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.

Equity Capital Markets

Five Star Business Finance / Equity Capital Markets

<ul>
<li>Three PE investors are looking to raise up to US$158m via selling 5.9% of <a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (FIVESTAR IN)</a> (FSB).</li>
<li>Five-Star Business is a non-banking financial company that provides secured business loans to micro-entrepreneurs and self-employed individuals. FSB had raised around US$190m in its India IPO in Nov 2022.</li>
<li>In this note, we will talk about the deal dynamics and updates since our last note.</li>
</ul>


Three PE investors are looking to raise up to US$158m via selling 5.9% of Five Star Business Finance (FIVESTAR IN) (FSB).
Five-Star Business is a non-banking financial company that provides secured business loans to micro-entrepreneurs and self-employed individuals. FSB had raised around US$190m in its India IPO in Nov 2022.
In this note, we will talk about the deal dynamics and updates since our last note.


Five Star Placement - Well Flagged but Have a Lot More Stock to Get Through

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.

Thematic (Sector/Industry)

<ul><li>Healthy AUM growth: The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments.</li><li>Owing to seasonal weakness, disbursements for most financiers (ex-Vehicle financiers) moderated on a QoQ basis.</li><li>Management commentary on growth momentum sustaining is reassuring.</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.

Healthy AUM growth: The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments.Owing to seasonal weakness, disbursements for most financiers (ex-Vehicle financiers) moderated on a QoQ basis.Management commentary on growth momentum sustaining is reassuring.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.

Top Sector Ideas - Banking, Financial Services and Insurance (BFSI)

Equity Bottom-Up

<ul><li>Although Q1 was a seasonally weak quarter, MFL reported robust growth in AUM of 21/5% YoY/QoQ, mainly driven by healthy growth in MFI (Up 42% YoY, flat QoQ), vehicles (Up 60/14% YoY/QoQ) and housing (Up 37/10% YoY/QoQ).</li><li>Gold loan growth remained muted YoY and at 4% YoY.</li><li>Further, despite a spike in the cost of funds by 20 bps QoQ on the standalone book, net yields reported an uptick of 40 bps QoQ to 21.4%.</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.

Although Q1 was a seasonally weak quarter, MFL reported robust growth in AUM of 21/5% YoY/QoQ, mainly driven by healthy growth in MFI (Up 42% YoY, flat QoQ), vehicles (Up 60/14% YoY/QoQ) and housing (Up 37/10% YoY/QoQ).Gold loan growth remained muted YoY and at 4% YoY.Further, despite a spike in the cost of funds by 20 bps QoQ on the standalone book, net yields reported an uptick of 40 bps QoQ to 21.4%.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.

<ul><li>MFL reported steady growth in AUM of 17.2/11.2% YoY/QoQ, majorly driven by healthy growth in MFI (Up 40/15% YoY/QoQ), Vehicle (Up 49/16% YoY/QoQ) and other loans (Up 200/37% YoY/QoQ).</li><li>However, gold loans remained under pressure as it declined by 2% YoY but reported sequential growth of 6% QoQ.</li><li>Although net yields declined by 150 bps QoQ to 21% due to a change in gold loan tenure, aided by robust AUM growth, NII reported healthy growth of 25/3% YoY/QoQ.</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.

MFL reported steady growth in AUM of 17.2/11.2% YoY/QoQ, majorly driven by healthy growth in MFI (Up 40/15% YoY/QoQ), Vehicle (Up 49/16% YoY/QoQ) and other loans (Up 200/37% YoY/QoQ).However, gold loans remained under pressure as it declined by 2% YoY but reported sequential growth of 6% QoQ.Although net yields declined by 150 bps QoQ to 21% due to a change in gold loan tenure, aided by robust AUM growth, NII reported healthy growth of 25/3% YoY/QoQ.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.

Manappuram Finance - Stay Order on ED’s Investigation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (FIVESTAR IN)</a> raised around US$190m in its India IPO in Nov 2022.</li>
<li>Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Five Star Business Finance (FIVESTAR IN) raised around US$190m in its India IPO in Nov 2022.
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Five Star IPO Lock-Up - Over US$1.3bn Lockup Release with Less than US$1m ADV

India

Manappuram Finance Ltd. is a non-banking finance company. The Company offers loans against gold collateral, business loans, vehicle loans, foreign exchange and money transfer services; and sells gold coins.

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Manappuram Finance (MGFL IN)

Five Star Placement - Well Flagged but Have a Lot More Stock to Get Through

Three PE investors are looking to raise up to US$158m via selling 5.9% of Five Star Business Finance (FIVESTAR IN) (FSB). In this note, we talk...

Sumeet Singh

Top Sector Ideas - Banking, Financial Services and Insurance (BFSI)

The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments .Owing to seasonal weakness, disbursements for most...

Axis Direct

Manappuram Finance - Robust AUM Growth

Further, despite a spike in the cost of funds by 20 bps QoQ on the standalone book, net yields reported an uptick of 40 bps QoQ to 21.4%.

Axis Direct

Manappuram Finance - Stay Order on ED’s Investigation

Although net yields declined by 150 bps QoQ to 21% due to a change in gold loan tenure, aided by robust AUM growth, NII reported healthy growth of...

Axis Direct

Five Star IPO Lock-Up - Over US$1.3bn Lockup Release with Less than US$1m ADV

Five Star Business Finance (FIVESTAR IN) raised around US$190m in its India IPO in Nov 2022. Its US$1.3bn worth IPO lockup expiry is coming up soon.

Sumeet Singh

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