APAC IPOs & Placements, Aequitas Research

Akshat Shah

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>Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$242m via selling a 4% stake in <a href="https://www.smartkarma.com/entities/one-97-communications-limited-paytm" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a>.</li>
<li>Antfin has been selling off its stake since it pared around 12% in its Nov'21 IPO. As of date of writing, it had a 9.85% stake remaining in the firm.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$242m via selling a 4% stake in Paytm (PAYTM IN).
Antfin has been selling off its stake since it pared around 12% in its Nov'21 IPO. As of date of writing, it had a 9.85% stake remaining in the firm.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


PayTM Block - US$242m Secondary Block Deal a Small One to Digest

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crizac" target="_blank" data-smartkarma-citation="entities:41120:1" rel="noopener">Crizac (CRIZAC IN)</a> is looking to raise US$120m in its upcoming India IPO.</li>
<li>Crizac is an education platform offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Crizac (CRIZAC IN) is looking to raise US$120m in its upcoming India IPO.
Crizac is an education platform offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).
In this note, we talk about the company’s historical performance.


Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive 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>Over the next couple of weeks, we will focus on highlighting key earnings and what catches our attention in the conference calls</li>
<li>Top Large Cap Bullish Ideas include <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management Co Ltd (HDFCAMC IN)</a>, <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> &amp; <a href="https://www.smartkarma.com/entities/pvr-inox-limited" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">Pvr Inox (PVRINOX IN)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/d-b-corp-ltd" target="_blank" data-smartkarma-citation="entities:6044:1" rel="noopener">D.B. Corp Ltd (DBCL IN)</a>, <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a> &amp; <a href="https://www.smartkarma.com/entities/gopal-snacks-ltd" target="_blank" data-smartkarma-citation="entities:40960:1" rel="noopener">Gopal Snacks (GOPAL IN)</a> are names that we have a bearish view on. </li>
</ul>


Over the next couple of weeks, we will focus on highlighting key earnings and what catches our attention in the conference calls
Top Large Cap Bullish Ideas include HDFC Asset Management Co Ltd (HDFCAMC IN), Bajaj Auto Ltd (BJAUT IN) &amp; Pvr Inox (PVRINOX IN).

D.B. Corp Ltd (DBCL IN), IndiaMart (INMART IN) &amp; Gopal Snacks (GOPAL IN) are names that we have a bearish view on. 


Namaste India 🙏 | Earnings Editions Are Back

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

JINGDONG Industrials / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrial-technology-ltd" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrial Technology</a> is looking to raise about US$1bn in its upcoming HK IPO.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We have looked at the company background and provided our initial thoughts on valuations in our previous notes. In this note, we will talk about the refiling updates.</li>
</ul>



JD Industrial Technology is looking to raise about US$1bn in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We have looked at the company background and provided our initial thoughts on valuations in our previous notes. In this note, we will talk about the refiling updates.


JD Industrials Pre-IPO - Refiling Updates - Few Hits, Few Misses

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.

Brainbees Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions (0172540D IN)</a>, India’s largest multi-channel retailing platform for mothers’, babies’ and kids’ products, will launch an IPO to raise up to US$500 million.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/brainbees-solutions-firstcry-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:125537" rel="noopener">Brainbees Solutions (FirstCry) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/brainbees-solutions-firstcry-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:125973" rel="noopener">Brainbees Solutions (FirstCry) IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/brainbees-solutions-firstcry-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:153804" rel="noopener">Brainbees Solutions (FirstCry) IPO: The Investment Case</a>.</li>
<li>Our valuation analysis suggests that the IPO price range of Rs440-465 per share is attractive. Therefore, we would participate in the IPO.</li>
</ul>



BrainBees Solutions (0172540D IN), India’s largest multi-channel retailing platform for mothers’, babies’ and kids’ products, will launch an IPO to raise up to US$500 million.
We previously discussed the IPO in Brainbees Solutions (FirstCry) IPO: The Bull Case, Brainbees Solutions (FirstCry) IPO: The Bear Case and Brainbees Solutions (FirstCry) IPO: The Investment Case.
Our valuation analysis suggests that the IPO price range of Rs440-465 per share is attractive. Therefore, we would participate in the IPO.


Brainbees Solutions (FirstCry) IPO: Valuation Insights

India

IndiaMART InterMESH operates as an online B2B marketplace, connecting buyers with suppliers across India for a wide range of products and services, primarily serving small and medium enterprises. The platform facilitates business interactions and offers solutions like lead generation and digital marketing. It is headquartered in Noida, Uttar Pradesh, India, and was founded in 1996.

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IndiaMART (INMART IN)

PayTM Block - US$242m Secondary Block Deal a Small One to Digest

Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$242m via selling a 4% stake in One 97 Communications Ltd (PayTM).

Akshat Shah

Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

Crizac is looking to raise US$120m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Namaste India 🙏 | Earnings Editions Are Back

Focus on key earnings and conference calls. Top Large Cap Bullish Ideas: HDFC Asset Management, Bajaj Auto, Pvr Inox. Bearish view on D.B. Corp,...

Pranav Bhavsar

JD Industrials Pre-IPO - Refiling Updates - Few Hits, Few Misses

JD Industrial Technology is looking to raise about US$1bn in its upcoming HK IPO. We have looked at its past performance in our earlier notes. In...

Sumeet Singh

Brainbees Solutions (FirstCry) IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs440-465 per share is attractive. Therefore, we would participate in the IPO.

Arun George

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