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

Computer Age Management Services / Equity Capital Markets

Computer Age Management Services (CAMS) is looking to raise up to US$200m in its Indian IPO. The company is backed by Warburg Pincus and counts <a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a>, <a href="https://www.smartkarma.com/entities/housing-development-finance-corporation" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">Housing Development Finance Corporation (HDFC IN)</a> and <a href="https://www.smartkarma.com/entities/hdfc-bank-limited" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> amongst its shareholders.CAMS is India’s largest registrar and transfer agent (RTA) of mutual funds (MFs). As of Nov 2019, it had 69.4% market share based on its clients average AUM (AAUM). It services four of the five largest mutual funds, as well as nine of the 15 largest mutual funds based on AAUM.Its revenue is linked to its clients AUM and hence, it has been able to ride on the overall growth in the industry, as it services some of the biggest Indian mutual funds. However, the fees that it charges appear to be under pressure.  Furthermore, its expenses have been growing faster than its revenue which has further pressurised margins.Having said that, the company has a quasi-monopoly status, as it has been increasing its already high market share. It also has long relationships with its clients and is an asset light business.

Computer Age Management Services (CAMS) is looking to raise up to US$200m in its Indian IPO. The company is backed by Warburg Pincus and counts National Stock Exchange (NSEIN IN), Housing Development Finance Corporation (HDFC IN) and HDFC Bank (HDFCB IN) amongst its shareholders.CAMS is India’s largest registrar and transfer agent (RTA) of mutual funds (MFs). As of Nov 2019, it had 69.4% market share based on its clients average AUM (AAUM). It services four of the five largest mutual funds, as well as nine of the 15 largest mutual funds based on AAUM.Its revenue is linked to its clients AUM and hence, it has been able to ride on the overall growth in the industry, as it services some of the biggest Indian mutual funds. However, the fees that it charges appear to be under pressure.  Furthermore, its expenses have been growing faster than its revenue which has further pressurised margins.Having said that, the company has a quasi-monopoly status, as it has been increasing its already high market share. It also has long relationships with its clients and is an asset light business.

Computer Age Management Services Pre-IPO - Quasi Monopoly Status Muddled by Inconsistent Performance

India

Computer Age Management Services Private Limited provides transaction processing and customer care services. The Company offers online transaction, mailback, capital accounting, subscription, sales systems support, and investment services. Computer Age Management Services serves customers in India. 

Computer Age Management Services (CAMS IN)

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Computer Age Management Services Pre-IPO - Quasi Monopoly Status Muddled by Inconsistent Performance

Computer Age Management Services (CAMS) is looking to raise up to US$200m in its Indian IPO. The company is backed by Warburg Pincus and counts...

Sumeet Singh