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

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<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Belrise Industries / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-junshi-biosciences-co-838d3eb3-3e0d-45f0-a9c5-ab0764709221" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Biosciences (1877 HK)</a> reported 32% revenue growth during 1Q25, driven by toripalimab in China. 10 out of total 12 approved indications of the drug were included in NRDL.</li>
<li>Toripalimab was launched in the U.S. in January 2024 and reported ~$19M revenue for 2024. Approvals received in new geographies like India, UK, Singapore, Australia etc.</li>
<li>Loss narrowed to RMB 239M in 1Q25 from RMB 307M in 1Q24 as the company slowly and steadily optimizes the R&amp;D spend.</li>
</ul>



Shanghai Junshi Biosciences (1877 HK) reported 32% revenue growth during 1Q25, driven by toripalimab in China. 10 out of total 12 approved indications of the drug were included in NRDL.
Toripalimab was launched in the U.S. in January 2024 and reported ~$19M revenue for 2024. Approvals received in new geographies like India, UK, Singapore, Australia etc.
Loss narrowed to RMB 239M in 1Q25 from RMB 307M in 1Q24 as the company slowly and steadily optimizes the R&amp;D spend.


Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise up to US$400m in its upcoming India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise up to US$400m in its upcoming India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
In this note, we talk about the not-so-positive aspects of the deal.


Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

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<li>
<a href="https://www.smartkarma.com/entities/lupin-ltd" target="_blank" data-smartkarma-citation="entities:17910:1" rel="noopener">Lupin Ltd (LPC IN)</a> has reported solid set of numbers for Q3FY23, with revenue increasing 11% YoY, EBITDA growing 32% YoY, and net profit improving 39% YoY.</li>
<li>North America revenue increased 12% YoY and 8% QoQ to record high of INR21B. Strong momentum in complex portfolio and continued cost optimization are driving consistent profitable growth in U.S.</li>
<li>Complex generics are expected to contribute 50%+ of revenue in the next couple of years. This calls for accelerated growth and better margin.</li>
</ul>



Lupin Ltd (LPC IN) has reported solid set of numbers for Q3FY23, with revenue increasing 11% YoY, EBITDA growing 32% YoY, and net profit improving 39% YoY.
North America revenue increased 12% YoY and 8% QoQ to record high of INR21B. Strong momentum in complex portfolio and continued cost optimization are driving consistent profitable growth in U.S.
Complex generics are expected to contribute 50%+ of revenue in the next couple of years. This calls for accelerated growth and better margin.


Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue

India

Dr. Reddy's Laboratories is an Indian multinational pharmaceutical company that researches, develops, manufactures, and markets a wide array of pharmaceutical products and services. The company produces over 190 medications, 60 active pharmaceutical ingredients, diagnostic kits, critical care, and biotechnology products. It operates globally across multiple regions, offering generic drugs, active pharmaceutical ingredients (APIs), differentiated formulations, biosimilars, and proprietary products. The company was founded in 1984 and is headquartered in Hyderabad, Telangana, India.

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Dr. Reddy's Laboratories (DRRD IN)

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up

Shanghai Junshi Biosciences sees 32% revenue growth in 1Q25, driven by toripalimab in China. Loss narrowed to RMB 239M in 1Q25 from RMB 307M in...

Tina Banerjee

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue

Lupin reports strong Q3FY23 result with revenue up 11% YoY, EBITDA up 32% YoY, and PAT up 39% YoY. North America revenue hits record high, driven...

Tina Banerjee

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Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up

​Shanghai Junshi Biosciences sees 32% revenue growth in 1Q25, driven by toripalimab in China. Loss narrowed to RMB 239M in 1Q25 from RMB 307M in...

Tina Banerjee

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue

​Lupin reports strong Q3FY23 result with revenue up 11% YoY, EBITDA up 32% YoY, and PAT up 39% YoY. North America revenue hits record high, driven...

Tina Banerjee

Shanghai Junshi Biosciences sees 32% revenue growth in 1Q25, driven by toripalimab in China. Loss narrowed to RMB 239M in 1Q25 from RMB 307M in...

Lupin reports strong Q3FY23 result with revenue up 11% YoY, EBITDA up 32% YoY, and PAT up 39% YoY. North America revenue hits record high, driven...