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

<ul>
<li>In this note, we will take a look at bookrunner performance for Indian IPOs from 2019-2022. </li>
<li>The following dataset includes all Indian IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 49 deals.</li>
<li>The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.</li>
</ul>


In this note, we will take a look at bookrunner performance for Indian IPOs from 2019-2022. 
The following dataset includes all Indian IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 49 deals.
The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.


Aequitas India IPOs Bookrunner Performance (2019-2022)

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>ICICI Securities (ISEC)’s overall revenue declined 7% YoY to INR8.8b in 3QFY23, In-line with our estimate as the weakness in retail brokerage and IB revenue was offset by strong interest rate-linked revenue (MTF and Treasury book).</li><li>ISEC’s retail broking revenue declined 13% YoY to INR3.3b.</li><li>The fall would have been steeper had it not been for an 18% YoY growth in interest income and 35% YoY jump in Prime Fees.</li></ul>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.

ICICI Securities (ISEC)’s overall revenue declined 7% YoY to INR8.8b in 3QFY23, In-line with our estimate as the weakness in retail brokerage and IB revenue was offset by strong interest rate-linked revenue (MTF and Treasury book).ISEC’s retail broking revenue declined 13% YoY to INR3.3b.The fall would have been steeper had it not been for an 18% YoY growth in interest income and 35% YoY jump in Prime Fees.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.

ICICI Securities (ISEC) - Muted Performance Led by Pressure on MTF NIMs

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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.

Thematic (Sector/Industry)

<ul><li>Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%)</li><li>Three-year revenue and volume CAGRs stand at 11% and 3.5%</li><li>Home care remained the showstopper, revenue/EBIT grew by 32/23% YoY</li></ul>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.

Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%)Three-year revenue and volume CAGRs stand at 11% and 3.5%Home care remained the showstopper, revenue/EBIT grew by 32/23% YoYContent 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.

HSIE Results Daily: Hindustan Unilever, Asian Paints, Havells India

HSIE Results Daily - Hindustan Unilever, Asian Paints

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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.

<ul><li>Focus on quality customer acquisition – ICICI Securities (ISEC) will focus on acquiring quality customers with the potential to generate higher revenues along with exhibiting higher persistency.</li><li>Though the pace of customer acquisition could slowdown in the near term, we believe the focus on quality customers would support ISEC’s revenue growth over the medium term. (Contd.)</li><li>Reduction of revenue cyclicity – ISEC has sharpened its focus on the (1) wealth management franchise, (2) derivatives, (3) insurance and (4) loan disbursements with the aim to reduce its dependence on the broking business, especially the cash market and capital market segments, thereby reducing the cyclicity in its revenues.</li></ul>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.

Focus on quality customer acquisition – ICICI Securities (ISEC) will focus on acquiring quality customers with the potential to generate higher revenues along with exhibiting higher persistency.Though the pace of customer acquisition could slowdown in the near term, we believe the focus on quality customers would support ISEC’s revenue growth over the medium term. (Contd.)Reduction of revenue cyclicity – ISEC has sharpened its focus on the (1) wealth management franchise, (2) derivatives, (3) insurance and (4) loan disbursements with the aim to reduce its dependence on the broking business, especially the cash market and capital market segments, thereby reducing the cyclicity in its revenues.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.

ICICI Securities - Soft Quarter; Broking Business Headwinds to Persist!

India

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ICICI Securities Ltd (ISEC IN)

Aequitas India IPOs Bookrunner Performance (2019-2022)

In this note, we will take a look at bookrunner performance for Indian IPOs from 2019-2022. This includes all Indian IPOs above US$100m for 2019...

Ethan Aw

ICICI Securities (ISEC) - Muted Performance Led by Pressure on MTF NIMs

The fall would have been steeper had it not been for an 18% YoY growth in interest income and 35% YoY jump in Prime Fees.

Motilal Oswal

HSIE Results Daily: Hindustan Unilever, Asian Paints, Havells India

Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%). Three-year revenue and...

HDFC Securities

HSIE Results Daily - Hindustan Unilever, Asian Paints

Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%). Three-year revenue and...

HDFC Securities

ICICI Securities - Soft Quarter; Broking Business Headwinds to Persist!

ICICI Securities (ISEC) will focus on acquiring quality customers with the potential to generate higher revenues along with exhibiting higher...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)