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

Premier Energies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies Limited (0377949D IN)</a> raised around US$337m after pricing the deal at the top end of the range at INR450 / share.</li>
<li>It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note,  we talk about demand and trading dynamics. </li>
</ul>



Premier Energies Limited (0377949D IN) raised around US$337m after pricing the deal at the top end of the range at INR450 / share.
It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services.
We have looked at various aspects of the deal in our previous notes. In this note,  we talk about demand and trading dynamics. 


Premier Energies IPO Trading - Very Strong Insti Demand, Looks Ready to Pop

<ul>
<li>
<a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies Limited (0377949D IN)</a> is looking to raise up to US$337m in its India IPO, after upsizing from an earlier reported float of US$300m.</li>
<li>The firm manufactures solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services.</li>
<li>Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



Premier Energies Limited (0377949D IN) is looking to raise up to US$337m in its India IPO, after upsizing from an earlier reported float of US$300m.
The firm manufactures solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services.
Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


Premier Energies IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>First Solar's performance in the second quarter of 2024 demonstrates the company's ongoing efforts to strengthen its business fundamentals amid a challenging external environment.</li><li>The company reported solid operating and financial results, including an earnings per share of $3.25 and a net cash balance of $1.2 billion at quarter-end.</li><li>While these results reflect robust execution, external uncertainties relating to policy, supply conditions, and strategic evaluations by large multinational firms pose potential risks.</li></ul>

First Solar's performance in the second quarter of 2024 demonstrates the company's ongoing efforts to strengthen its business fundamentals amid a challenging external environment.The company reported solid operating and financial results, including an earnings per share of $3.25 and a net cash balance of $1.2 billion at quarter-end.While these results reflect robust execution, external uncertainties relating to policy, supply conditions, and strategic evaluations by large multinational firms pose potential risks.

First Solar Inc.: Domestic Market Expansion Through Government Incentives & Other Major Drivers

<ul><li>Examining First Solar's first quarter financial results in 2024, their performance appears to have been largely robust over the quarter.</li><li>The company reported strong operating performance, with year-to-date bookings of 2.7 gigawatts, and they remain focussed on their long-term goal to be more competitive by 2030.</li><li>They are also planning to further increase their production of Series 7 module and expand their manufacturing facilities to promote growth and increase financial performance.</li></ul>

Examining First Solar's first quarter financial results in 2024, their performance appears to have been largely robust over the quarter.The company reported strong operating performance, with year-to-date bookings of 2.7 gigawatts, and they remain focussed on their long-term goal to be more competitive by 2030.They are also planning to further increase their production of Series 7 module and expand their manufacturing facilities to promote growth and increase financial performance.

First Solar Inc.: Expansion of Production Capacity & Expected Impact On The Top-Line! - Major Drivers

<ul><li>First Solar, a leading solar module manufacturer, saw a monumental year in 2023 with expanded manufacturing capacity, a record volume of modules produced and shipped, and increased investments in R&D. The company also added 10 new customers and secured 28.3 gigawatts of net bookings, bolstering its contracted backlog to historic levels, and remaining cumulatively oversold through 2026.</li><li>Importantly, First Solar has recognized the value of maintaining a balanced business model, focusing on growth, profitability, and liquidity.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

First Solar, a leading solar module manufacturer, saw a monumental year in 2023 with expanded manufacturing capacity, a record volume of modules produced and shipped, and increased investments in R&D. The company also added 10 new customers and secured 28.3 gigawatts of net bookings, bolstering its contracted backlog to historic levels, and remaining cumulatively oversold through 2026.Importantly, First Solar has recognized the value of maintaining a balanced business model, focusing on growth, profitability, and liquidity.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

First Solar Inc: Can The Expansion Into The Indian Market Be A Game Changer? - Major Drivers

United States

First Solar, Inc. designs and manufactures solar modules.  The Company uses a thin film semiconductor technology to manufacture electricity-producing solar modules.

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First Solar Inc (FSLR US)

Premier Energies IPO Trading - Very Strong Insti Demand, Looks Ready to Pop

Premier Energies Limited (0377949D IN) raised around US$337m after pricing the deal at the top end of the range at INR450 / share.

Ethan Aw

Premier Energies IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Premier Energies Limited (0377949D IN) is looking to raise up to US$337m in its India IPO, after upsizing from an earlier reported float of US$300m.

Ethan Aw

First Solar Inc.: Domestic Market Expansion Through Government Incentives & Other Major Drivers

First Solar's performance in the second quarter of 2024 demonstrates the company's ongoing efforts to strengthen its business fundamentals amid a...

Baptista Research

First Solar Inc.: Expansion of Production Capacity & Expected Impact On The Top-Line! - Major Drivers

Examining First Solar's first quarter financial results in 2024, their performance appears to have been largely robust over the quarter. The...

Baptista Research

First Solar Inc: Can The Expansion Into The Indian Market Be A Game Changer? - Major Drivers

First Solar, a leading solar module manufacturer, saw a monumental year in 2023 with expanded manufacturing capacity, a record volume of modules...

Baptista Research

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