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

Allied Blenders & Distillers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allied-blenders-distillers" target="_blank" data-smartkarma-citation="entities:36090:1" rel="noopener">Allied Blenders &amp; Distillers (9844250Z IN)</a> is looking to raise about US$180m in its upcoming India IPO.</li>
<li>ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.</li>
<li>In our previous notes, we talked about various aspects of the company. In this note, we talk about its RHP updates and our thoughts on valuation.</li>
</ul>



Allied Blenders &amp; Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO.
ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.
In our previous notes, we talked about various aspects of the company. In this note, we talk about its RHP updates and our thoughts on valuation.


Allied Blenders and Distillers - RHP Updates & Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allied-blenders-distillers" target="_blank" data-smartkarma-citation="entities:36090:1" rel="noopener">Allied Blenders &amp; Distillers (9844250Z IN)</a> is looking to raise about US$180m in its upcoming India IPO.  </li>
<li>ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.</li>
<li>In this note, we provide a summary of its refiling updates, undertake a quick peer comparison and share our initial thoughts on valuation.</li>
</ul>



Allied Blenders &amp; Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO.  
ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY22.
In this note, we provide a summary of its refiling updates, undertake a quick peer comparison and share our initial thoughts on valuation.


Allied Blenders and Distillers Pre-IPO - Refiling Updates and Initial Thoughts on Valuation

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

Thematic (Sector/Industry)

<ul>
<li>There is a strong probability that the proposed Free Trade Agreement (FTA) between India and the UK might be closed next month.</li>
<li>FTA could be a game changer for the Indian Liquor Industry with a possibility of sharp reduction in customs duty. Additionally, it can open new export avenues for domestic companies.</li>
<li>Beneficiaries may include <a href="https://www.smartkarma.com/entities/united-spirits-ltd" target="_blank" data-smartkarma-citation="entities:5146:1" rel="noopener">United Spirits (UNSP IN)</a> and <a href="https://www.smartkarma.com/entities/pernod-ricard-sa" target="_blank" data-smartkarma-citation="entities:21533:1" rel="noopener">Pernod Ricard Sa (RI FP)</a>, and also Indian companies like <a href="https://www.smartkarma.com/entities/globus-spirits-ltd" target="_blank" data-smartkarma-citation="entities:15728:1" rel="noopener">Globus Spirits (GBSL IN)</a> and <a href="https://www.smartkarma.com/entities/radico-khaitan-ltd" target="_blank" data-smartkarma-citation="entities:20842:1" rel="noopener">Radico Khaitan (RDCK IN)</a>
</li>
</ul>


There is a strong probability that the proposed Free Trade Agreement (FTA) between India and the UK might be closed next month.
FTA could be a game changer for the Indian Liquor Industry with a possibility of sharp reduction in customs duty. Additionally, it can open new export avenues for domestic companies.
Beneficiaries may include United Spirits (UNSP IN) and Pernod Ricard Sa (RI FP), and also Indian companies like Globus Spirits (GBSL IN) and Radico Khaitan (RDCK IN)



India-UK FTA: Can Be Game-Changer for Liquor Industry

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/globus-spirits-ltd" target="_blank" data-smartkarma-citation="entities:15728:1" rel="noopener">Globus Spirits (GBSL IN)</a> , incorporated in 1993, is engaged in manufacturing, marketing and sale of industrial alcohol comprising rectified spirit, ENA and IMFL.</li>
<li>Over the years, GSL has successfully got transformed from a grain-based bulk alcohol manufacturer to a 360° alcohol beverage segment player.</li>
<li>The story of GSL has had some setbacks, however there are also positives in the form of margin boost, debt reduction and better efficiency.</li>
</ul>



Globus Spirits (GBSL IN) , incorporated in 1993, is engaged in manufacturing, marketing and sale of industrial alcohol comprising rectified spirit, ENA and IMFL.
Over the years, GSL has successfully got transformed from a grain-based bulk alcohol manufacturer to a 360° alcohol beverage segment player.
The story of GSL has had some setbacks, however there are also positives in the form of margin boost, debt reduction and better efficiency.


External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

Equity Bottom-Up

<ul><li>Globus Spirits (GSL) is the largest grain based ENA manufacturer in India with a capacity of 160 million litre</li><li>What should investors do? With doubling of the current capacity by FY24 to ~1230 KLPD, GSL plans to capitalise on the changing dynamics in the liquor space.</li><li>Target Price &amp; Valuation: We value the stock at Rs 1750 i.e. 15x P/E on FY24E EPS</li></ul><div class="content-highlight"><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></div>

Globus Spirits (GSL) is the largest grain based ENA manufacturer in India with a capacity of 160 million litreWhat should investors do? With doubling of the current capacity by FY24 to ~1230 KLPD, GSL plans to capitalise on the changing dynamics in the liquor space.Target Price &amp; Valuation: We value the stock at Rs 1750 i.e. 15x P/E on FY24E EPSContent 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.

Globus Spirits: Plans Aggressive Capacity Addition in Next Two Years

India

Globus Spirits Limited manufactures, markets, and sells industrial alcohol comprising rectified spirit and extra-neutral alcohol, country liquor, and Indian made foreign liquor.

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Globus Spirits (GBSL IN)

Allied Blenders and Distillers - RHP Updates & Thoughts on Valuation

Allied Blenders & Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO. In this note, we talk about its RHP updates...

Ethan Aw

Allied Blenders and Distillers Pre-IPO - Refiling Updates and Initial Thoughts on Valuation

Allied Blenders & Distillers (9844250Z IN) is looking to raise about US$180m in its upcoming India IPO. In this note, we share our initial thoughts...

Ethan Aw

India-UK FTA: Can Be Game-Changer for Liquor Industry

The FTA can be a game changer for the Indian Liquor Industry, as customs duty might be slashed sharply. It can open up new avenues for exports for...

Nitin Mangal

Globus Spirits: Forensic Analysis

The story of GSL has had some setbacks, however there are also positives in the form of margin boost, debt reduction and better efficiency.

Nitin Mangal

Globus Spirits: Plans Aggressive Capacity Addition in Next Two Years

With doubling of the current capacity by FY24 to ~1230 KLPD, GSL plans to capitalise on the changing dynamics in the liquor space. Further, growing...

ICICI Securities Limited

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