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>Three PE investors are looking to raise up to US$158m via selling 5.9% of <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> (FSB).</li>
<li>Five-Star Business is a non-banking financial company that provides secured business loans to micro-entrepreneurs and self-employed individuals. FSB had raised around US$190m in its India IPO in Nov 2022.</li>
<li>In this note, we will talk about the deal dynamics and updates since our last note.</li>
</ul>


Three PE investors are looking to raise up to US$158m via selling 5.9% of Five Star Business Finance (FIVESTAR IN) (FSB).
Five-Star Business is a non-banking financial company that provides secured business loans to micro-entrepreneurs and self-employed individuals. FSB had raised around US$190m in its India IPO in Nov 2022.
In this note, we will talk about the deal dynamics and updates since our last note.


Five Star Placement - Well Flagged but Have a Lot More Stock to Get Through

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>Healthy AUM growth: The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments.</li><li>Owing to seasonal weakness, disbursements for most financiers (ex-Vehicle financiers) moderated on a QoQ basis.</li><li>Management commentary on growth momentum sustaining is reassuring.</li></ul><p><em>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.</em></p>

Healthy AUM growth: The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments.Owing to seasonal weakness, disbursements for most financiers (ex-Vehicle financiers) moderated on a QoQ basis.Management commentary on growth momentum sustaining is reassuring.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.

Top Sector Ideas - Banking, Financial Services and Insurance (BFSI)

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Jana Small Finance Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jana-small-finance-bank" target="_blank" data-smartkarma-citation="entities:40026:1" rel="noopener">Jana Small Finance Bank (3667144Z IN)</a> is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, ICICI-Sec and SBI Capital.</li>
<li>Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023). </li>
<li>The firm has served nearly 12m customers since 2008, including 4.57m active customers as of FY23.</li>
</ul>



Jana Small Finance Bank (3667144Z IN) is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, ICICI-Sec and SBI Capital.
Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023). 
The firm has served nearly 12m customers since 2008, including 4.57m active customers as of FY23.


Jana Small Finance Bank Pre-IPO Tearsheet

India Shelter Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> is looking to raise up to US$217m in its upcoming India IPO. The deal will be run by Ambit, Citigroup, ICICI Securities and Kotak Mahindra.</li>
<li>India Shelter Finance (ISF) is a retail focused affordable housing finance company. Between FY21-23, the firm registered a two-year CAGR growth of 40.8% in terms of AUM, according to CRISIL. </li>
<li>Its target segment comprises self-employed customers, focusing on first time home loan takers in the low and middle income group in Tier II and Tier III cities in India. </li>
</ul>



India Shelter Finance (0570670D IN) is looking to raise up to US$217m in its upcoming India IPO. The deal will be run by Ambit, Citigroup, ICICI Securities and Kotak Mahindra.
India Shelter Finance (ISF) is a retail focused affordable housing finance company. Between FY21-23, the firm registered a two-year CAGR growth of 40.8% in terms of AUM, according to CRISIL. 
Its target segment comprises self-employed customers, focusing on first time home loan takers in the low and middle income group in Tier II and Tier III cities in India. 


SBFC Finance Limited / Equity Capital Markets

<ul>
<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> raised around US$131m in its India IPO, after the deal was priced at INR57/share, the top end of its IPO price range.</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 this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>



SBFC Finance Limited (1547353D IN) raised around US$131m in its India IPO, after the deal was priced at INR57/share, the top end of its IPO price range.
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 this note, we will talk about the demand for the deal and other trading dynamics.


SBFC Finance IPO Trading - Strong Demand but Priced at Fair Value

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 Placement - Well Flagged but Have a Lot More Stock to Get Through

Three PE investors are looking to raise up to US$158m via selling 5.9% of Five Star Business Finance (FIVESTAR IN) (FSB). In this note, we talk...

Sumeet Singh

Top Sector Ideas - Banking, Financial Services and Insurance (BFSI)

The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments .Owing to seasonal weakness, disbursements for most...

Axis Direct

Jana Small Finance Bank Pre-IPO Tearsheet

Jana Small Finance Bank (3667144Z IN) is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, ICICI-Sec...

Ethan Aw

India Shelter Finance Pre-IPO Tearsheet

India Shelter Finance (0570670D IN) is looking to raise up to US$217m in its upcoming India IPO. The deal will be run by Ambit, Citigroup, ICICI...

Ethan Aw

SBFC Finance IPO Trading - Strong Demand but Priced at Fair Value

SBFC Finance Limited (1547353D IN) raised around US$131m in its India IPO. In this note, we will talk about the demand for the deal and other...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)