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

Akums Drugs and Pharmaceuticals / Equity Capital Markets

Akums Drugs and Pharmaceuticals (0200361D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals (0200361D IN)</a> raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679/share.</li>
<li>Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.</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>



Akums Drugs and Pharmaceuticals (0200361D IN) raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679/share.
Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.


Akums Drugs and Pharmaceuticals IPO Trading - Strong Demand and a Decent Margin of Safety

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals (0200361D IN)</a> is looking to raise up to US$222m in its upcoming India IPO.</li>
<li>Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we talk about its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$222m in its upcoming India IPO.
Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
In our previous note, we talked about the company’s historical performance. In this note, we talk about its RHP updates and share our quick thoughts on peer comparison and valuation.


Akums Drugs and Pharmaceuticals IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals (0200361D IN)</a> is looking to raise up to US$239m in its upcoming India IPO. </li>
<li>Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$239m in its upcoming India IPO. 
Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
In this note, we talk about the company’s historical performance.


Akums Drugs and Pharmaceuticals Pre-IPO - Profitable but Needs to Scale up More

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Glenmark Pharmaceuticals / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/glenmark-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:10454:1" rel="noopener">Glenmark Pharmaceuticals (GNP IN)</a> FY24 results have seen PBT reducing from INR 2.4 bn to INR 365 mn i.e. by nearly 85%. </li>
<li>This was on account for exceptional line items, which included gains from sale stake in Glenmark Lifesciences, but was offset by losses pertaining to legalities and heavy impairment in assets.</li>
<li>The habit of having exceptional items, especially impairments is not something new or one-offs. There have been regular impairments carried in the past as well. </li>
</ul>



Glenmark Pharmaceuticals (GNP IN) FY24 results have seen PBT reducing from INR 2.4 bn to INR 365 mn i.e. by nearly 85%. 
This was on account for exceptional line items, which included gains from sale stake in Glenmark Lifesciences, but was offset by losses pertaining to legalities and heavy impairment in assets.
The habit of having exceptional items, especially impairments is not something new or one-offs. There have been regular impairments carried in the past as well. 


Glenmark Pharma- Value Erosion Not Something New

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

Equity Bottom-Up

<ul>
<li>The Cigniti-Coforge acquisition presents a unique investment opportunity in the IT services sector, with potential for significant returns.</li>
<li>Coforge plans to acquire a 54% stake in Cigniti Technologies, expanding its presence in digital assurance and AI services.</li>
<li>The deal is expected to be completed by Q2 of FY25, with an open offer price potentially higher than the current market value of Cigniti shares.</li>
</ul>


The Cigniti-Coforge acquisition presents a unique investment opportunity in the IT services sector, with potential for significant returns.
Coforge plans to acquire a 54% stake in Cigniti Technologies, expanding its presence in digital assurance and AI services.
The deal is expected to be completed by Q2 of FY25, with an open offer price potentially higher than the current market value of Cigniti shares.


Cigniti Technologies - A Special Situation Bet

India

Glenmark Pharmaceuticals Limited is an Indian multinational pharmaceutical company that develops, manufactures, and markets branded and generic formulations, active pharmaceutical ingredients (APIs), and over-the-counter (OTC) products. The company focuses on therapeutic areas including respiratory, dermatology, and oncology, with products such as Ryaltris, Winlevi, and Candid. It was founded in 1977 and is headquartered in Mumbai, India.

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Glenmark Pharmaceuticals (GNP IN)

Akums Drugs and Pharmaceuticals IPO Trading - Strong Demand and a Decent Margin of Safety

Akums Drugs and Pharmaceuticals (0200361D IN) raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679...

Ethan Aw

Akums Drugs and Pharmaceuticals IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Akums Drugs and Pharmaceuticals is looking to raise up to US$222m in its upcoming India IPO. In this note, we talk about its RHP updates and share...

Ethan Aw

Akums Drugs and Pharmaceuticals Pre-IPO - Profitable but Needs to Scale up More

Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$239m in its upcoming India IPO. In this note, we talk about the...

Ethan Aw

Glenmark Pharma- Value Erosion Not Something New

Glenmark Pharmaceuticals FY24 results show 85% decrease in PBT due to exceptional items like sale gains and asset impairments. Regular impairments...

Nitin Mangal

Cigniti Technologies - A Special Situation Bet

Coforge's acquisition of Cigniti Technologies offers a promising Special Situation investment opportunity in the IT services sector, with a focus...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Akums Drugs and Pharmaceuticals IPO Trading - Strong Demand and a Decent Margin of Safety

Akums Drugs and Pharmaceuticals (0200361D IN) raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679...

Ethan Aw

Akums Drugs and Pharmaceuticals IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Akums Drugs and Pharmaceuticals is looking to raise up to US$222m in its upcoming India IPO. In this note, we talk about its RHP updates and share...

Ethan Aw

Akums Drugs and Pharmaceuticals Pre-IPO - Profitable but Needs to Scale up More

Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$239m in its upcoming India IPO. In this note, we talk about the...

Ethan Aw

Glenmark Pharma- Value Erosion Not Something New

​Glenmark Pharmaceuticals FY24 results show 85% decrease in PBT due to exceptional items like sale gains and asset impairments. Regular impairments...

Nitin Mangal

Cigniti Technologies - A Special Situation Bet

​Coforge's acquisition of Cigniti Technologies offers a promising Special Situation investment opportunity in the IT services sector, with a focus...

Sudarshan Bhandari

Glenmark Pharmaceuticals FY24 results show 85% decrease in PBT due to exceptional items like sale gains and asset impairments. Regular impairments...

Coforge's acquisition of Cigniti Technologies offers a promising Special Situation investment opportunity in the IT services sector, with a focus...