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

Bajaj Housing Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> is looking to raise around US$830m in its upcoming India IPO.</li>
<li>BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
In this note, we talk about the not-so-positive aspects of the deal.


Bajaj Housing Finance Pre-IPO - The Negatives - Carrying More Risky Loans

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> is looking to raise around US$830m in its upcoming India IPO. </li>
<li>BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO. 
BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
In this note, we talk about the positive aspects of the deal.


Bajaj Housing Finance Pre-IPO - The Positives - Strong Brand, Fast Growth

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>Coming up for six-month lockup expiry on 18th Jun 2024 are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.</li>
</ul>



India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
Coming up for six-month lockup expiry on 18th Jun 2024 are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.


India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.</li>
<li>
<a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a>'s deletion from Sensex is imminent but there are question marks over the top replacement names as this involves some subjectivity.  </li>
<li>For BSE 100, <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial Services (JIOFIN IN)</a> is a new potential ADD and that has caused major changes to the index change expectations I had previously.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.

Wipro Ltd (WPRO IN)'s deletion from Sensex is imminent but there are question marks over the top replacement names as this involves some subjectivity.  
For BSE 100, Jio Financial Services (JIOFIN IN) is a new potential ADD and that has caused major changes to the index change expectations I had previously.


Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

Go Digit General Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-digit-general-insurance-l" target="_blank" data-smartkarma-citation="entities:36266:1" rel="noopener">Go Digit General Insurance</a> raised around US$315m in its India IPO.</li>
<li>Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.</li>
<li>We have looked at the company’s performance in our past note. In this note, we talk about the trading dynamics.</li>
</ul>



Go Digit General Insurance raised around US$315m in its India IPO.
Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
We have looked at the company’s performance in our past note. In this note, we talk about the trading dynamics.


Go Digit IPO Trading - Low Subscription Rate, Not All Shares Are Locked Up

India

HDFC Asset Management is a leading Indian investment manager, serving as the asset management arm of HDFC Bank. It provides a comprehensive suite of savings and investment products, including mutual funds, portfolio management services (PMS), and alternative investment funds (AIF) across various asset classes. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1999 (commenced operations in 2000).

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HDFC Asset Management (HDFCAMC IN)

Bajaj Housing Finance Pre-IPO - The Negatives - Carrying More Risky Loans

Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Bajaj Housing Finance Pre-IPO - The Positives - Strong Brand, Fast Growth

Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their...

Clarence Chu

Quiddity Leaderboard BSE/SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

Wipro will be replaced by Adani Ports & S.E.Zone in the SENSEX index as expected. There will be five changes for BSE 100 which are consistent with...

Janaghan Jeyakumar, CFA

Go Digit IPO Trading - Low Subscription Rate, Not All Shares Are Locked Up

Go Digit General Insurance raised around US$315m in its India IPO. In this note, we talk about the subscription rate and other trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bajaj Housing Finance Pre-IPO - The Negatives - Carrying More Risky Loans

Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Bajaj Housing Finance Pre-IPO - The Positives - Strong Brand, Fast Growth

Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their...

Clarence Chu

Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

Wipro will be replaced by Adani Ports & S.E.Zone in the SENSEX index as expected. There will be five changes for BSE 100 which are consistent with...

Janaghan Jeyakumar, CFA

Go Digit IPO Trading - Low Subscription Rate, Not All Shares Are Locked Up

Go Digit General Insurance raised around US$315m in its India IPO. In this note, we talk about the subscription rate and other trading dynamics.

Sumeet Singh

Quiddity Leaderboard BSE/SENSEX Jun 24: Jio Financial Addition Creates New Possibilities