Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>Jio Platforms, a digital connectivity provider, has filed its draft prospectus. Its 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.</li>
<li>Our previous note included the company's business, financials and pre-IPO investor backing.</li>
<li>In this note, we compare the company with its listed peers, forecast earnings and provide our thoughts on valuation.</li>
</ul>


Jio Platforms, a digital connectivity provider, has filed its draft prospectus. Its 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.
Our previous note included the company's business, financials and pre-IPO investor backing.
In this note, we compare the company with its listed peers, forecast earnings and provide our thoughts on valuation.


Jio Platforms Pre-IPO: Peer Comparison and Valuation

<ul>
<li>Jio Platforms, a digital connectivity provider, has filed its draft prospectus. The 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.</li>
<li>We look at the company's two core businesses, mobile connectivity and fixed broadband.</li>
<li>We then look at the company's financial profile, cash generation, leverage and pre-IPO investor backing.</li>
</ul>


Jio Platforms, a digital connectivity provider, has filed its draft prospectus. The 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.
We look at the company's two core businesses, mobile connectivity and fixed broadband.
We then look at the company's financial profile, cash generation, leverage and pre-IPO investor backing.


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/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is looking to list later this month by selling 270m shares at up to INR 1119/share, raising INR 302bn (US$3.1bn) and valuing the company at INR 10,305bn (US$106.5bn).</li>
<li>The small float (2.93% of shares out) will result in the stock missing Fast Entry to global indices. The pre-IPO lock-up expiry in April could result in global index inclusion.</li>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms Ltd (1797135D IN)</a> will be added to some local indices in March, though inclusion in the headline indices will need to wait till at least June.</li>
</ul>



Jio Platforms is looking to list later this month by selling 270m shares at up to INR 1119/share, raising INR 302bn (US$3.1bn) and valuing the company at INR 10,305bn (US$106.5bn).
The small float (2.93% of shares out) will result in the stock missing Fast Entry to global indices. The pre-IPO lock-up expiry in April could result in global index inclusion.

Jio Platforms Ltd (1797135D IN) will be added to some local indices in March, though inclusion in the headline indices will need to wait till at least June.


Jio Platforms IPO: Index Entry Timeline & Flow for India's (Possibly) Largest IPO

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Jio Platforms has filed for an India IPO. The company is a technology platform combining mobile, fixed broadband and digital services.</li>
<li>Jio Platforms intends to use the proceeds for prepayment, in full or in part, of the principal amount outstanding of certain borrowings and for general corporate purpose.</li>
<li>Jio Platforms’ strong market presence, brand recognition, coupled with consistent subscriber addition does make this issue attractive for investors.</li>
</ul>


Jio Platforms has filed for an India IPO. The company is a technology platform combining mobile, fixed broadband and digital services.
Jio Platforms intends to use the proceeds for prepayment, in full or in part, of the principal amount outstanding of certain borrowings and for general corporate purpose.
Jio Platforms’ strong market presence, brand recognition, coupled with consistent subscriber addition does make this issue attractive for investors.


Jio Platforms Pre IPO: Steadily Broadening Its Band

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/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms Ltd (1797135D IN)</a>, India’s largest digital connectivity player, is set to launch its IPO to raise about US$3.4 billion.</li>
<li>I previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/jio-platforms-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:243953" rel="noopener">Jio Platforms IPO: The Investment Case</a></em></strong>. </li>
<li>My DCF valuation, which leans towards bullish assumptions, is 4.8% below the rumoured US$114 billion valuation. Therefore, Jio is fairly valued at the rumoured IPO valuation.</li>
</ul>



Jio Platforms Ltd (1797135D IN), India’s largest digital connectivity player, is set to launch its IPO to raise about US$3.4 billion.
I previously discussed the IPO in Jio Platforms IPO: The Investment Case. 
My DCF valuation, which leans towards bullish assumptions, is 4.8% below the rumoured US$114 billion valuation. Therefore, Jio is fairly valued at the rumoured IPO valuation.


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Jio Platforms Ltd (1797135D IN)

Jio Platforms Pre-IPO: Peer Comparison and Valuation

Jio Platforms has filed its draft prospectus with SEBI for its listing in India. In this note, we compare the company with its listed peers,...

Ke Yan, CFA, FRM

Jio Platforms Pre-IPO: Tearsheet

Jio Platforms has filed its draft prospectus with SEBI. In this tearsheet, we look at the company's business and operating profile, its industry,...

Ke Yan, CFA, FRM

Jio Platforms IPO: Index Entry Timeline & Flow for India's (Possibly) Largest IPO

Jio Platforms is looking to list in Oct after raising US$3.1bn at a valuation of US$106.5bn. No index Fast Entry given the low float. Passive...

Brian Freitas

Jio Platforms Pre IPO: Steadily Broadening Its Band

Jio Platforms has filed for an India IPO for prepayment of borrowings. Jio's strong market presence, brand recognition, coupled with consistent...

Tina Banerjee

Jio Platforms IPO: Valuation First-Look

Jio Platforms, India’s largest digital connectivity player, is set to launch its IPO to raise about US$3.4 billion. In this note, I take a first...

Arun George

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