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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Event-Driven

Medi Assist Healthcare Services / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medi-assist-healthcare-services" target="_blank" data-smartkarma-citation="entities:40662:1" rel="noopener">Medi Assist Healthcare Services (0886371D IN)</a> was listed on 23rd Jan 2024 after raising US$140m. The IPO had been 100% secondary, with the promoters and pre-IPO investors trimming their stakes.</li>
<li>Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.</li>
<li>Coming up for six-month lockup expiry are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.</li>
</ul>



Medi Assist Healthcare Services (0886371D IN) was listed on 23rd Jan 2024 after raising US$140m. The IPO had been 100% secondary, with the promoters and pre-IPO investors trimming their stakes.
Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
Coming up for six-month lockup expiry are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.


Medi Assist US$180m Lock-Up Expiry - Multibagger Gains Are Ripe for the Taking

Medi Assist Healthcare Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medi-assist-healthcare-services" target="_blank" data-smartkarma-citation="entities:40662:1" rel="noopener">Medi Assist Healthcare Services (0886371D IN)</a> raised around US$140m in its India IPO.</li>
<li>Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Medi Assist Healthcare Services (0886371D IN) raised around US$140m in its India IPO.
Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Medi Assist Healthcare IPO Trading - Decent Subscription Rates Although Valuation Appears Fair

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medi-assist-healthcare-services" target="_blank" data-smartkarma-citation="entities:40662:1" rel="noopener">Medi Assist Healthcare Services (0886371D IN)</a> is looking to raise around US$140m in its India IPO.</li>
<li>Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.</li>
<li>In this note, we will look at the firm’s past performance, and share our thoughts on valuation.</li>
</ul>



Medi Assist Healthcare Services (0886371D IN) is looking to raise around US$140m in its India IPO.
Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
In this note, we will look at the firm’s past performance, and share our thoughts on valuation.


Medi Assist Healthcare Services IPO - Benefited from the Pandemic, but Marred with Risks

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Forensic Accounting

Datamatics Global Services / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/datamatics-global-services" target="_blank" data-smartkarma-citation="entities:4172:1" rel="noopener">Datamatics Global Services (DATA IN)</a> or DGSL has seen a good operational performance especially since F23, on the back of a difficult IT macro environment. </li>
<li>Yet there are some discomforts on the forensic side, especially related to cash component. Low cash yield due to significant current account balances in subsidiaries raises alarm bells. </li>
<li>We find opaqueness regarding some important disclosures including Ind AS 115- Revenues and Ind AS 116- Leases. Decision to increase remuneration cap size also leaves us perplexed.</li>
</ul>



Datamatics Global Services (DATA IN) or DGSL has seen a good operational performance especially since F23, on the back of a difficult IT macro environment. 
Yet there are some discomforts on the forensic side, especially related to cash component. Low cash yield due to significant current account balances in subsidiaries raises alarm bells. 
We find opaqueness regarding some important disclosures including Ind AS 115- Revenues and Ind AS 116- Leases. Decision to increase remuneration cap size also leaves us perplexed.


Datamatics Global Services Ltd: Forensic Analysis

India

Datamatics Global Services Ltd. offers end-to-end solutions in publishing, finance, accounting, human resources, insurance and healthcare. The Company also offers consultancy services in the document management, workflow, and data warehousing space.

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Datamatics Global Services (DATA IN)

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

Medi Assist US$180m Lock-Up Expiry - Multibagger Gains Are Ripe for the Taking

Medi Assist Healthcare Services (0886371D IN) was listed on 23rd Jan 2024. Coming up for six-month lockup expiry are the firm's pre-IPO...

Clarence Chu

Medi Assist Healthcare IPO Trading - Decent Subscription Rates Although Valuation Appears Fair

Medi Assist Healthcare Services (0886371D IN) raised around US$140m in its India IPO. In this note, we will talk about the demand and trading...

Clarence Chu

Medi Assist Healthcare Services IPO - Benefited from the Pandemic, but Marred with Risks

Medi Assist Healthcare Services (0886371D IN) is looking to raise around US$140m in its India IPO. In this note, we will look at the firm’s past...

Clarence Chu

Datamatics Global Services Ltd: Forensic Analysis

Datamatics Global Services has shown strong operational performance despite challenges in the IT industry, but concerns arise over low cash yield...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

Medi Assist US$180m Lock-Up Expiry - Multibagger Gains Are Ripe for the Taking

Medi Assist Healthcare Services (0886371D IN) was listed on 23rd Jan 2024. Coming up for six-month lockup expiry are the firm's pre-IPO...

Clarence Chu

Medi Assist Healthcare IPO Trading - Decent Subscription Rates Although Valuation Appears Fair

Medi Assist Healthcare Services (0886371D IN) raised around US$140m in its India IPO. In this note, we will talk about the demand and trading...

Clarence Chu

Medi Assist Healthcare Services IPO - Benefited from the Pandemic, but Marred with Risks

Medi Assist Healthcare Services (0886371D IN) is looking to raise around US$140m in its India IPO. In this note, we will look at the firm’s past...

Clarence Chu

Datamatics Global Services Ltd: Forensic Analysis

​Datamatics Global Services has shown strong operational performance despite challenges in the IT industry, but concerns arise over low cash yield...

Nitin Mangal

Datamatics Global Services has shown strong operational performance despite challenges in the IT industry, but concerns arise over low cash yield...