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

Carraro India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carraro-india-limited" target="_blank" data-smartkarma-citation="entities:43890:1" rel="noopener">Carraro India Limited (810618Z IN)</a> is looking to raise about US$216m in its India IPO.</li>
<li>Carraro India Limited (CIL), is an independent tier 1 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Carraro India Limited (810618Z IN) is looking to raise about US$216m in its India IPO.
Carraro India Limited (CIL), is an independent tier 1 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India.
In this note, we talk about the company’s historical performance.


Carraro India Pre-IPO - Strategic Partnerships and Related Party Risks

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a>  raised about US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Blackbuck (1355652D IN)  raised about US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Life Insurance  of India / Equity Bottom-Up

<ul><li>In 2QFY25, LIC reported net premium income of INR1.2t, up 12% YoY.</li><li>For 1HFY25, net premium income grew 14% YoY to INR2.3t.</li><li>We expect net premiums to grow 8% YoY during 2HFY25. New business APE grew 26% YoY to INR164.7b, driven by 31% YoY growth in Individual APE to INR114.2b and 15% YoY growth in Group APE to INR50.5b.</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>

In 2QFY25, LIC reported net premium income of INR1.2t, up 12% YoY.For 1HFY25, net premium income grew 14% YoY to INR2.3t.We expect net premiums to grow 8% YoY during 2HFY25. New business APE grew 26% YoY to INR164.7b, driven by 31% YoY growth in Individual APE to INR114.2b and 15% YoY growth in Group APE to INR50.5b.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.

Life Insurance Corporation - APE Grows 26% YoY, VNB Margin Expands 260bp YoY to 17.9%

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a> is looking to raise about US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>Previously, we talked about the company’s historical performance. In this note, we share our quick thoughts on peer comparison and valuation.</li>
</ul>



Blackbuck (1355652D IN) is looking to raise about US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
Previously, we talked about the company’s historical performance. In this note, we share our quick thoughts on peer comparison and valuation.


Zinka Logistics IPO - Has Grown Rapidly but Looks Expensive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a> is looking to raise around US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Blackbuck (1355652D IN) is looking to raise around US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
In this note, we talk about the company’s historical performance.


Zinka Logistics Pre-IPO - Continued Financial Underperformance in a Highly Fragmented Market

India

Life Insurance Corporation of India operates as an insurance company. The Company provides life, pension, health, and micro insurance products and services. Life Insurance serves customers in India.

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Life Insurance of India (LICI IN)

Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Zinka Logistics (Blackbuck) raised about US$130m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

Life Insurance Corporation - APE Grows 26% YoY, VNB Margin Expands 260bp YoY to 17.9%

In 2QFY25, LIC reported net premium income of INR1.2t, up 12% YoY. For 1HFY25, net premium income grew 14% YoY to INR2.3t.

Motilal Oswal

Zinka Logistics IPO - Has Grown Rapidly but Looks Expensive

Zinka Logistics (Blackbuck) is looking to raise about US$130m in its India IPO. In this note, we undertake a quick peer comparison, and discuss our...

Akshat Shah

Zinka Logistics Pre-IPO - Continued Financial Underperformance in a Highly Fragmented Market

Zinka Logistics (Blackbuck) is looking to raise around US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Carraro India Pre-IPO - Strategic Partnerships and Related Party Risks

Carraro India Limited is looking to raise about US$216m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Zinka Logistics (Blackbuck) raised about US$130m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

Life Insurance Corporation - APE Grows 26% YoY, VNB Margin Expands 260bp YoY to 17.9%

In 2QFY25, LIC reported net premium income of INR1.2t, up 12% YoY. For 1HFY25, net premium income grew 14% YoY to INR2.3t.

Motilal Oswal

Zinka Logistics IPO - Has Grown Rapidly but Looks Expensive

Zinka Logistics (Blackbuck) is looking to raise about US$130m in its India IPO. In this note, we undertake a quick peer comparison, and discuss our...

Akshat Shah

Zinka Logistics Pre-IPO - Continued Financial Underperformance in a Highly Fragmented Market

Zinka Logistics (Blackbuck) is looking to raise around US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah