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

Emcure Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emcure-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:35585:1" rel="noopener">Emcure Pharmaceuticals</a> raised around US$240m in its India IPO. Subscription rates were strong.</li>
<li>Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.</li>
<li>We have looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.</li>
</ul>



Emcure Pharmaceuticals raised around US$240m in its India IPO. Subscription rates were strong.
Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
We have looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.


Emcure Pharma Pre-IPO Trading - Strong Subscription, Will Pop

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emcure-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:35585:1" rel="noopener">Emcure Pharmaceuticals</a> is looking to raise around US$240m in its upcoming India IPO.</li>
<li>Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.</li>
<li>We have looked at the company’s past performance, in our earlier note. In this note, we talk about the RHP updates and take a quick look at valuations.</li>
</ul>



Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO.
Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
We have looked at the company’s past performance, in our earlier note. In this note, we talk about the RHP updates and take a quick look at valuations.


Emcure Pharmaceuticals Pre-IPO - Refiling Updates and Valuations

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>With long-term structural factors supporting growth, healthcare services market is expected to have a low double-digit CAGR over the next five years.</li>
<li>Most of the leading hospitals are operating with high occupancies, which justifies their aggressive plans. Profitable revenue growth and low leverage support their expansion plans.</li>
<li>With expanding scale, the players are well positioned to report faster revenue growth and better margins in coming years than their respective historical figures.</li>
</ul>


With long-term structural factors supporting growth, healthcare services market is expected to have a low double-digit CAGR over the next five years.
Most of the leading hospitals are operating with high occupancies, which justifies their aggressive plans. Profitable revenue growth and low leverage support their expansion plans.
With expanding scale, the players are well positioned to report faster revenue growth and better margins in coming years than their respective historical figures.


Indian Hospitals on Expansion Spree; Sectoral Tailwinds and Financial Stability Provide Impetus

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

<ul>
<li>Supreme Court's warning to enforce CGHS rates on private hospitals sparks market concerns, leading to a significant correction in hospital company stock prices.</li>
<li>Failure to standardize hospital pricing raises questions about patient affordability, quality of healthcare, and financial viability of private hospitals, impacting investors and healthcare consumers alike.</li>
<li>Explore the complexities of healthcare regulation, implications for hospital companies, and potential investment opportunities amid the evolving landscape of standardized medical treatment costs.</li>
</ul>


Supreme Court's warning to enforce CGHS rates on private hospitals sparks market concerns, leading to a significant correction in hospital company stock prices.
Failure to standardize hospital pricing raises questions about patient affordability, quality of healthcare, and financial viability of private hospitals, impacting investors and healthcare consumers alike.
Explore the complexities of healthcare regulation, implications for hospital companies, and potential investment opportunities amid the evolving landscape of standardized medical treatment costs.


SC on Standardisation Rate for Medical Procedures: Likely Impact on Listed Hospital Players

<ul>
<li>ChrysCap is looking to raise around US$295m via selling a 2.8% stake in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at the IPO, lock-up release and prior placement in our earlier notes. In this note, we talk about the current deal dynamics.</li>
</ul>


ChrysCap is looking to raise around US$295m via selling a 2.8% stake in Mankind Pharma.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at the IPO, lock-up release and prior placement in our earlier notes. In this note, we talk about the current deal dynamics.


Mankind Pharma Placement - Well Flagged, past Deals Have Done Well but Its Expensive

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.

Price Gauge
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Fortis Healthcare (FORH IN)

Emcure Pharma Pre-IPO Trading - Strong Subscription, Will Pop

Emcure Pharmaceuticals raised around US$240m in its India IPO. Subscription rates were strong for institutional and HNI tranche.

Sumeet Singh

Emcure Pharmaceuticals Pre-IPO - Refiling Updates and Valuations

Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Indian Hospitals on Expansion Spree; Sectoral Tailwinds and Financial Stability Provide Impetus

Leading Indian hospitals are operating with high occupancies. Most of them chalked out major expansion plans over the next three years to benefit...

Tina Banerjee

SC on Standardisation Rate for Medical Procedures: Likely Impact on Listed Hospital Players

Supreme Court's push for CGHS rates on private hospitals triggers stock market turmoil, highlighting issues of pricing, patient affordability, and...

Nimish Maheshwari

Mankind Pharma Placement - Well Flagged, past Deals Have Done Well but Its Expensive

ChrysCap is looking to raise around US$295m via selling a 2.8% stake in Mankind Pharma. In this note, we talk about the deal dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Emcure Pharma Pre-IPO Trading - Strong Subscription, Will Pop

Emcure Pharmaceuticals raised around US$240m in its India IPO. Subscription rates were strong for institutional and HNI tranche.

Sumeet Singh

Emcure Pharmaceuticals Pre-IPO - Refiling Updates and Valuations

Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Indian Hospitals on Expansion Spree; Sectoral Tailwinds and Financial Stability Provide Impetus

​Leading Indian hospitals are operating with high occupancies. Most of them chalked out major expansion plans over the next three years to benefit...

Tina Banerjee

SC on Standardisation Rate for Medical Procedures: Likely Impact on Listed Hospital Players

​Supreme Court's push for CGHS rates on private hospitals triggers stock market turmoil, highlighting issues of pricing, patient affordability, and...

Nimish Maheshwari

Mankind Pharma Placement - Well Flagged, past Deals Have Done Well but Its Expensive

ChrysCap is looking to raise around US$295m via selling a 2.8% stake in Mankind Pharma. In this note, we talk about the deal dynamics.

Sumeet Singh

Leading Indian hospitals are operating with high occupancies. Most of them chalked out major expansion plans over the next three years to benefit...

Supreme Court's push for CGHS rates on private hospitals triggers stock market turmoil, highlighting issues of pricing, patient affordability, and...