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

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>, now Eternal, listed in July 2021 with a Foreign Ownership Limit (FOL) of 100%. Since listing, foreign ownership has dropped from over 70% to just under 45%.</li>
<li>Eternal is looking to cap foreign ownership at 49.5% to continue qualifying as an Indian-Owned-and-Controlled Company. That will give the company greater operational flexibility, especially for inventory ownership.</li>
<li>The FOL decrease will result in selling from passive global index trackers. With the stock 23.5% off its highs and a steady increase in futures open interest, covering could ensue.</li>
</ul>



Zomato (ZOMATO IN), now Eternal, listed in July 2021 with a Foreign Ownership Limit (FOL) of 100%. Since listing, foreign ownership has dropped from over 70% to just under 45%.
Eternal is looking to cap foreign ownership at 49.5% to continue qualifying as an Indian-Owned-and-Controlled Company. That will give the company greater operational flexibility, especially for inventory ownership.
The FOL decrease will result in selling from passive global index trackers. With the stock 23.5% off its highs and a steady increase in futures open interest, covering could ensue.


Zomato/Eternal: Lower Foreign Ownership Limits & The BIG Passive Selling

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>MCX is expected to report a revenue decline of 1.1% QoQ, led by a drop in options volume by ~6.1%, offset by 10% QoQ increase in futures volume</li><li>We expect SGF to come down by ~50% as MCX has been providing voluntary contribution over the last three quarters</li><li>We expect MCX to post a Revenue/PAT of INR 2.98/1.66bn in Q4, -1.1/+3.8% QoQ.</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.

MCX is expected to report a revenue decline of 1.1% QoQ, led by a drop in options volume by ~6.1%, offset by 10% QoQ increase in futures volumeWe expect SGF to come down by ~50% as MCX has been providing voluntary contribution over the last three quartersWe expect MCX to post a Revenue/PAT of INR 2.98/1.66bn in Q4, -1.1/+3.8% QoQ.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.

Exchanges, Staffing and Internet (Q4FY25E Results Preview): Softness persists

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> , <a href="https://www.smartkarma.com/entities/aurionpro-solutions-ltd" target="_blank" data-smartkarma-citation="entities:7984:1" rel="noopener">Aurionpro Solutions (AUPS IN)</a> , <a href="https://www.smartkarma.com/entities/mazagon-dock-shipbuilders-ltd" target="_blank" data-smartkarma-citation="entities:27022:1" rel="noopener">Mazagon Dock Shipbuilders (MAZDOCKS IN)  </a>have shared major updates across demand outlook, sector focus, expansion plans, and strategic pivots. </li>
<li>Each company is aligning efforts to navigate macro uncertainties, tap digital or sectoral growth, and optimize capital allocation.</li>
<li>From TCS’s cautious outlook and margin levers to Apollo’s digital push and Indigo’s hospitality play, these moves reflect a broad spectrum of strategies among market leaders.</li>
</ul>



Tata Consultancy Svcs (TCS IN) , Aurionpro Solutions (AUPS IN) , Mazagon Dock Shipbuilders (MAZDOCKS IN)  have shared major updates across demand outlook, sector focus, expansion plans, and strategic pivots. 
Each company is aligning efforts to navigate macro uncertainties, tap digital or sectoral growth, and optimize capital allocation.
From TCS’s cautious outlook and margin levers to Apollo’s digital push and Indigo’s hospitality play, these moves reflect a broad spectrum of strategies among market leaders.


<ul><li>Titan: Consolidated jewellery sales (ex-bullion) grew 27.3% YoY to INR159.9bn (in-line) powered by gold prices growth (up 25% YoY)</li><li>Domestic jewellery (ex-bullion) grew 25.4% YoY</li><li>Secondary UCP/LTL growth remained healthy at 28/22% respectively underpinned by a strong festive and wedding season (consol topline growth stood at 25.2% YoY at INR 177.4bn, in-line)</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.

Titan: Consolidated jewellery sales (ex-bullion) grew 27.3% YoY to INR159.9bn (in-line) powered by gold prices growth (up 25% YoY)Domestic jewellery (ex-bullion) grew 25.4% YoYSecondary UCP/LTL growth remained healthy at 28/22% respectively underpinned by a strong festive and wedding season (consol topline growth stood at 25.2% YoY at INR 177.4bn, in-line)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.

HSIE Results Daily: Titan, Infoedge, Zydus Lifesciences, Max Financial, Happiest Minds Technologies

India

Info Edge (India) Limited operates an online job posting website. The website offers services for recruiters, job seekers, and employers. The Company also operates an online matrimonial website for prospective brides, grooms, and relatives.

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Info Edge India (INFOE 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

Zomato/Eternal: Lower Foreign Ownership Limits & The BIG Passive Selling

Lowering the FOL from 100% to 49.5% will result in big passive selling. That could be offset by foreign buying in the short-term and covering via...

Brian Freitas

Exchanges, Staffing and Internet (Q4FY25E Results Preview): Softness persists

MCX is expected to report a revenue decline of 1.1% QoQ, led by a drop in options volume by ~6.1%, offset by 10% QoQ increase in futures volume

HDFC Securities

#3 Leadership Bytes(11-Apr-25)

Market leaders TCS, Aurionpro Solutions, and Mazagon Dock Shipbuilders are adapting to macro uncertainties, focusing on digital growth, and...

Sudarshan Bhandari

HSIE Results Daily: Titan, Infoedge, Zydus Lifesciences, Max Financial, Happiest Minds Technologies

Titan: Consolidated jewellery sales (ex-bullion) grew 27.3% YoY to INR159.9bn (in-line) powered by gold prices growth (up 25% YoY). Domestic...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Zomato/Eternal: Lower Foreign Ownership Limits & The BIG Passive Selling

Lowering the FOL from 100% to 49.5% will result in big passive selling. That could be offset by foreign buying in the short-term and covering via...

Brian Freitas

Exchanges, Staffing and Internet (Q4FY25E Results Preview): Softness persists

MCX is expected to report a revenue decline of 1.1% QoQ, led by a drop in options volume by ~6.1%, offset by 10% QoQ increase in futures volume

HDFC Securities

#3 Leadership Bytes(11-Apr-25)

​Market leaders TCS, Aurionpro Solutions, and Mazagon Dock Shipbuilders are adapting to macro uncertainties, focusing on digital growth, and...

Sudarshan Bhandari

HSIE Results Daily: Titan, Infoedge, Zydus Lifesciences, Max Financial, Happiest Minds Technologies

Titan: Consolidated jewellery sales (ex-bullion) grew 27.3% YoY to INR159.9bn (in-line) powered by gold prices growth (up 25% YoY). Domestic...

HDFC Securities

Market leaders TCS, Aurionpro Solutions, and Mazagon Dock Shipbuilders are adapting to macro uncertainties, focusing on digital growth, and...