM growth of 30/7% YoY/QoQ, driven by a 7/2% QoQ growth in the Housing/Business Loans.The management remains confident of ample growth opportunities available in the self-employed segment, especially in the Tier III/IV markets where Aptus is well-positioned.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 Operational Performance

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

RateGain Travel Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rategain-travel-technologies" target="_blank" data-smartkarma-citation="entities:35265:1" rel="noopener">RateGain Travel Technologies (1920810D IN)</a> raised around US$177m in its India IPO. The deal comprised a mix of primary and secondary shares.</li>
<li>In our view, this listing being the first SaaS firm out of India, could garner investor interest which would aid listing sentiment as well.</li>
<li>In this note we will talk about the subscription levels and trading dynamics.</li>
</ul>



RateGain Travel Technologies (1920810D IN) raised around US$177m in its India IPO. The deal comprised a mix of primary and secondary shares.
In our view, this listing being the first SaaS firm out of India, could garner investor interest which would aid listing sentiment as well.
In this note we will talk about the subscription levels and trading dynamics.


RateGain Travel Technologies IPO Trading - Deals with Similar Sub-Rates Have Generally Traded Higher

India

Aptus Value Housing Finance India Limited provides financial services. The Company offers housing and non-housing finance loans, as well as insurance services. Aptus Value Housing Finance India serves customers in India.

Aptus Value Housing Finance India (APTUS IN)

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Aptus Value Housing Finance India (APTUS IN)

Five-Star Business IPO - RHP Updates and Peer Comparion

Five Star Business Finance is looking to raise around US$250m in its upcoming India IPO. In this note, we talk about the RHP updates and undertake...

Sumeet Singh

Axis Research Scorecard Report - Oct 22

The report contains carefully selected and deeply researched stocks that are well-positioned to benefit from the robust festive demand and India’s...

Axis Direct

Axis Diwali Muhurat Picks: SAMVAT 2079

Since the last Diwali, the market has witnessed significant volatility led by liquidity reversal, policy tightening, the Russia-Ukraine...

Axis Direct

Aptus Value Housing Finance Ltd. - Robust Operational Performance

Aptus Value Housing Finance Ltd. (Aptus) reported a strong operational performance, a beat across all parameters, while the 56bps QoQ increase in...

Axis Direct

RateGain Travel Technologies IPO Trading - Deals with Similar Sub-Rates Have Generally Traded Higher

RateGain Travel Technologies (1920810D IN) raised around US$177m in its India IPO. The deal comprised a mix of primary and secondary shares.

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)