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

Belrise Industries / Equity Capital Markets

<ul>
<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>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</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.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Jiangsu Hengrui Medicine launches Hong Kong IPO to raise ~$1.3B. Wuxi Biologics is selling its drug product plant in Germany to Terumo for €150M.</li>
<li>Chugai Pharmaceutical got conditional approval in Japan for gene therapy product, Elevidys for Duchenne muscular dystrophy. GC Biopharma dosed first patient in Fabry disease drug trial in Korea.</li>
<li>Mayne Pharma was hit hard as an ‘untitled letter’ from the FDA related to certain promotional claims used in a speaker presentation for oral contraceptive Nextstellis, was made public.  </li>
</ul>


Jiangsu Hengrui Medicine launches Hong Kong IPO to raise ~$1.3B. Wuxi Biologics is selling its drug product plant in Germany to Terumo for €150M.
Chugai Pharmaceutical got conditional approval in Japan for gene therapy product, Elevidys for Duchenne muscular dystrophy. GC Biopharma dosed first patient in Fabry disease drug trial in Korea.
Mayne Pharma was hit hard as an ‘untitled letter’ from the FDA related to certain promotional claims used in a speaker presentation for oral contraceptive Nextstellis, was made public.  


APAC Healthcare Weekly (May 18)-Hengrui Medicine, Wuxi Biologics, Chugai, GC Biopharma, Mayne Pharma

<ul>
<li>Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.</li>
<li>The company aims to raise INR9.6B through issuing fresh shares. Founder and Chairman, Dr. Ajit Gupta is the selling shareholder offering shares worth of INR3B for sale.</li>
<li>IPO proceeds will be utilized for debt repayment, funding capex for development of new hospital, expansion of existing hospital, and purchase of medical equipment.</li>
</ul>


Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.
The company aims to raise INR9.6B through issuing fresh shares. Founder and Chairman, Dr. Ajit Gupta is the selling shareholder offering shares worth of INR3B for sale.
IPO proceeds will be utilized for debt repayment, funding capex for development of new hospital, expansion of existing hospital, and purchase of medical equipment.


Park Medi World Pre-IPO: Some Points Worth Attention

Equity Bottom-Up

Max Healthcare Institute / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/max-healthcare-institute-ltd" target="_blank" data-smartkarma-citation="entities:35275:1" rel="noopener">Max Healthcare Institute (MAXHEALT IN)</a> completed the acquisition of Jaypee Healthcare in last November, thereby adding 700 beds. Jaypee added INR1,120M revenue with an operating EBITDA of INR230M in Q3FY25.</li>
<li>Max is setting up ~500 bedded hospital at Thane, Maharashtra on an asset-light built-to-suit basis. The proposed construction of hospital premises is expected to be completed by 2028.</li>
<li>Current expansion plan indicates significant capacity ramp-up (20%+) in FY26, and majority of which will come by Q1, thereby generating scope for revenue realization for most part of the year.</li>
</ul>



Max Healthcare Institute (MAXHEALT IN) completed the acquisition of Jaypee Healthcare in last November, thereby adding 700 beds. Jaypee added INR1,120M revenue with an operating EBITDA of INR230M in Q3FY25.
Max is setting up ~500 bedded hospital at Thane, Maharashtra on an asset-light built-to-suit basis. The proposed construction of hospital premises is expected to be completed by 2028.
Current expansion plan indicates significant capacity ramp-up (20%+) in FY26, and majority of which will come by Q1, thereby generating scope for revenue realization for most part of the year.


Max Healthcare (MAXHEALTH IN): Multi-Pronged Expansion Strategy Augurs Well for Sustainable Growth

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.

<ul><li>We anticipate that pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 10.9% YoY and 0.8% QoQ, along with EBITDA growth of 15.3% YoY and a decline of 1.7% QoQ.</li><li>Moreover, adjusted PAT is expected to grow by 8.7% YoY and decrease by 7.9% QoQ.</li><li>Domestic formulations and niche launches in the US market will likely drive this growth.</li></ul><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>

We anticipate that pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 10.9% YoY and 0.8% QoQ, along with EBITDA growth of 15.3% YoY and a decline of 1.7% QoQ.Moreover, adjusted PAT is expected to grow by 8.7% YoY and decrease by 7.9% QoQ.Domestic formulations and niche launches in the US market will likely drive this growth.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.

Q4FY25 Earnings Preview - Pharma & Healthcare

India

Fortis Healthcare Ltd. is a health care provider.  The Company operates multi- specialty hospitals, a boutique-style hospital, and various satellite and heart command centers.

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Fortis Healthcare (FORH IN)

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

APAC Healthcare Weekly (May 18)-Hengrui Medicine, Wuxi Biologics, Chugai, GC Biopharma, Mayne Pharma

Jiangsu Hengrui launches HK IPO. Wuxi Biologics to sell Germany plant. Chugai got Japan approval for gene therapy. Mayne Pharma was hit as FDA...

Tina Banerjee

Park Medi World Pre-IPO: Some Points Worth Attention

Park Medi World, the second largest private hospital chain in North India, intends to raise INR9.6B via issuing fresh shares for debt repayment,...

Tina Banerjee

Max Healthcare (MAXHEALTH IN): Multi-Pronged Expansion Strategy Augurs Well for Sustainable Growth

Max Healthcare acquired Jaypee Healthcare, adding 700 beds in Q3FY25. The company is also setting up a 500-bed hospital in Thane, Maharashtra....

Tina Banerjee

Q4FY25 Earnings Preview - Pharma & Healthcare

Moreover, adjusted PAT is expected to grow by 8.7% YoY and decrease by 7.9% QoQ. Domestic formulations and niche launches in the US market will...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

APAC Healthcare Weekly (May 18)-Hengrui Medicine, Wuxi Biologics, Chugai, GC Biopharma, Mayne Pharma

Jiangsu Hengrui launches HK IPO. Wuxi Biologics to sell Germany plant. Chugai got Japan approval for gene therapy. Mayne Pharma was hit as FDA...

Tina Banerjee

Park Medi World Pre-IPO: Some Points Worth Attention

Park Medi World, the second largest private hospital chain in North India, intends to raise INR9.6B via issuing fresh shares for debt repayment,...

Tina Banerjee

Max Healthcare (MAXHEALTH IN): Multi-Pronged Expansion Strategy Augurs Well for Sustainable Growth

​Max Healthcare acquired Jaypee Healthcare, adding 700 beds in Q3FY25. The company is also setting up a 500-bed hospital in Thane, Maharashtra....

Tina Banerjee

Q4FY25 Earnings Preview - Pharma & Healthcare

Moreover, adjusted PAT is expected to grow by 8.7% YoY and decrease by 7.9% QoQ. Domestic formulations and niche launches in the US market will...

Axis Direct

Max Healthcare acquired Jaypee Healthcare, adding 700 beds in Q3FY25. The company is also setting up a 500-bed hospital in Thane, Maharashtra....