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

State Bank Of India / Equity Capital Markets

<ul>
<li>As per news reports and company filings, <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> could soon look to raise around US$3bn (INR250bn) via a QIP.</li>
<li>SBI raised around US$2.3bn (INR150bn) in 2017, but the deal didn’t end up doing well.</li>
<li>In this note, we will talk about the possible fund raising and other deal dynamics.</li>
</ul>


As per news reports and company filings, State Bank Of India (SBIN IN) could soon look to raise around US$3bn (INR250bn) via a QIP.
SBI raised around US$2.3bn (INR150bn) in 2017, but the deal didn’t end up doing well.
In this note, we will talk about the possible fund raising and other deal dynamics.


SBI Possible US$3bn QIP - Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> (HDBFS) raised around US$1.4bn in its India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>We have looked at the past performance and pricing in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
We have looked at the past performance and pricing in our previous note. In this note, we talk about the trading dynamics.


HDB Financial Services IPO Trading - Strong Demand, Driven by Instis

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.</li>
<li>Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.</li>
<li>The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.</li>
</ul>


There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.
Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.
The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.


NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.


HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

Vishal Mega Mart / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishal-mega-mart" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart</a> raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.</li>
<li>Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Vishal Mega Mart raised around US$950m in its India IPO. Its IPO linked lockup will expire soon.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Vishal Mega Mart IPO Lockup Expiry - US$4bn Lockup Release with PE Sitting on 10x Gains

India

HDFC Standard Life Insurance Company Limited is a life insurance firm. The Company offers protection, pension, savings and investment, and children's and women's plans to individuals. HDFC Standard Life Insurance serves customers in India and United Arab Emirates.

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HDFC Life Insurance (HDFCLIFE IN)

SBI Possible US$3bn QIP - Will Be One of the Largest Fund Raisings in India, Last One Didn’t Do Well

As per news reports and company filings, State Bank Of India (SBIN IN) could soon look to raise around US$3bn (INR250bn) via a QIP.

Sumeet Singh

HDB Financial Services IPO Trading - Strong Demand, Driven by Instis

HDB Financial Services (HDBFS) raised around US$1.4bn in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

The Nifty200 Momentum30 Index rebalances at the close tomorrow. Since announcement, the adds have outperformed the deletes (but only marginally)....

Brian Freitas

HDB Financial Services IPO - Parent Brand and Easing Macros Should See It Through

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the IPO pricing.

Sumeet Singh

Vishal Mega Mart IPO Lockup Expiry - US$4bn Lockup Release with PE Sitting on 10x Gains

Kedaara Capital is now, on the day of the lock-up expiry, looking to sell around 10% of the company, as per media reports, at a floor price of...

Sumeet Singh

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