APAC IPOs & Placements, Aequitas Research

Kajal Jain

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

Horizon Industrial Parks Limited / Equity Capital Markets

Horizon Industrial Parks Limited (1327105D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-industrial-parks-limited" target="_blank" data-smartkarma-citation="entities:46260:1" rel="noopener">Horizon Industrial Parks Limited (1327105D IN)</a> (HIPL) raised around US$272m in its upcoming India IPO.</li>
<li>HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Horizon Industrial Parks Limited (1327105D IN) (HIPL) raised around US$272m in its upcoming India IPO.
HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Horizon Industrial Parks Limited IPO Trading - Weak Demand

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

Mindspace Business Parks REIT / Equity Bottom-Up

<ul>
<li>Record Q1 FY27: DPU hit INR6.67 (+15.2% YOY), NOI grew 27.8% to INR7,880M, extending seven straight quarters of double-digit DPU growth. Like-for-like NOI rose a clean 16.2%.</li>
<li>Occupancy fell to 88.4% due to acquisitions, while like-for-like committed occupancy remains 95.8%. Chennai lease-up and Madhapur’s INR80-130 rental reversion underpin growth.</li>
<li>Chennai's aggressive full lease-up target for FY27, Madhapur renewal repricing, and the proposed SPV tax cut (28.6% from 35%) offers DPU upside.</li>
</ul>


Record Q1 FY27: DPU hit INR6.67 (+15.2% YOY), NOI grew 27.8% to INR7,880M, extending seven straight quarters of double-digit DPU growth. Like-for-like NOI rose a clean 16.2%.
Occupancy fell to 88.4% due to acquisitions, while like-for-like committed occupancy remains 95.8%. Chennai lease-up and Madhapur’s INR80-130 rental reversion underpin growth.
Chennai's aggressive full lease-up target for FY27, Madhapur renewal repricing, and the proposed SPV tax cut (28.6% from 35%) offers DPU upside.


Mindspace Business Parks REIT: Record Q1, Chennai Lease-Up and Tax Upside Support Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-industrial-parks-limited" target="_blank" data-smartkarma-citation="entities:46260:1" rel="noopener">Horizon Industrial Parks Limited (1327105D IN)</a>  (HIPL) is looking to raise up to US$272m in its upcoming India IPO.</li>
<li>HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Horizon Industrial Parks Limited (1327105D IN)  (HIPL) is looking to raise up to US$272m in its upcoming India IPO.
HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


Aequitas: Horizon India Ltd IPO - RHP Updates, Peer Comp and Thoughts on Valuation

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.</li><li>The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.</li><li>EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Bagmane Prime Office REIT / Equity Bottom-Up

<ul>
<li>Bagmane Prime Office REIT, <strong>India’s largest pure-play office REIT</strong> plans to raise <strong>INR 3,405 crore</strong>, backed by a <strong>20.3 million sq. ft.</strong> and <strong>~INR 40,264 crore</strong> Gross Asset Value.</li>
<li>The portfolio has <strong>98.8% occupancy</strong>, <strong>7.4-year lease tenure</strong>, <strong>60+ tenants</strong>, and strong exposure to MNC and GCC tenants, supporting stable rental income.</li>
<li>Backed by Bagmane Group’s strong development track record and <strong>47.1 million sq. ft. ROFO pipeline</strong>, the REIT offers growth visibility, but remains Bengaluru-focused.</li>
</ul>


Bagmane Prime Office REIT, India’s largest pure-play office REIT plans to raise INR 3,405 crore, backed by a 20.3 million sq. ft. and ~INR 40,264 crore Gross Asset Value.
The portfolio has 98.8% occupancy, 7.4-year lease tenure, 60+ tenants, and strong exposure to MNC and GCC tenants, supporting stable rental income.
Backed by Bagmane Group’s strong development track record and 47.1 million sq. ft. ROFO pipeline, the REIT offers growth visibility, but remains Bengaluru-focused.


Bagmane Prime Office REIT IPO: Lower Vacancy, Higher Yield

India

Embassy Office Parks REIT is India's first publicly listed Real Estate Investment Trust (REIT) and one of Asia's largest office REITs by area. It owns and operates a portfolio of high-quality office parks and city-center office buildings, focusing on leasing Grade A commercial real estate in major Indian tech hubs like Bengaluru, Mumbai, Pune, and the National Capital Region (NCR). The company was established on March 30, 2017, and its headquarters are in Bengaluru, Karnataka, India.

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Embassy Office Parks REIT (EMBASSY IN)

Aequitas: Horizon Industrial Parks Limited IPO Trading - Weak Demand

Horizon Industrial Parks raised around US$272m in its upcoming India IPO. It is India’s largest industrial & logistics infrastructure developer,...

Kajal Jain

Mindspace Business Parks REIT: Record Q1, Chennai Lease-Up and Tax Upside Support Growth

Mindspace posts record Q1 FY27 DPU (+15.2%). Occupancy dip is due to acquisitions. Chennai lease-up, Madhapur's ₹80-130 reversion, and a proposed...

GSBR Research

Aequitas: Horizon India Ltd IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Horizon Industrial Parks (HIPL) is looking to raise up to US$272m in its India IPO. It is India’s largest industrial & logistics infrastructure...

Kajal Jain

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

Demand for residential real estate continued to remain strong in 1QFY23 while a sharp recovery is expected in rental assets (malls/offices) as the...

Nirmal Bang

Bagmane Prime Office REIT IPO: Lower Vacancy, Higher Yield

Bagmane Prime Office REIT, India's largest office REIT, plans to raise INR 3,405 crore with a strong portfolio, high occupancy, and growth potential.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Horizon Industrial Parks Limited IPO Trading - Weak Demand

Horizon Industrial Parks raised around US$272m in its upcoming India IPO. It is India’s largest industrial & logistics infrastructure developer,...

Kajal Jain

Mindspace Business Parks REIT: Record Q1, Chennai Lease-Up and Tax Upside Support Growth

Mindspace posts record Q1 FY27 DPU (+15.2%). Occupancy dip is due to acquisitions. Chennai lease-up, Madhapur's ₹80-130 reversion, and a proposed...

GSBR Research

Aequitas: Horizon India Ltd IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Horizon Industrial Parks (HIPL) is looking to raise up to US$272m in its India IPO. It is India’s largest industrial & logistics infrastructure...

Kajal Jain

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

Demand for residential real estate continued to remain strong in 1QFY23 while a sharp recovery is expected in rental assets (malls/offices) as the...

Nirmal Bang

Bagmane Prime Office REIT IPO: Lower Vacancy, Higher Yield

​Bagmane Prime Office REIT, India's largest office REIT, plans to raise INR 3,405 crore with a strong portfolio, high occupancy, and growth potential.

Sudarshan Bhandari

Bagmane Prime Office REIT, India's largest office REIT, plans to raise INR 3,405 crore with a strong portfolio, high occupancy, and growth potential.