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

<ul>
<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

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> raised about US$400m in its India IPO. </li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) raised about US$400m in its India IPO. 
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Schloss Bangalore IPO Trading - Decent Anchor; Muted Overall Demand

India Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

India Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beiqi-foton-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:4732:1" rel="noopener">Beiqi Foton Motor Co Ltd A (600166 CH)</a>, via Energy In Motion, marks <a href="https://www.smartkarma.com/entities/baic-motor-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:90:1" rel="noopener">Baic Motor Corp Ltd H (1958 HK)</a>’s electric truck entry in India targeting heavy-duty logistics.</li>
<li>In this insight we attempt to identify implications on existing players like <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>, <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> , <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> and others.</li>
<li>Ravindra Energy's INR 180 crore equity raise appears to have been a strategic precursor, providing funding to support infrastructure and operational rollout of electric commercial vehicles in partnership with Foton.</li>
</ul>



Beiqi Foton Motor Co Ltd A (600166 CH), via Energy In Motion, marks Baic Motor Corp Ltd H (1958 HK)’s electric truck entry in India targeting heavy-duty logistics.
In this insight we attempt to identify implications on existing players like Ashok Leyland (AL IN), Tata Motors Ltd (TTMT IN) , Mahindra &amp; Mahindra (MM IN) and others.
Ravindra Energy's INR 180 crore equity raise appears to have been a strategic precursor, providing funding to support infrastructure and operational rollout of electric commercial vehicles in partnership with Foton.


BAIC Enters Indian Commercial Vehicle Market - Implications

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>US is focusing on propelling growth with tax cuts, ignoring the debt problem. The obvious consequence, more USD depreciation, could drive more money from US assets into Asia and Europe.</li>
<li>If 1% of US free float market cap flows into Asia, it would constitute 7.2% of Asia's market cap. That's more than 5x the highest ever annual Asian FII inflow.</li>
<li>Taiwan, Korea and India have seen the biggest FII flow revival. To sidestep the deleterious effect of sharp USD appreciation on Asian exports, investors should play China, India, Indonesia, Philippines.</li>
</ul>


US is focusing on propelling growth with tax cuts, ignoring the debt problem. The obvious consequence, more USD depreciation, could drive more money from US assets into Asia and Europe.
If 1% of US free float market cap flows into Asia, it would constitute 7.2% of Asia's market cap. That's more than 5x the highest ever annual Asian FII inflow.
Taiwan, Korea and India have seen the biggest FII flow revival. To sidestep the deleterious effect of sharp USD appreciation on Asian exports, investors should play China, India, Indonesia, Philippines.


More USD Depreciation on the Cards - Who Wins, Who Loses.

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> raised about US$252m in its India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Belrise Industries (9156339Z IN) raised about US$252m in its India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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Mahindra & Mahindra (MM 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

Schloss Bangalore IPO Trading - Decent Anchor; Muted Overall Demand

Schloss Bangalore Ltd (SBL) raised about US$400m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

BAIC Enters Indian Commercial Vehicle Market - Implications

The stock is looking to close another 17% up today post the 20% upper freeze on the day of announcement. The company has released a business update...

Sreemant Dudhoria,CFA

More USD Depreciation on the Cards - Who Wins, Who Loses.

US tax cuts may propel more USD depreciation, continuing to drive US funds to Asia & Europe. Investors should selectively play CN, India, Indo,...

Manishi Raychaudhuri

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Schloss Bangalore IPO Trading - Decent Anchor; Muted Overall Demand

Schloss Bangalore Ltd (SBL) raised about US$400m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

BAIC Enters Indian Commercial Vehicle Market - Implications

The stock is looking to close another 17% up today post the 20% upper freeze on the day of announcement. The company has released a business update...

Sreemant Dudhoria,CFA

More USD Depreciation on the Cards - Who Wins, Who Loses.

​US tax cuts may propel more USD depreciation, continuing to drive US funds to Asia & Europe. Investors should selectively play CN, India, Indo,...

Manishi Raychaudhuri

Belrise Industries IPO Trading - Robust Insti Demand; Leads Recent Listings

Belrise Industries Limited (BIL) raised about US$252m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

US tax cuts may propel more USD depreciation, continuing to drive US funds to Asia & Europe. Investors should selectively play CN, India, Indo,...