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

Raajmarg Infra Investment Trust / Equity Capital Markets

Raajmarg Infra Investment Trust (RIIT IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raajmarg-infra-investment-trust" target="_blank" data-smartkarma-citation="entities:47598:1" rel="noopener">Raajmarg Infra Investment Trust (RIIT IN)</a> raised around US$650m in its India IPO.</li>
<li>RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Raajmarg Infra Investment Trust (RIIT IN) raised around US$650m in its India IPO.
RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Ex-Buyside Principal, now doing Independent Secondary Research on Indian Equities

Pawan Sachdeva

Thematic (Sector/Industry)

This work has been done to look at:<ol><li>How finances of state of Karnataka have moved over last decade ?</li><li>Detailed Break Up of Revenue, Expenditure, Capital Expenditure and subsidies  </li><li>Key Budget Comments on Drinking Water, Energy etc.</li></ol>Who will have have interest in reading this presentation<ul><li>Some one who follows Indian Economy</li><li>Some one looking at Karnataka State as “area of operation” in any field.</li></ul>

This work has been done to look at:How finances of state of Karnataka have moved over last decade ?Detailed Break Up of Revenue, Expenditure, Capital Expenditure and subsidies  Key Budget Comments on Drinking Water, Energy etc.Who will have have interest in reading this presentationSome one who follows Indian EconomySome one looking at Karnataka State as “area of operation” in any field.

A close look at the Financials and Budget of Karnataka State

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raajmarg-infra-investment-trust" target="_blank" data-smartkarma-citation="entities:47598:1" rel="noopener">Raajmarg Infra Investment Trust (RIIT IN)</a> is planning to raise about US$652m through its India IPO.</li>
<li>RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.</li>
<li>In this note, we talk about the company’s historical performance, peer comparison and IPO valuations.</li>
</ul>



Raajmarg Infra Investment Trust (RIIT IN) is planning to raise about US$652m through its India IPO.
RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.
In this note, we talk about the company’s historical performance, peer comparison and IPO valuations.


Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/karnataka-bank-ltd" target="_blank" data-smartkarma-citation="entities:281:1" rel="noopener">Karnataka Bank (KBL IN)</a>'s top two executives resigned under unclear circumstances, with boardroom friction, unauthorized spending, and weak financial performance raising concerns.</li>
<li>Even audit report also suggests some red flags of minuscule amounts in unauthorized expenses, raising governance issues.</li>
<li>The bank’s leadership shakeup and declining financials suggest instability; while governance reforms are needed along with new and strong leadership and governance realignment.</li>
</ul>



Karnataka Bank (KBL IN)'s top two executives resigned under unclear circumstances, with boardroom friction, unauthorized spending, and weak financial performance raising concerns.
Even audit report also suggests some red flags of minuscule amounts in unauthorized expenses, raising governance issues.
The bank’s leadership shakeup and declining financials suggest instability; while governance reforms are needed along with new and strong leadership and governance realignment.


Executive Exodus at Karnataka Bank: More Than Just "Personal Reasons"?

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.

Equity Bottom-Up

<ul><li>Teams and Processes Strengthened: As a part of its transformative journey under the new management, the bank undertook the reorganisation of several departments, strengthening underwriting capabilities, working towards freeing the bandwidth of branches alongside strengthening its management and business teams across functions, with key managerial positions being filled.</li><li>The bank has also tried to enhance its digital capabilities and effectively bridge its technological gaps.</li><li>Additionally, along with its traditional branch-led business sourcing model, the bank has sharpened its focus on sales-led, digital and partnership-led (for select products)</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.

Teams and Processes Strengthened: As a part of its transformative journey under the new management, the bank undertook the reorganisation of several departments, strengthening underwriting capabilities, working towards freeing the bandwidth of branches alongside strengthening its management and business teams across functions, with key managerial positions being filled.The bank has also tried to enhance its digital capabilities and effectively bridge its technological gaps.Additionally, along with its traditional branch-led business sourcing model, the bank has sharpened its focus on sales-led, digital and partnership-led (for select products)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.

Karnataka Bank Ltd. - Gearing Up for Growth After a Year of Consolidation!

India

Karnataka Bank Ltd is a full-service bank. The Bank accepts deposits, makes loans and provides other services for the public.

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Karnataka Bank (KBL IN)

Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Raajmarg Infra Investment Trust (RIIT) raised around US$650m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

A close look at the Financials and Budget of Karnataka State

This work has been done to look at: How finances of state of Karnataka have moved over last decade ? Detailed Break Up of Revenue, Expenditure,...

Pawan Sachdeva

Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Raajmarg Infra Investment Trust (RIIT) is planning to raise about US$652m through its India IPO. In this note, we talk about the company’s...

Akshat Shah

Executive Exodus at Karnataka Bank: More Than Just "Personal Reasons"?

Karnataka Bank faces leadership turmoil and financial concerns as top executives resign amid boardroom friction and unauthorized spending.

Nimish Maheshwari

Karnataka Bank Ltd. - Gearing Up for Growth After a Year of Consolidation!

As a part of its transformative journey under the new management, the bank undertook the reorganisation of several departments, strengthening...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Raajmarg Infra Investment Trust (RIIT) raised around US$650m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

A close look at the Financials and Budget of Karnataka State

This work has been done to look at: How finances of state of Karnataka have moved over last decade ? Detailed Break Up of Revenue, Expenditure,...

Pawan Sachdeva

Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Raajmarg Infra Investment Trust (RIIT) is planning to raise about US$652m through its India IPO. In this note, we talk about the company’s...

Akshat Shah

Executive Exodus at Karnataka Bank: More Than Just "Personal Reasons"?

​Karnataka Bank faces leadership turmoil and financial concerns as top executives resign amid boardroom friction and unauthorized spending.

Nimish Maheshwari

Karnataka Bank Ltd. - Gearing Up for Growth After a Year of Consolidation!

As a part of its transformative journey under the new management, the bank undertook the reorganisation of several departments, strengthening...

Axis Direct

Karnataka Bank faces leadership turmoil and financial concerns as top executives resign amid boardroom friction and unauthorized spending.