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

Ventive Hospitality Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ventive-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:43933:1" rel="noopener">Ventive Hospitality Ltd (0807075D IN)</a> is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.</li>
<li>Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.
Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ventive-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:43933:1" rel="noopener">Ventive Hospitality Ltd (0807075D IN)</a> is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares is downsized from an earlier target of ~US$240m.</li>
<li>Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares is downsized from an earlier target of ~US$240m.
Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
In this note, we talk about the company’s historical performance.


Ventive Hospitality Pre-IPO - Leveraging Expanded Portfolio to Drive Growth

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

<ul><li>The hospitality business reported an 18% YoY growth, with ARR increasing to Rs 10,532 (+2.3% YoY) and occupancy reaching 74%, an improvement of 82 basis points YoY.</li><li>The MMR and other regions reported RevPAR growth rates of 9% and 12% YoY, respectively.</li><li>Rental annuity saw strong growth of 40%, driven by new leases made and signed. </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>

The hospitality business reported an 18% YoY growth, with ARR increasing to Rs 10,532 (+2.3% YoY) and occupancy reaching 74%, an improvement of 82 basis points YoY.The MMR and other regions reported RevPAR growth rates of 9% and 12% YoY, respectively.Rental annuity saw strong growth of 40%, driven by new leases made and signed. 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.

Chalet Hotels Ltd - Riding the Upcycle; Maintain Buy

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> and <a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom</a> were in the market trying to raise over US$500m each.</li>
<li>Placements flow continued unabated this week as well, India, Taiwan and South Korea seeing large blocks.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, HD Hyundai Marine Solution (443060 KS) and Bharti Hexacom were in the market trying to raise over US$500m each.
Placements flow continued unabated this week as well, India, Taiwan and South Korea seeing large blocks.


ECM Weekly (1st Apr 2024) - Shinhan, GlobalWafers, Mankind, Hyundai Marine, Bharti Hexacom, ChaPanda

Apeejay Surrendra Park Hotels / Equity Capital Markets

Apeejay Surrendra Park Hotels (PARKHOTE IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apeejay-surrendra-park-hotel" target="_blank" data-smartkarma-citation="entities:40871:1" rel="noopener">Apeejay Surrendra Park Hotel (PARK IN)</a> (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.</li>
<li>ASPH ranks as the eighth largest in India in terms of chain affiliated hotel rooms inventory as of Sep 2023, as per Horwath HTL Report.</li>
<li>In this note, we talk about the past performance and our thoughts on valuations.</li>
</ul>



Apeejay Surrendra Park Hotel (PARK IN) (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.
ASPH ranks as the eighth largest in India in terms of chain affiliated hotel rooms inventory as of Sep 2023, as per Horwath HTL Report.
In this note, we talk about the past performance and our thoughts on valuations.


Apeejay Surrendra Park Hotels IPO - Has Bounced Back Strongly, at a Decent Discount

India

Chalet Hotels Limited is an owner, developer, and asset manager of upscale-to-luxury hotels and resorts across major Indian metropolitan areas. The company also operates through an integrated business model that co-locates hospitality assets with commercial spaces. Its portfolio includes branded hotels operated under global franchises such as JW Marriott, Westin, Marriott, and Novotel. Chalet Hotels is headquartered in Mumbai, India, and was founded in 1986.

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Chalet Hotels (CHALET IN)

Ventive Hospitality IPO - Quick Thoughts on Peer Comp and Valuation

Ventive Hospitality is looking to raise about US$188m in its India IPO. In this note, we will undertake a quick peer comparison and talk about the...

Akshat Shah

Ventive Hospitality Pre-IPO - Leveraging Expanded Portfolio to Drive Growth

Ventive Hospitality is looking to raise about US$188m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Chalet Hotels Ltd - Riding the Upcycle; Maintain Buy

The hospitality business reported an 18% YoY growth, with ARR increasing to Rs 10,532 (+2.3% YoY) and occupancy reaching 74%, an improvement of 82...

Axis Direct

ECM Weekly (1st Apr 2024) - Shinhan, GlobalWafers, Mankind, Hyundai Marine, Bharti Hexacom, ChaPanda

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Apeejay Surrendra Park Hotels IPO - Has Bounced Back Strongly, at a Decent Discount

Apeejay Surrendra Park Hotel (PARK IN) (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.

Sumeet Singh

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52-week Range

Market Cap (USDm)

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