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

Hexaware Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a> is looking to raise US$1bn from its India IPO.</li>
<li>Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.</li>
<li>In this note, we discuss its RHP updates, undertake a peer comparison and share our thoughts on valuation.</li>
</ul>



Hexaware Technologies (HEXW IN) is looking to raise US$1bn from its India IPO.
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
In this note, we discuss its RHP updates, undertake a peer comparison and share our thoughts on valuation.


Hexaware Technologies IPO - Not Cheap on Its Own, but Peers Are Trading a Lot Higher

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a>, an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/hexaware-technologies-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:175288" rel="noopener">Hexaware Technologies IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/hexaware-technologies-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:175477" rel="noopener">Hexaware Technologies IPO: The Bear Case</a>. </li>
<li>Our valuation analysis suggests that the IPO price range of Rs674-708 per share is attractive. Therefore, we would participate in the IPO.</li>
</ul>



Hexaware Technologies (HEXW IN), an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.
We previously discussed the IPO in Hexaware Technologies IPO: The Bull Case and Hexaware Technologies IPO: The Bear Case. 
Our valuation analysis suggests that the IPO price range of Rs674-708 per share is attractive. Therefore, we would participate in the IPO.


Hexaware Technologies IPO: Valuation Insights

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, neither of the two listings performed last week, while more are lining up to list across the region.</li>
<li>On the placements front, given the ongoing earnings season there weren't any deals. We did look at lockups and other possible upcoming deals.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, neither of the two listings performed last week, while more are lining up to list across the region.
On the placements front, given the ongoing earnings season there weren't any deals. We did look at lockups and other possible upcoming deals.


ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a>, an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.</li>
<li>In <a href="https://www.smartkarma.com/insights/hexaware-technologies-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:175288" rel="noopener">Hexaware Technologies IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on mid-tier revenue growth, bottom-tier margins, low offshore mix, rising unbilled receivables/contract assets and a large post-IPO share overhang.</li>
</ul>



Hexaware Technologies (HEXW IN), an Indian mid-sized global IT services company, aims to raise up to US$1.0 billion.
In Hexaware Technologies IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on mid-tier revenue growth, bottom-tier margins, low offshore mix, rising unbilled receivables/contract assets and a large post-IPO share overhang.


<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a> seeks to raise US$1 billion, and <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (1364 HK)</a> seeks to raise US$202 million.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto Corp (4298 JP)</a>, <a href="https://www.smartkarma.com/entities/tohto-suisan-co-ltd" target="_blank" data-smartkarma-citation="entities:7524:1" rel="noopener">Tohto Suisan (8038 JP)</a>, <a href="https://www.smartkarma.com/entities/tecnos-japan-inc" target="_blank" data-smartkarma-citation="entities:5167:1" rel="noopener">Tecnos Japan (3666 JP)</a>, <a href="https://www.smartkarma.com/entities/pentamaster-international-ltd" target="_blank" data-smartkarma-citation="entities:31099:1" rel="noopener">Pentamaster International (1665 HK)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Hexaware Technologies (HEXW IN) seeks to raise US$1 billion, and Guming Holdings (1364 HK) seeks to raise US$202 million.
Event-Driven developments: Shibaura Electronics (6957 JP), Fuji Soft Inc (9749 JP), Proto Corp (4298 JP), Tohto Suisan (8038 JP), Tecnos Japan (3666 JP), Pentamaster International (1665 HK). 


Weekly Deals Digest (09 Feb) - Guming, Hexaware, Shibaura, Fuji Soft, Proto, Tohto, Pentamaster

India

Hexaware Technologies Limited specializes in providing its clients with management and technology solutions in the enterprise applications software area. The Company also operates as an offshore-based vendor for the ERP and CRM software products of PeopleSoft, Inc. of U.S.A.

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Hexaware Technologies (HEXW IN)

Hexaware Technologies IPO - Not Cheap on Its Own, but Peers Are Trading a Lot Higher

Hexaware Technologies (HEXW IN) is looking to raise US$1bn from its India IPO. In this note, we discuss its RHP updates, undertake a peer...

Clarence Chu

Hexaware Technologies IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs674-708 per share is attractive. Therefore, we would participate in the IPO.

Arun George

ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Hexaware Technologies IPO: The Bear Case

The bear case rests on mid-tier revenue growth, bottom-tier margins, low offshore mix, rising unbilled receivables/contract assets and a large post...

Arun George

Weekly Deals Digest (09 Feb) - Guming, Hexaware, Shibaura, Fuji Soft, Proto, Tohto, Pentamaster

Last week, notable developments occurred in Event-Driven (Shibaura Electronics, Fuji Soft, Proto, Tohto Suisan, Tecnos Japan, Pentamaster, ...

Arun George

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