APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Fedbank Financial Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fedbank-financial-services" target="_blank" data-smartkarma-citation="entities:40010:1" rel="noopener">Fedbank Financial Services (0702066D IN)</a> is looking to raise about US$130m in its India IPO.</li>
<li>Fedbank Financial Services (Fedbank) is a retail-focused non-banking finance company (NBFC) promoted by The Federal Bank Limited.</li>
<li>In this note, we will look at past performance, and share our thoughts on valuation.</li>
</ul>



Fedbank Financial Services (0702066D IN) is looking to raise about US$130m in its India IPO.
Fedbank Financial Services (Fedbank) is a retail-focused non-banking finance company (NBFC) promoted by The Federal Bank Limited.
In this note, we will look at past performance, and share our thoughts on valuation.


Fedbank Financial IPO - Strong Sector Momentum, but This One Doesn’t Seem Particularly Compelling

Ethan Aw

Jana Small Finance Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jana-small-finance-bank" target="_blank" data-smartkarma-citation="entities:40026:1" rel="noopener">Jana Small Finance Bank (3667144Z IN)</a> is looking to raise at least US$100m in its upcoming India IPO.</li>
<li>Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023).</li>
<li>JSFB has grown its number of banking outlets and amount of deposits fast, which allowed the firm to grow its gross advances by 1.5x over the track record period. </li>
</ul>



Jana Small Finance Bank (3667144Z IN) is looking to raise at least US$100m in its upcoming India IPO.
Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023).
JSFB has grown its number of banking outlets and amount of deposits fast, which allowed the firm to grow its gross advances by 1.5x over the track record period. 


Jana Small Finance Bank Pre-IPO - Has Grown Decently Fast but Keep an Eye on Its CRAR

Muthoot Microfin / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muthoot-microfin" target="_blank" data-smartkarma-citation="entities:39950:1" rel="noopener">Muthoot Microfin (1363943D IN)</a> is looking to raise up to US$163m in its upcoming India IPO. </li>
<li>Muthoot Microfin (MMF) is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.</li>
<li>MMF has undergone fast network expansion, which allowed the firm to nearly double its AUM over the track record period. </li>
</ul>



Muthoot Microfin (1363943D IN) is looking to raise up to US$163m in its upcoming India IPO. 
Muthoot Microfin (MMF) is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.
MMF has undergone fast network expansion, which allowed the firm to nearly double its AUM over the track record period. 


Muthoot Microfin Pre-IPO - Accelerating Profitability Growth

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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

Equity Bottom-Up

<ul>
<li>While the earnings season continues, this will be the final dedicated earnings edition.</li>
<li>For reference, the previous earnings editions are <a href="https://www.smartkarma.com/insights/week-8-namaste-india-earnings-edition-part-i" target="_blank" data-smartkarma-citation="insights:115688" rel="noopener">[Week 8] Namaste India 🙏 | Earnings Edition - Part I</a> &amp; <a href="https://www.smartkarma.com/insights/week-9-namaste-india-earnings-edition-part-ii" target="_blank" data-smartkarma-citation="insights:116224" rel="noopener">[Week 9] Namaste India 🙏 | Earnings Edition - Part II</a> </li>
<li>At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.</li>
</ul>


While the earnings season continues, this will be the final dedicated earnings edition.
For reference, the previous earnings editions are [Week 8] Namaste India 🙏 | Earnings Edition - Part I &amp; [Week 9] Namaste India 🙏 | Earnings Edition - Part II 
At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.


[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Honasa Consumer  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (Honasa IN)</a> raised about US$200m in its India IPO.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.</li>
</ul>



Honasa Consumer (Honasa IN) raised about US$200m in its India IPO.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.


Honasa Consumer IPO Trading - Great Anchor Book, Not so Great Overall Demand. Loved by FIIs

India

HDFC Asset Management Co. Ltd. operates as an investment management firm. The Company offers portfolio management and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies. HDFC Asset Management serves customers in India.

HDFC Asset Management Co Ltd (HDFCAMC IN)

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HDFC Asset Management Co Ltd (HDFCAMC IN)

Fedbank Financial IPO - Strong Sector Momentum, but This One Doesn’t Seem Particularly Compelling

Fedbank Financial Services (0702066D IN) is looking to raise about US$130m in its India IPO. In this note, we will look at past performance, and...

Clarence Chu

Jana Small Finance Bank Pre-IPO - Has Grown Decently Fast but Keep an Eye on Its CRAR

Jana Small Finance Bank (3667144Z IN) is looking to raise at least US$100m in its upcoming India IPO. JSFB has grown its number of banking outlets...

Ethan Aw

Muthoot Microfin Pre-IPO - Accelerating Profitability Growth

Muthoot Microfin (1363943D IN) is looking to raise up to US$163m in its upcoming India IPO. MMF has undergone fast network expansion, which allowed...

Ethan Aw

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

Honasa Consumer IPO Trading - Great Anchor Book, Not so Great Overall Demand. Loved by FIIs

Honasa Consumer (Honasa IN) raised about US$200m in its India IPO. In this note, we talk about the deal updates and the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Fedbank Financial IPO - Strong Sector Momentum, but This One Doesn’t Seem Particularly Compelling

Fedbank Financial Services (0702066D IN) is looking to raise about US$130m in its India IPO. In this note, we will look at past performance, and...

Clarence Chu

Jana Small Finance Bank Pre-IPO - Has Grown Decently Fast but Keep an Eye on Its CRAR

Jana Small Finance Bank (3667144Z IN) is looking to raise at least US$100m in its upcoming India IPO. JSFB has grown its number of banking outlets...

Ethan Aw

Muthoot Microfin Pre-IPO - Accelerating Profitability Growth

Muthoot Microfin (1363943D IN) is looking to raise up to US$163m in its upcoming India IPO. MMF has undergone fast network expansion, which allowed...

Ethan Aw

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

​This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

Honasa Consumer IPO Trading - Great Anchor Book, Not so Great Overall Demand. Loved by FIIs

Honasa Consumer (Honasa IN) raised about US$200m in its India IPO. In this note, we talk about the deal updates and the trading dynamics.

Sumeet Singh

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...