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

<a href="https://www.smartkarma.com/entities/penna-cement-industries-ltd" target="_blank" data-smartkarma-citation="entities:28194:1" rel="noopener">Penna Cement (PCI IN)</a> (PCI) plans to raise up to US$225m in its India IPO via selling a mix of primary and secondary shares.
PCI primarily sells cement in South India where it has a 5% odd market share. Over the next few years it plans to expand its operations into Western and Northern states as well. Although, its current capacity utilization remains low and its financial performance over the past few years hasn't exactly been great.

Penna Cement (PCI IN) (PCI) plans to raise up to US$225m in its India IPO via selling a mix of primary and secondary shares.
PCI primarily sells cement in South India where it has a 5% odd market share. Over the next few years it plans to expand its operations into Western and Northern states as well. Although, its current capacity utilization remains low and its financial performance over the past few years hasn't exactly been great.

Penna Cement Pre-IPO - Has Aggressive Expansion Plans Even Though Past Performance Has Been Tepid

Elixir Capital Ltd / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/emami-cement-ltd" target="_blank" data-smartkarma-citation="entities:28184:1" rel="noopener">Emami Cement (ECL IN)</a> (ECL) plans to raise around US$150m in its India IPO via mix of primary and secondary share issuance.
ECL only began to generate revenue from its cement operations in FY17, when its first cement plant became operational. Growth has since been aided by the commencement of operations at another plant and by the acquisition of a third plant. Nonetheless, the company remains loss-making as operations are still being ramped up.

Emami Cement (ECL IN) (ECL) plans to raise around US$150m in its India IPO via mix of primary and secondary share issuance.
ECL only began to generate revenue from its cement operations in FY17, when its first cement plant became operational. Growth has since been aided by the commencement of operations at another plant and by the acquisition of a third plant. Nonetheless, the company remains loss-making as operations are still being ramped up.

Emami Cement Pre-IPO - Still in Ramp Up Phase but Emami Shares Pledge Might Lead to an Early IPO

India

Elixir Capital Ltd., (formerly Axis Capital Markets (India) Ltd.), is a BSE listed financial services holding company. Elixir Capital is engaged in trading and investment in shares and providing research services.

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