APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Muthoot Microfin / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muthoot-microfin" target="_blank" data-smartkarma-citation="entities:39950:1" rel="noopener">Muthoot Microfin (MUTHOOTM IN)</a><a href="https://www.smartkarma.com/entities/muthoot-microfin" target="_blank" data-smartkarma-citation="entities:39950:1" rel="noopener"> </a>raised around US$115m in its Indian IPO, after pricing the deal at the top end of its IPO range at INR291/share.</li>
<li>Muthoot Microfin is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Muthoot Microfin (MUTHOOTM IN) raised around US$115m in its Indian IPO, after pricing the deal at the top end of its IPO range at INR291/share.
Muthoot Microfin is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Muthoot Microfin Lockup Expiry - Pre-IPO Investors Well in the Money Despite the Stock’s Performance

Clarence Chu

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>Coming up for six-month lockup expiry on 18th Jun 2024 are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.</li>
</ul>



India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
Coming up for six-month lockup expiry on 18th Jun 2024 are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.


India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

Belstar Microfinance Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belstar-microfinance-ltd" target="_blank" data-smartkarma-citation="entities:43409:1" rel="noopener">Belstar Microfinance Ltd (3624918Z IN)</a> is looking to raise US$156m in its upcoming India IPO. The bookrunners on the deal are ICICI Securities, Axis Capital, HDFC Bank, SBI Capital Markets.</li>
<li>Belstar Microfinance (Belstar) is a non-banking finance company (NBFC) in India with a focus on furnishing micro-enterprise loans.</li>
<li>As per the CRISIL report, the firm was the ninth largest NBFC - Micro Finance Institution (NBFC-MFI) in terms of assets under management (AUM) as of Dec 2023.</li>
</ul>



Belstar Microfinance Ltd (3624918Z IN) is looking to raise US$156m in its upcoming India IPO. The bookrunners on the deal are ICICI Securities, Axis Capital, HDFC Bank, SBI Capital Markets.
Belstar Microfinance (Belstar) is a non-banking finance company (NBFC) in India with a focus on furnishing micro-enterprise loans.
As per the CRISIL report, the firm was the ninth largest NBFC - Micro Finance Institution (NBFC-MFI) in terms of assets under management (AUM) as of Dec 2023.


Belstar Microfinance Limited Pre-IPO Tearsheet

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The last week was a very busy one. The coming week has some announcements and implementations but is a relatively quieter one.</li>
<li>The <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50 (STAR50 INDEX)</a> and STAR100 Index changes for March will be implemented at the close on Friday, the 8th.</li>
<li>Another week of inflows for the <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares Emerging Markets ex-China (EMXC US)</a> ETF as creations cross US$2bn for 2024. ETF AUM has gone from US$420m in 2021 to US$11bn now!</li>
</ul>


The last week was a very busy one. The coming week has some announcements and implementations but is a relatively quieter one.
The SSE STAR50 (STAR50 INDEX) and STAR100 Index changes for March will be implemented at the close on Friday, the 8th.
Another week of inflows for the iShares Emerging Markets ex-China (EMXC US) ETF as creations cross US$2bn for 2024. ETF AUM has gone from US$420m in 2021 to US$11bn now!


Index Rebalance & ETF Flow Recap: STAR50/100, FXI, NIFTY/NEXT50, S&P500, KOSPI, Goodman, Ecopro BM

<ul>
<li>There are five changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> that will be implemented at the close on 27 March. Changes are on expected lines.</li>
<li>Estimated one-way turnover for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> is 10.1% resulting in a one-way trade of INR 22.2bn (US$268m).</li>
<li>Apart from the impact on the adds and deletes, there will be a big impact on some of the non-F&amp;O stocks due to capping and funding flows.</li>
</ul>


There are five changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) that will be implemented at the close on 27 March. Changes are on expected lines.
Estimated one-way turnover for the NSE Nifty Next 50 Index (NIFTYJR INDEX) is 10.1% resulting in a one-way trade of INR 22.2bn (US$268m).
Apart from the impact on the adds and deletes, there will be a big impact on some of the non-F&amp;O stocks due to capping and funding flows.


NIFTY NEXT50 Index Rebalance: Five Changes on Expected Lines; Big Turnover

India

Muthoot Finance Ltd. is a gold financing company. The Company provides personal and business loans secured by gold jewellery, or Gold Loans primarily to individuals who possess gold jewelry but can't access formal credit lines.

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Muthoot Finance (MUTH IN)

Muthoot Microfin Lockup Expiry - Pre-IPO Investors Well in the Money Despite the Stock’s Performance

Muthoot Microfin (MUTHOOTM IN) raised around US$115m in its Indian IPO, after pricing the deal at the top end of its IPO range at INR291/share.

Ethan Aw

India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their...

Clarence Chu

Belstar Microfinance Limited Pre-IPO Tearsheet

Belstar Microfinance Ltd (3624918Z IN) is looking to raise US$156m in its upcoming India IPO. The bookrunners on the deal are ICICI Securities,...

Clarence Chu

Index Rebalance & ETF Flow Recap: STAR50/100, FXI, NIFTY/NEXT50, S&P500, KOSPI, Goodman, Ecopro BM

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

NIFTY NEXT50 Index Rebalance: Five Changes on Expected Lines; Big Turnover

There are 5 changes for the NIFTY NEXT50 in March. The changes were forecast and there will be positioning. There are capping changes for non-FnO...

Brian Freitas

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