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

Niva Bupa Health Insurance / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/niva-bupa-health-insurance" target="_blank" data-smartkarma-citation="entities:43716:1" rel="noopener">Niva Bupa Health Insurance (1226871D IN)</a> (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Niva Bupa Health Insurance (1226871D IN) (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

Value investor- India mid & small caps

Bhaskar Chakraborty

Equity Bottom-Up

<ul><li>India’s second largest air conditioning (AC) player in a barely penetrated market offering a very long runway for growth.</li><li>Beneficiary of the high growth consumer AC industry. Company’s growth rate has far outstripped industry growth rate despite competition demonstrating the power of its brand.</li><li>Company has limited presence in North India that accounts for 40% of the market. Large room to improve distribution in north India and a wide portfolio of inverter ACs provides better growth outlook.</li><li>Business requires little capex to grow earnings. Impressive cash generation with 100% of EBITDA getting converted to operating cashflow (OCF) and 75% of OCF converting into free cashflow.</li><li>Low debt balance sheet, attractive dividend policy and healthy return ratios are additional sweeteners.</li><li>Consensus expects 37% EPS Cagr over FY16-19. At 10% discount to its comparable universe, Blue Star’s fair value is Rs780/share.</li></ul>

India’s second largest air conditioning (AC) player in a barely penetrated market offering a very long runway for growth.Beneficiary of the high growth consumer AC industry. Company’s growth rate has far outstripped industry growth rate despite competition demonstrating the power of its brand.Company has limited presence in North India that accounts for 40% of the market. Large room to improve distribution in north India and a wide portfolio of inverter ACs provides better growth outlook.Business requires little capex to grow earnings. Impressive cash generation with 100% of EBITDA getting converted to operating cashflow (OCF) and 75% of OCF converting into free cashflow.Low debt balance sheet, attractive dividend policy and healthy return ratios are additional sweeteners.Consensus expects 37% EPS Cagr over FY16-19. At 10% discount to its comparable universe, Blue Star’s fair value is Rs780/share.

India Consumer Discretionary: Blue Star- Multi Year Opportunity

India

Lloyd Electric and Engineering Limited manufactures condenser and evaporator coils for air conditioners of various capacities. The Company's products are used as original equipment in window, package, automotive and split air conditioners.

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Lloyd Electric & Engineering (LEE IN)

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

India Consumer Discretionary: Blue Star- Multi Year Opportunity

India’s second largest air conditioning (AC) player in a barely penetrated market offering a very long runway for growth. Beneficiary of the high...

Bhaskar Chakraborty

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