IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaonavi-inc" target="_blank" data-smartkarma-citation="entities:29703:1" rel="noopener">Kaonavi Inc (4435 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/carlyle-group-inc-the" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group / (CG US)</a> at JPY4,380, a 121.2% premium to the last close.</li>
<li>The offer is attractive due to the high takeover premium, being materially above the midpoint of the target IFA’s DCF valuation range and representing a four-year high.</li>
<li>This is a done deal, as the required minority acceptance rate is not onerous. The tender offer is from 14 February to 31 March (30 business days).</li>
</ul>



Kaonavi Inc (4435 JP) has recommended a tender offer from Carlyle Group / (CG US) at JPY4,380, a 121.2% premium to the last close.
The offer is attractive due to the high takeover premium, being materially above the midpoint of the target IFA’s DCF valuation range and representing a four-year high.
This is a done deal, as the required minority acceptance rate is not onerous. The tender offer is from 14 February to 31 March (30 business days).


Kaonavi (4435 JP): Carlyle’s JPY4,380 Tender Offer (121% Premium)

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Hexaware Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a> is looking to raise US$1bn from its India IPO.</li>
<li>Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.</li>
<li>In this note, we discuss its RHP updates, undertake a peer comparison and share our thoughts on valuation.</li>
</ul>



Hexaware Technologies (HEXW IN) is looking to raise US$1bn from its India IPO.
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
In this note, we discuss its RHP updates, undertake a peer comparison and share our thoughts on valuation.


Hexaware Technologies IPO - Not Cheap on Its Own, but Peers Are Trading a Lot Higher

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a>, an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/hexaware-technologies-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:175288" rel="noopener">Hexaware Technologies IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/hexaware-technologies-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:175477" rel="noopener">Hexaware Technologies IPO: The Bear Case</a>. </li>
<li>Our valuation analysis suggests that the IPO price range of Rs674-708 per share is attractive. Therefore, we would participate in the IPO.</li>
</ul>



Hexaware Technologies (HEXW IN), an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.
We previously discussed the IPO in Hexaware Technologies IPO: The Bull Case and Hexaware Technologies IPO: The Bear Case. 
Our valuation analysis suggests that the IPO price range of Rs674-708 per share is attractive. Therefore, we would participate in the IPO.


Hexaware Technologies IPO: Valuation Insights

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>In November 2020, HT Global IT Solutions acquired all the shares it did not own in <a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a> and delisted the stock from the <a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">NSE</a> and <a href="https://www.smartkarma.com/entities/bombay-stock-exchange" target="_blank" data-smartkarma-citation="entities:23694:1" rel="noopener">BSE</a>.</li>
<li>Now, <a href="https://www.smartkarma.com/entities/carlyle-group-inc-the" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group</a> is looking to raise INR 87.5bn by selling stock at a price range of INR 674-708/share, valuing <a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a> at US$4.8bn.</li>
<li>The stock will not get Fast Entry to global indices. Inclusion at regular rebalances should take place in May and September, though the impact will be limited.</li>
</ul>


In November 2020, HT Global IT Solutions acquired all the shares it did not own in Hexaware Technologies (HEXW IN) and delisted the stock from the NSE and BSE.
Now, Carlyle Group is looking to raise INR 87.5bn by selling stock at a price range of INR 674-708/share, valuing Hexaware Technologies (HEXW IN) at US$4.8bn.
The stock will not get Fast Entry to global indices. Inclusion at regular rebalances should take place in May and September, though the impact will be limited.


Hexaware Technologies IPO: Delisted in 2020; Now Looking to Raise US$1bn

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a>is looking to raise about US$1.2bn in its upcoming India IPO.</li>
<li>Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Hexaware Technologies (HEXW IN)is looking to raise about US$1.2bn in its upcoming India IPO.
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
In this note, we look at the firm’s past performance.


Hexaware Technologies Pre-IPO- Decent Long-Term Track Record, Although a Large Overhang to Watch For

United States

The Carlyle Group Inc. operates as a global investment firm. The Company manages investment vehicles that invests across four segments which includes corporate private equity, real assets, global credit, and investment solutions. Carlyle Group serves clients worldwide.

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Carlyle Group / (CG US)

Kaonavi (4435 JP): Carlyle’s JPY4,380 Tender Offer (121% Premium)

The offer is attractive due to the high takeover premium, being materially above the midpoint of the target IFA’s DCF valuation range and...

Arun George

Hexaware Technologies IPO - Not Cheap on Its Own, but Peers Are Trading a Lot Higher

Hexaware Technologies (HEXW IN) is looking to raise US$1bn from its India IPO. In this note, we discuss its RHP updates, undertake a peer...

Clarence Chu

Hexaware Technologies IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs674-708 per share is attractive. Therefore, we would participate in the IPO.

Arun George

Hexaware Technologies IPO: Delisted in 2020; Now Looking to Raise US$1bn

Hexaware delisted in 2020. Now, Carlyle is looking to sell stock worth INR 87.5bn and relist Hexaware. The mid-point of the INR 674-708/share range...

Brian Freitas

Hexaware Technologies Pre-IPO- Decent Long-Term Track Record, Although a Large Overhang to Watch For

Hexaware Technologies (HEXW IN) is looking to raise about US$1.2bn in its upcoming India IPO. In this note, we look at the firm’s past performance.

Clarence Chu

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