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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.</li>
</ul>



Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.


Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>CRL is a fast-growing domestic-focused Indian pharma company that focuses on chronic therapies related to Women's healthcare and cardio-diabetics. It has a diversified portfolio of 550+ products across 71 brands</li>
<li>It follows a roll-up growth model, acquiring brands from global MNCs that are complementary to its existing infrastructure. It has successfully scaled 7 brands  from ~1-2cr to 50+ crores</li>
<li>We estimate the company to deliver high teens earnings growth in the medium term and hence find the IPO attractive at ~30x FY27 earnings relative to peers trading at 25-40x</li>
</ul>


CRL is a fast-growing domestic-focused Indian pharma company that focuses on chronic therapies related to Women's healthcare and cardio-diabetics. It has a diversified portfolio of 550+ products across 71 brands
It follows a roll-up growth model, acquiring brands from global MNCs that are complementary to its existing infrastructure. It has successfully scaled 7 brands  from ~1-2cr to 50+ crores
We estimate the company to deliver high teens earnings growth in the medium term and hence find the IPO attractive at ~30x FY27 earnings relative to peers trading at 25-40x


Corona Remedies IPO Review: Rolling up Growth

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Corona Remedies IPO will open for subscription on December 8 and close on December 10. The IPO price band has been set at INR 1,008–1,062 per share.</li>
<li>The issue is entirely an OFS worth of INR 6,553.71M. Promoters including Dr. Kirtikumar Laxmidas Mehta, and investors including Sepia Investments, an affiliate of ChrysCapital are the main selling shareholders.</li>
<li>Fast growth, demonstrated capabilities of building a diversified portfolio, high presence in chronic and sub-chromic segments, and nationwide marketing network are the main investment thesis for Corona Remedies.  </li>
</ul>


Corona Remedies IPO will open for subscription on December 8 and close on December 10. The IPO price band has been set at INR 1,008–1,062 per share.
The issue is entirely an OFS worth of INR 6,553.71M. Promoters including Dr. Kirtikumar Laxmidas Mehta, and investors including Sepia Investments, an affiliate of ChrysCapital are the main selling shareholders.
Fast growth, demonstrated capabilities of building a diversified portfolio, high presence in chronic and sub-chromic segments, and nationwide marketing network are the main investment thesis for Corona Remedies.  


Corona Remedies IPO: Well-Positioned for Multi-Year Profitable Growth

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Overview: Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners’.</li><li>The Axis Intellect AI score strategy adopts unique approach to deliver alpha by applying equal exposure to ‘Core’ factors: Value, Growth, Quality, Momentum.</li><li>Key features • Consistently outperformed the benchmark with superior returns</li></ul><p><em>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.</em></p>

Overview: Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners’.The Axis Intellect AI score strategy adopts unique approach to deliver alpha by applying equal exposure to ‘Core’ factors: Value, Growth, Quality, Momentum.Key features • Consistently outperformed the benchmark with superior returnsContent 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.

<ul>
<li>Shionogi applied for indication expansion of its oral COVID-19 drug for pediatric patients. Simcere Pharmaceutical received approval of Enzeshu for the treatment of ovarian cancer in China.</li>
<li>WuXi XDC has completed its manufacturing site in Singapore. The site to commence operation this year. Sino Biopharma got marketing approval in China for its inhouse congenital hemophilia drug Anqixin.</li>
<li>Apollo Hospitals is demerging its omni-channel pharmacy and digital health business. Torrent Pharmaceuticals is acquiring controlling stake in J. B. Chemicals at an equity valuation of INR 257B.</li>
</ul>


Shionogi applied for indication expansion of its oral COVID-19 drug for pediatric patients. Simcere Pharmaceutical received approval of Enzeshu for the treatment of ovarian cancer in China.
WuXi XDC has completed its manufacturing site in Singapore. The site to commence operation this year. Sino Biopharma got marketing approval in China for its inhouse congenital hemophilia drug Anqixin.
Apollo Hospitals is demerging its omni-channel pharmacy and digital health business. Torrent Pharmaceuticals is acquiring controlling stake in J. B. Chemicals at an equity valuation of INR 257B.


APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

India

J.B. Chemicals & Pharmaceuticals Ltd. manufactures pharmaceuticals, chemicals and agro-based products. The Group's products include metrogyl, rantac (a ranitidine-based formula), and nicardia, a cardiac care medicine. The Company has an agreement with Justesa Imagen, to manufacture and market diagnostics under the "Trazograf" brand name.

J.B. Chemicals & Pharmaceuticals (JBCP IN)

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J.B. Chemicals & Pharmaceuticals (JBCP IN)

Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

Corona Remedies IPO Review: Rolling up Growth

CRL focuses on chronic therapies for Women's healthcare and cardio-diabetics, with a diverse portfolio of 550+ products. It follows a roll-up...

Himanshu Dugar

Corona Remedies IPO: Well-Positioned for Multi-Year Profitable Growth

Corona Remedies IPO will open for subscription on December 8 and close on December 10. The IPO price band has been set at INR1,008–1,062 per share....

Tina Banerjee

Axis Intellect - Balanced

Stock investment endeavors to deliver consistent outperformance over the long term by making a diversified investment of ‘Winners

Axis Direct

APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

Simcere, CSPC, and Sino Bio got approvals for their new drugs in China. Apollo Hospital announced a demerger. Torrent is acquiring controlling...

Tina Banerjee

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