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.

Event-Driven

<ul>
<li>In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN)</a>. Prior to that it had sold a similar amount in Mar 2022.</li>
<li>CPPIB will be released from its placement linked lockup early next month.</li>
<li>In this note, we will talk about the lockup dynamics and past deals performance.</li>
</ul>


In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in Mar 2022.
CPPIB will be released from its placement linked lockup early next month.
In this note, we will talk about the lockup dynamics and past deals performance.


Kotak Mahindra Bank - US$1.2 Billion Lockup Release

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced

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>Focus shifts to calibrated growth in unsecured segments with embargo lifted: With the embargo on the digital sourcing lifted, KMB will look to resume growth in the unsecured manner, though in a calibrated manner</li><li>. The management intends to gradually scale up the share of the unsecured portfolio to 15% from ~10.5% currently.</li><li>The bank has resumed issuance of new credit cards and plans to roll out new cards and initiatives to drive healthy growth in the portfolio. </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.

Focus shifts to calibrated growth in unsecured segments with embargo lifted: With the embargo on the digital sourcing lifted, KMB will look to resume growth in the unsecured manner, though in a calibrated manner. The management intends to gradually scale up the share of the unsecured portfolio to 15% from ~10.5% currently.The bank has resumed issuance of new credit cards and plans to roll out new cards and initiatives to drive healthy growth in the portfolio. 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.

Kotak Mahindra Bank Ltd - Steady Quarter; Looking to Accelerate Growth in Unsecured Segments

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

<ul><li>Kotak Mahindra Bank (KMB) reported a standalone PAT of ~INR33b (in line; 10% YoY growth).</li><li>Consol. PAT stood at INR47b (10% YoY growth) in 3QFY25. NII grew 10% YoY to INR71.9b (in line).</li><li>NIM surprised with a 2bp QoQ improvement to 4.93% (vs. our est. of 4.83%), benefitting from a reduction in SA rate.</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.

Kotak Mahindra Bank (KMB) reported a standalone PAT of ~INR33b (in line; 10% YoY growth).Consol. PAT stood at INR47b (10% YoY growth) in 3QFY25. NII grew 10% YoY to INR71.9b (in line).NIM surprised with a 2bp QoQ improvement to 4.93% (vs. our est. of 4.83%), benefitting from a reduction in SA rate.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.

Kotak Mahindra Bank - Steady Performance Amid Challenging Macro; RoA Outlook Healthy

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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.

<ul><li>Q3FY25 numbers were stable despite an RBI embargo and sectoral headwinds but timelines relating to lifting of RBI embargo remain unclear.</li><li>Core PPoP (excl. treasury gains &amp; other income) grew by 11% y-o-y/ 4% q-o-q.</li><li>Most key operating metrics did well - NIMs were stable, loan growth was better than expectation, deposit growth was also healthy and most importantly, asset quality trends were stable.</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.

Q3FY25 numbers were stable despite an RBI embargo and sectoral headwinds but timelines relating to lifting of RBI embargo remain unclear.Core PPoP (excl. treasury gains &amp; other income) grew by 11% y-o-y/ 4% q-o-q.Most key operating metrics did well - NIMs were stable, loan growth was better than expectation, deposit growth was also healthy and most importantly, asset quality trends were stable.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.

Kotak Mahindra Bank - Stable Show Amid Headwinds, RBI Embargo

India

Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers a wide range of products and services such as personal, commercial, and corporate banking services, including deposit accounts, loans, and investments. Kotak Mahindra Bank serves customers in India.

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Kotak Mahindra Bank (KMB IN)

Kotak Mahindra Bank - US$1.2 Billion Lockup Release

In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in...

Sumeet Singh

Meesho Ltd IPO - Value-Led Play, Moderately Priced

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s implied valuations in the...

Akshat Shah

Kotak Mahindra Bank Ltd - Steady Quarter; Looking to Accelerate Growth in Unsecured Segments

With the embargo on the digital sourcing lifted, KMB will look to resume growth in the unsecured manner, though in a calibrated manner

Axis Direct

Kotak Mahindra Bank - Steady Performance Amid Challenging Macro; RoA Outlook Healthy

Kotak Mahindra Bank (KMB) reported a standalone PAT of ~INR33b (in line; 10% YoY growth). Consol. PAT stood at INR47b (10% YoY growth) in 3QFY25....

Motilal Oswal

Kotak Mahindra Bank - Stable Show Amid Headwinds, RBI Embargo

Q3FY25 numbers were stable despite an RBI embargo and sectoral headwinds but timelines relating to lifting of RBI embargo remain unclear.

Sharekhan

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