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

JSW Cement Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> raised about US$410m in its India IPO.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



JSW Cement Limited (9858514Z IN) raised about US$410m in its India IPO.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


JSW Cement IPO Trading - Overall Demand Lags Recent Listings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

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

Thematic (Sector/Industry)

<ul>
<li>INR 10,000 cr+ of fresh capacity, led by Grasim’s Birla Opus will lift organised paint capacity ~70 % by FY26 even as FY24 industry revenue growth slowed to ~4 %.</li>
<li>Hyper-Competition has shifted the fight to dealer shelves: aggressive discounts, wider distribution and heavier ad-spend are squeezing incumbents’ volumes and have dragged sector EBITDA margins from ~20% to ~16 %.</li>
<li>Near-Term earnings for legacy leaders will stay under pressure and market share will churn, but 80 % organised share and structurally strong housing demand keep the medium-term growth story intact.</li>
</ul>


INR 10,000 cr+ of fresh capacity, led by Grasim’s Birla Opus will lift organised paint capacity ~70 % by FY26 even as FY24 industry revenue growth slowed to ~4 %.
Hyper-Competition has shifted the fight to dealer shelves: aggressive discounts, wider distribution and heavier ad-spend are squeezing incumbents’ volumes and have dragged sector EBITDA margins from ~20% to ~16 %.
Near-Term earnings for legacy leaders will stay under pressure and market share will churn, but 80 % organised share and structurally strong housing demand keep the medium-term growth story intact.


India’s Paints Sector: A Tale of Disruption and Transformation

<ul>
<li>Crude oil prices have dropped sharply, with WTI and Brent falling 3-4% due to OPEC+'s decision to increase oil output to 960,000 bpd, representing a 44% unwinding .  </li>
<li>This decline in oil prices could benefit India’s Oil Marketing Companies, paint, tyre, and aviation sectors, while negatively impacting upstream oil explorers and refineries.</li>
<li>Despite OPEC+'s move to ramp up production, global demand remains uncertain due to trade tensions, and oil prices are forecasted to stay low, affecting various sectors.</li>
</ul>


Crude oil prices have dropped sharply, with WTI and Brent falling 3-4% due to OPEC+'s decision to increase oil output to 960,000 bpd, representing a 44% unwinding .  
This decline in oil prices could benefit India’s Oil Marketing Companies, paint, tyre, and aviation sectors, while negatively impacting upstream oil explorers and refineries.
Despite OPEC+'s move to ramp up production, global demand remains uncertain due to trade tensions, and oil prices are forecasted to stay low, affecting various sectors.


OPEC+ Pushes for Market Share, How India Can Benefit?

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>We interact with our dealer network representing <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a>  and Birla Opus <a href="https://www.smartkarma.com/entities/grasim-industries-ltd" target="_blank" data-smartkarma-citation="entities:290:1" rel="noopener">Grasim Industries (GRASIM IN)</a> dealers with an objective to understand the current operating environment.</li>
<li>Aggression in a slow-moving market will result in short-term market share gains for players like Birla Opus.</li>
<li>While <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> may appear to lose market share, we believe this would be transient in nature.</li>
</ul>


We interact with our dealer network representing Asian Paints (APNT IN)  and Birla Opus Grasim Industries (GRASIM IN) dealers with an objective to understand the current operating environment.
Aggression in a slow-moving market will result in short-term market share gains for players like Birla Opus.
While Asian Paints (APNT IN) may appear to lose market share, we believe this would be transient in nature.


Birla Opus | Short Term Gain, Long Term Pain

India

Berger Paints India Limited manufactures and distributes paints, enamels, varnishes, and synthetic resins. The Company's products are used in home, office, factory, interiors, exteriors, metal, wood, plastic, and others.

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Berger Paints India (BRGR IN)

JSW Cement IPO Trading - Overall Demand Lags Recent Listings

JSW Cement raised about US$410m in its India IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...

Akshat Shah

India’s Paints Sector: A Tale of Disruption and Transformation

Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...

Nimish Maheshwari

Birla Opus | Short Term Gain, Long Term Pain

In this Insight, we interact with Paint Dealers to understand market dynamics; Birla Opus may gain short-term market share, while Asian Paints...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JSW Cement IPO Trading - Overall Demand Lags Recent Listings

JSW Cement raised about US$410m in its India IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...

Akshat Shah

India’s Paints Sector: A Tale of Disruption and Transformation

​Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...

Nimish Maheshwari

OPEC+ Pushes for Market Share, How India Can Benefit?

​OPEC+ decision to increase oil output leads to sharp drop in crude oil prices, benefiting some sectors in India but impacting others negatively,...

Nimish Maheshwari

Birla Opus | Short Term Gain, Long Term Pain

In this Insight, we interact with Paint Dealers to understand market dynamics; Birla Opus may gain short-term market share, while Asian Paints...

Pranav Bhavsar

Organised paint sector capacity set to surge by 70% by FY26, but hyper-competition squeezing margins and market share in the near-term. Strong...

OPEC+ decision to increase oil output leads to sharp drop in crude oil prices, benefiting some sectors in India but impacting others negatively,...