APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Shiva Pharmachem Limited / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/shiva-pharmachem-limited" target="_blank" data-smartkarma-citation="entities:40109:1" rel="noopener">Shiva Pharmachem Limited (9155347Z IN)</a> is looking to raise around US$110m in its India IPO.</li>
<li>It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&amp;Sullivan .</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Shiva Pharmachem Limited (9155347Z IN) is looking to raise around US$110m in its India IPO.
It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&amp;Sullivan .
In this note, we talk about the company’s historical performance.


Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

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

Archean Chemical Industries / Equity Bottom-Up

<ul><li>Archean Chemical Industries Ltd's performance in Q1FY25 fell short of expectations across all key metrics.</li><li>Consolidated revenue was ₹213 Cr, a decline of 38% YoY and 25% QoQ, significantly missing our estimate by 44%.</li><li>EBITDA stood at ₹71 Cr, down 47% YoY and 18% QoQ, falling short of our estimates by 43%. </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.

Archean Chemical Industries Ltd's performance in Q1FY25 fell short of expectations across all key metrics.Consolidated revenue was ₹213 Cr, a decline of 38% YoY and 25% QoQ, significantly missing our estimate by 44%.EBITDA stood at ₹71 Cr, down 47% YoY and 18% QoQ, falling short of our estimates by 43%. 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.

Archean Chemical Industries Ltd - Results Miss Expectations; Gradual Volume Recovery Ahead

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>
<a href="https://www.smartkarma.com/entities/archean-chemical-industries" target="_blank" data-smartkarma-citation="entities:36520:1" rel="noopener">Archean Chemical Industries (ACI IN)</a> is largest producer of Bromine and largest exporter of Bromine from India.</li>
<li>The company is doing brownfield and greenfield capex in Bromine derivatives which are Margin accretive.</li>
<li>
<a href="https://www.smartkarma.com/entities/archean-chemical-industries" target="_blank" data-smartkarma-citation="entities:36520:1" rel="noopener">Archean Chemical Industries (ACI IN)</a>  is confident about 30% volume growth in FY25.</li>
</ul>



Archean Chemical Industries (ACI IN) is largest producer of Bromine and largest exporter of Bromine from India.
The company is doing brownfield and greenfield capex in Bromine derivatives which are Margin accretive.

Archean Chemical Industries (ACI IN)  is confident about 30% volume growth in FY25.


The Beat Ideas- Archean Chemical: The Bromine Leader of India

Clarence Chu

Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> listed in India on 18th Aug 23 after raising US$188m. The IPO had been a 100% secondary selldown with Helix Investment selling its entire stake.</li>
<li>Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).</li>
<li>Coming up for six-month lockup expiry on 7th Feb 24 are the firm’s pre-IPO shareholders, along with a portion of its promoters’ stake.</li>
</ul>



Concord Biotech Ltd (658823Z IN) listed in India on 18th Aug 23 after raising US$188m. The IPO had been a 100% secondary selldown with Helix Investment selling its entire stake.
Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
Coming up for six-month lockup expiry on 7th Feb 24 are the firm’s pre-IPO shareholders, along with a portion of its promoters’ stake.


Concord Biotech's US$650m Lock-Up Expiry - Some Could Be Tempted to Book Multi-Bagger Gains

<ul><li>Rekindling of Bromine Derivatives Capex: The company has identified 8-9 new bromine derivatives and started the testing and sampling for the same.</li><li>It has also started exports of clear brine fluids through its subsidiary (Acume Chemicals Pvt. Ltd.). Currently, the company has received approval for samples from 10+ clients.</li><li>The management anticipates revenue of ~200-300 Cr in FY25 with 15k-20k volumes from the bromine derivatives. </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.

Rekindling of Bromine Derivatives Capex: The company has identified 8-9 new bromine derivatives and started the testing and sampling for the same.It has also started exports of clear brine fluids through its subsidiary (Acume Chemicals Pvt. Ltd.). Currently, the company has received approval for samples from 10+ clients.The management anticipates revenue of ~200-300 Cr in FY25 with 15k-20k volumes from the bromine derivatives. 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.

Archean Chemical Industries Ltd - Weak Bromine Prices & Demand Recovery

India

Archean Chemical Industries is an Indian specialty marine chemical manufacturer, producing and exporting bromine, industrial salt, and sulphate of potash. The company utilizes brine from its reservoirs in the Rann of Kutch, Gujarat, for its integrated production facility. It was founded in 2003 and is headquartered in Chennai, Tamil Nadu, India.

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Archean Chemical Industries (ACI IN)

Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

Shiva PharmaChem is looking to raise around US$110m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Archean Chemical Industries Ltd - Results Miss Expectations; Gradual Volume Recovery Ahead

Archean Chemical Industries Ltd's performance in Q1FY25 fell short of expectations across all key metrics. Consolidated revenue was ₹213 Cr, a...

Axis Direct

The Beat Ideas- Archean Chemical: The Bromine Leader of India

Archean Chemical - A Leader in Bromine Chemistry, Building capacity for High Margin, Value Added Products, Key Things to watch out for this stock!

Sudarshan Bhandari

Concord Biotech's US$650m Lock-Up Expiry - Some Could Be Tempted to Book Multi-Bagger Gains

Ontario is looking to raise US$56m from selling a 3.4% stake in Concord Biotech. The deal has a floor price of INR1,320/share, at a 8.5% discount...

Clarence Chu

Archean Chemical Industries Ltd - Weak Bromine Prices & Demand Recovery

Rekindling of Bromine Derivatives Capex: The company has identified 8-9 new bromine derivatives and started the testing and sampling for the same.

Axis Direct

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