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

Entero Healthcare Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/entero-healthcare-solutions-limited" target="_blank" data-smartkarma-citation="entities:40156:1" rel="noopener">Entero Healthcare Solutions Limited (2294842D IN)</a> is looking to raise US$200m in its upcoming India IPO. The IPO will consist of both a primary and secondary component.</li>
<li>Entero Healthcare Solutions (Entero) is a healthcare products distributor in India.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Entero Healthcare Solutions Limited (2294842D IN) is looking to raise US$200m in its upcoming India IPO. The IPO will consist of both a primary and secondary component.
Entero Healthcare Solutions (Entero) is a healthcare products distributor in India.
In this note, we look at the company’s past performance.


Entero Healthcare Pre-IPO - Has Been Scaling up Rapidly Aided by a Flurry of Acquisitions

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

Equity Bottom-Up

<ul>
<li>FY26 revenue fell 12.1% to Rs. 1,054.9 crore and PAT fell 30.3% to Rs. 259.2 crore, despite a zero-debt balance sheet and more than Rs. 414 crore cash.</li>
<li>Injectable WHO-GMP certification, fresh ANDA approvals, and fading one-off costs give management a credible base for FY27 normalization.</li>
<li>FY27 becomes the proof year. Investors should track order conversion, inventory normalization, tender revival and margin rebound before underwriting a rerating</li>
</ul>


FY26 revenue fell 12.1% to Rs. 1,054.9 crore and PAT fell 30.3% to Rs. 259.2 crore, despite a zero-debt balance sheet and more than Rs. 414 crore cash.
Injectable WHO-GMP certification, fresh ANDA approvals, and fading one-off costs give management a credible base for FY27 normalization.
FY27 becomes the proof year. Investors should track order conversion, inventory normalization, tender revival and margin rebound before underwriting a rerating


Concord Biotech: A Fermentation Leader's Setting Up for a Cleaner FY27

Thematic (Sector/Industry)

<ul>
<li>Trump’s reciprocal tariff plan imposes a 27% duty on Indian goods, sparing pharma and IT but impacting autos, textiles, chemicals, and solar exports.</li>
<li>Despite steep headline tariffs, India’s top export sectors, IT services and pharma, remain unaffected, preserving key revenue streams and softening near-term macroeconomic impact.</li>
<li>Investors will likely rotate into resilient sectors like pharma and IT while avoiding margin-sensitive names in textiles, chemicals, and auto ancillaries vulnerable to export-led earnings volatility.</li>
</ul>


Trump’s reciprocal tariff plan imposes a 27% duty on Indian goods, sparing pharma and IT but impacting autos, textiles, chemicals, and solar exports.
Despite steep headline tariffs, India’s top export sectors, IT services and pharma, remain unaffected, preserving key revenue streams and softening near-term macroeconomic impact.
Investors will likely rotate into resilient sectors like pharma and IT while avoiding margin-sensitive names in textiles, chemicals, and auto ancillaries vulnerable to export-led earnings volatility.


Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>By June 2025, shares worth INR 4.02 trillion across 73 IPOs will become tradeable post lock-in expiry, including major names like Hyundai, Swiggy, and NTPC Green.</li>
<li>This massive unlock could flood markets with fresh float, increasing supply dramatically and potentially causing short-term price corrections, especially in already weak or overvalued stocks.</li>
<li>Investors should prepare for near-term volatility but also watch for dips in strong businesses as potential accumulation opportunities once initial selling pressure subsides.</li>
</ul>


By June 2025, shares worth INR 4.02 trillion across 73 IPOs will become tradeable post lock-in expiry, including major names like Hyundai, Swiggy, and NTPC Green.
This massive unlock could flood markets with fresh float, increasing supply dramatically and potentially causing short-term price corrections, especially in already weak or overvalued stocks.
Investors should prepare for near-term volatility but also watch for dips in strong businesses as potential accumulation opportunities once initial selling pressure subsides.


₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Daiichi Sankyo has announced that Dato-DXd has been recommended for approval in EU. Astellas Pharma has submitted new drug application for conditional approval of Izervay for Geographic Atrophy in Japan.</li>
<li>SanBio has successfully secured the planned production yield for the second commercial production run to meet the approval conditions for the shipment of Akuugo suspension for intracranial implantation.</li>
<li>IHH Healthcare is seeking compensation of INR109.3B from Daiichi Sankyo for its stake buy in Fortis Healthcare. Dr. Reddy’s Laboratories entered licensing agreement with Shanghai Henlius Biotech for Darzalex biosimilar.</li>
</ul>


Daiichi Sankyo has announced that Dato-DXd has been recommended for approval in EU. Astellas Pharma has submitted new drug application for conditional approval of Izervay for Geographic Atrophy in Japan.
SanBio has successfully secured the planned production yield for the second commercial production run to meet the approval conditions for the shipment of Akuugo suspension for intracranial implantation.
IHH Healthcare is seeking compensation of INR109.3B from Daiichi Sankyo for its stake buy in Fortis Healthcare. Dr. Reddy’s Laboratories entered licensing agreement with Shanghai Henlius Biotech for Darzalex biosimilar.


APAC Healthcare Weekly (Feb 9)- Daiichi Sankyo, Astellas, SanBio, IHH, Henlius Biotech, Dr. Reddy’s

India

Concord Biotech is a biopharmaceutical company specializing in the research, development, manufacture, and sale of fermentation-based Active Pharmaceutical Ingredients (APIs) and high-quality finished formulations. The company's products span therapeutic areas such as immunosuppressants, oncology, antifungal, and antibacterial treatments. Concord Biotech was founded in 1984 and is headquartered in Ahmedabad, Gujarat, India.

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Concord Biotech (CONCORDB IN)

Entero Healthcare Pre-IPO - Has Been Scaling up Rapidly Aided by a Flurry of Acquisitions

Entero Healthcare Solutions Limited (2294842D IN) is looking to raise US$200m in its upcoming India IPO. The IPO will consist of both a primary and...

Clarence Chu

Concord Biotech: A Fermentation Leader's Setting Up for a Cleaner FY27

FY26 revenue and PAT dropped despite strong financial position, but FY27 looks promising with certifications and approvals, making it a crucial...

Nimish Maheshwari

Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

Nimish Maheshwari

₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...

Sudarshan Bhandari

APAC Healthcare Weekly (Feb 9)- Daiichi Sankyo, Astellas, SanBio, IHH, Henlius Biotech, Dr. Reddy’s

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Entero Healthcare Pre-IPO - Has Been Scaling up Rapidly Aided by a Flurry of Acquisitions

Entero Healthcare Solutions Limited (2294842D IN) is looking to raise US$200m in its upcoming India IPO. The IPO will consist of both a primary and...

Clarence Chu

Concord Biotech: A Fermentation Leader's Setting Up for a Cleaner FY27

​FY26 revenue and PAT dropped despite strong financial position, but FY27 looks promising with certifications and approvals, making it a crucial...

Nimish Maheshwari

Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

​Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

Nimish Maheshwari

₹4.02 Lakh Crore IPO Lock-In Expiry Wave in H1 2025 in Indian Markets

​By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...

Sudarshan Bhandari

APAC Healthcare Weekly (Feb 9)- Daiichi Sankyo, Astellas, SanBio, IHH, Henlius Biotech, Dr. Reddy’s

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

FY26 revenue and PAT dropped despite strong financial position, but FY27 looks promising with certifications and approvals, making it a crucial...

Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

By June 2025, INR 4.02 trillion worth of shares from 73 IPOs will become tradeable, potentially causing short-term price corrections and increased...