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

Juniper Green Energy Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/juniper-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:45455:1" rel="noopener">Juniper Green Energy Ltd (1831458D IN)</a> is looking to raise around US$350m in its upcoming India IPO. </li>
<li>Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Juniper Green Energy Ltd (1831458D IN) is looking to raise around US$350m in its upcoming India IPO. 
Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.
In this note, we look at the firm’s past performance.


Aequitas: Juniper Green Energy Pre-IPO - Execution-Led Growth but Risks Remain

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>The value vs. momentum factor divergence was 17 percentage points in EM last year - India as a highly-rated, defensive market was always likely to lag given that backdrop.</li>
<li>However, it has delivered a mediocre longer term return relative to the investor hype generated - the Sensex has seen only a 4.9% annualized return over the past five years and 2.7% over the past decade in USD.</li>
<li>That partly reflects the INR falling by a third since late 2011, underperforming even the commodity exposed IDR and MYR…</li>
</ul>


The value vs. momentum factor divergence was 17 percentage points in EM last year - India as a highly-rated, defensive market was always likely to lag given that backdrop.
However, it has delivered a mediocre longer term return relative to the investor hype generated - the Sensex has seen only a 4.9% annualized return over the past five years and 2.7% over the past decade in USD.
That partly reflects the INR falling by a third since late 2011, underperforming even the commodity exposed IDR and MYR…


Still Too Many Stale Bulls on India, as Structural Risks Deepen - 11th Jan 2017

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

Index Rebalance

<ul>
<li>With the review period nearly complete, there could be one change for the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> at the June rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> drops into deletion zone, while <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL IN)</a> and <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> are the highest ranked non-constituents outside direct inclusion zone.</li>
<li>Despite having a lower average free float market cap, <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> could be added to the index ahead of <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL IN)</a> to maintain sector balance.</li>
</ul>


With the review period nearly complete, there could be one change for the S&amp;P BSE SENSEX Index (SENSEX INDEX) at the June rebalance.

Trent Ltd (TRENT IN) drops into deletion zone, while Shriram Finance (SHFL IN) and Hindalco Industries (HNDL IN) are the highest ranked non-constituents outside direct inclusion zone.
Despite having a lower average free float market cap, Hindalco Industries (HNDL IN) could be added to the index ahead of Shriram Finance (SHFL IN) to maintain sector balance.


SENSEX Index Rebalance Preview: Sector Balance Could See Hindalco Replace Trent

Bagmane Prime Office REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bagmane-prime-office-reit" target="_blank" data-smartkarma-citation="entities:46266:1" rel="noopener">Bagmane Prime Office REIT (BPOR IN)</a> plans to raise around US$440m in its upcoming India IPO. It owns and manages premium Grade A+ business parks located in Bengaluru.</li>
<li>It represents a high-quality, institutionally-managed office REIT with strong asset quality, near-full occupancy, and embedded rental upside. Its balance sheet and acquisition pipeline provide support with moderate growth potential.</li>
<li>In this note, we talk about the firm’s historical performance.</li>
</ul>



Bagmane Prime Office REIT (BPOR IN) plans to raise around US$440m in its upcoming India IPO. It owns and manages premium Grade A+ business parks located in Bengaluru.
It represents a high-quality, institutionally-managed office REIT with strong asset quality, near-full occupancy, and embedded rental upside. Its balance sheet and acquisition pipeline provide support with moderate growth potential.
In this note, we talk about the firm’s historical performance.


Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

<p>The Indian government has cleared a key step in the implementation of Goods &amp; Services tax (GST) as it ensured acceptance of GST bill by Upper House of Parliament today. The Bill had been stalled in Upper House for over a year due to which the GST implementation got considerably delayed. <strong>GST reform is definitely a landmark legislation in Indian tax reform process that started with liberalisation in 1991 and is expected to benefit the economy (expected positive impact between 1-1.5% of GDP over</strong>…</p>

The Indian government has cleared a key step in the implementation of Goods &amp; Services tax (GST) as it ensured acceptance of GST bill by Upper House of Parliament today. The Bill had been stalled in Upper House for over a year due to which the GST implementation got considerably delayed. GST reform is definitely a landmark legislation in Indian tax reform process that started with liberalisation in 1991 and is expected to benefit the economy (expected positive impact between 1-1.5% of GDP over…

Landmark GST Legislation (India): Upper House Finally Approves; Next Steps & Impact (Inflationary??)

India

JSW Steel Limited is an Indian multinational steel company. It manufactures and sells a wide range of steel products, including hot rolled, cold rolled, galvanized, and color-coated steel, as well as TMT bars, wire rods, and alloy steel products, serving various industries such as automotive, construction, and infrastructure. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1982.

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JSW Steel (JSTL IN)

Aequitas: Juniper Green Energy Pre-IPO - Execution-Led Growth but Risks Remain

Juniper Green Energy is looking to raise around US$350m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Still Too Many Stale Bulls on India, as Structural Risks Deepen - 11th Jan 2017

The value vs. momentum factor divergence was 17 percentage points in EM last year - India as a highly-rated, defensive market was always likely to...

Sean Maher

SENSEX Index Rebalance Preview: Sector Balance Could See Hindalco Replace Trent

Sector balance could result in Hindalco being added to the index and replacing Trent. Passives need to trade over 5x ADV/11x delivery volume in the...

Brian Freitas

Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

Bagmane Prime Office Reit (BPOR) plans to raise around US$440m in its upcoming India IPO. In this note, we talk about the firm’s historical...

Akshat Shah

Landmark GST Legislation (India): Upper House Finally Approves; Next Steps & Impact (Inflationary??)

The Indian government has cleared a key step in the implementation of Goods & Services tax (GST) as it ensured acceptance of GST bill by Upper...

Asia Advisors

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