APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Indian Renewable Energy Development Agency / Equity Capital Markets

Indian Renewable Energy Development Agency

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indian-renewable-energy-development-authority" target="_blank" data-smartkarma-citation="entities:40155:1" rel="noopener">IREDA (1845911D IN)</a> is looking to raise at around US$258m in its India IPO. </li>
<li>Indian Renewable Energy Development Authority (IREDA) is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE).</li>
<li>In this note, we look at the company’s past performance and share our quick thoughts on valuation.</li>
</ul>



IREDA (1845911D IN) is looking to raise at around US$258m in its India IPO. 
Indian Renewable Energy Development Authority (IREDA) is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE).
In this note, we look at the company’s past performance and share our quick thoughts on valuation.


Indian Renewable Energy Development Authority IPO - A Top Player in Indian Renewable Financing

Jana Small Finance Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jana-small-finance-bank" target="_blank" data-smartkarma-citation="entities:40026:1" rel="noopener">Jana Small Finance Bank (3667144Z IN)</a> is looking to raise at least US$100m in its upcoming India IPO.</li>
<li>Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023).</li>
<li>JSFB has grown its number of banking outlets and amount of deposits fast, which allowed the firm to grow its gross advances by 1.5x over the track record period. </li>
</ul>



Jana Small Finance Bank (3667144Z IN) is looking to raise at least US$100m in its upcoming India IPO.
Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023).
JSFB has grown its number of banking outlets and amount of deposits fast, which allowed the firm to grow its gross advances by 1.5x over the track record period. 


Jana Small Finance Bank Pre-IPO - Has Grown Decently Fast but Keep an Eye on Its CRAR

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.</li><li>Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).</li><li>ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.</li></ul>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.

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.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.

Axis Research Scorecard Report for Oct 2023

Equity Bottom-Up

Equitas Small Finance Bank  / Equity Bottom-Up

<ul>
<li>Disbursements grew by 29/4% YoY/QoQ, translating into healthy advances growth of 37/5% YoY/QoQ.</li>
<li>Advances growth was led by strong growth in the MFI (+42/4% YoY/QoQ), Vehicle Finance book (+38/6% YoY/QoQ) – led by used cars and new CVs, Small Business Loans (+32/7% YoY/QoQ) and Housing Loans (+69/12% YoY).</li>
<li>Deposits growth was robust at 42/11% YoY/QoQ, primarily led by growth in TDs (+82/20% YoY/QoQ).</li>
</ul>
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.


Disbursements grew by 29/4% YoY/QoQ, translating into healthy advances growth of 37/5% YoY/QoQ.
Advances growth was led by strong growth in the MFI (+42/4% YoY/QoQ), Vehicle Finance book (+38/6% YoY/QoQ) – led by used cars and new CVs, Small Business Loans (+32/7% YoY/QoQ) and Housing Loans (+69/12% YoY).
Deposits growth was robust at 42/11% YoY/QoQ, primarily led by growth in TDs (+82/20% YoY/QoQ).

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.

Equitas Small Finance Bank Ltd. - RoA of ~2% Deliverable with Improved Outlook on Margins!

<ul><li>Equitas SFB (EQSFB) is a leading diversified SFB that offers a wide-ranging suite of products, primarily catering to low and middle-income individuals as well as businesses that have limited or no access to formal banking and finance channels.</li><li>The bank operates through a network of 927 branches, with a majority of the branches in Tamil Nadu (TN).</li><li>Business growth expected to remain buoyant: In Q1FY24, EQSFB reported a robust and broad-based advances growth of 36/6% YoY/QoQ.</li></ul>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.

Equitas SFB (EQSFB) is a leading diversified SFB that offers a wide-ranging suite of products, primarily catering to low and middle-income individuals as well as businesses that have limited or no access to formal banking and finance channels.The bank operates through a network of 927 branches, with a majority of the branches in Tamil Nadu (TN).Business growth expected to remain buoyant: In Q1FY24, EQSFB reported a robust and broad-based advances growth of 36/6% YoY/QoQ.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.

Pick of the Week - Equitas Small Finance Bank Ltd. - 11 SEP 2023

India

Equitas Small Finance Bank Limited operates as a bank. The Bank offers savings accounts, fixed deposits, loans, debit and credit cards, investment, insurance, online services, and other related activities. Equitas Small Finance Bank serves clients in India.

Equitas Small Finance Bank  (EQUITASB IN)

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Equitas Small Finance Bank (EQUITASB IN)

Indian Renewable Energy Development Authority IPO - A Top Player in Indian Renewable Financing

IREDA (1845911D IN) is looking to raise at around US$258m in its India IPO. In this note, we look at the company’s past performance and share our...

Ethan Aw

Jana Small Finance Bank Pre-IPO - Has Grown Decently Fast but Keep an Eye on Its CRAR

Jana Small Finance Bank (3667144Z IN) is looking to raise at least US$100m in its upcoming India IPO. JSFB has grown its number of banking outlets...

Ethan Aw

Axis Research Scorecard Report for Oct 2023

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23. Calls that successfully achieved their target were Nestle India (~10%),...

Axis Direct

Equitas Small Finance Bank Ltd. - RoA of ~2% Deliverable with Improved Outlook on Margins!

Disbursements grew by 29/4% YoY/QoQ, translating into healthy advances growth of 37/5% YoY/QoQ. Advances growth was led by strong growth in the MFI...

Axis Direct

Pick of the Week - Equitas Small Finance Bank Ltd. - 11 SEP 2023

Business growth expected to remain buoyant: In Q1FY24, EQSFB reported a robust and broad-based advances growth of 36/6% YoY/QoQ.

Axis Direct

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