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

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>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</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>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
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.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Adani Group plans to enter the cables and wires segment, eyeing acquisitions worth $500-700 million.</li>
<li>
<a href="https://www.smartkarma.com/entities/piramal-pharma-limited" target="_blank" data-smartkarma-citation="entities:36631:1" rel="noopener">Piramal Pharma (PIRPHARM IN)</a> aims $2B revenue by FY30, betting on CDMO growth, complex generics scale-up, and expanding consumer brands portfolio.</li>
<li>World Bank to invest $500 million in India’s climate-resilient rural housing, supporting sustainability, innovation, and inclusive growth under PMAY-G.</li>
</ul>


Adani Group plans to enter the cables and wires segment, eyeing acquisitions worth $500-700 million.

Piramal Pharma (PIRPHARM IN) aims $2B revenue by FY30, betting on CDMO growth, complex generics scale-up, and expanding consumer brands portfolio.
World Bank to invest $500 million in India’s climate-resilient rural housing, supporting sustainability, innovation, and inclusive growth under PMAY-G.


#124 India Insight: Adani Eyes Cables, Piramal Targets $2B, World Bank Backs Rural Homes

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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

<ul><li>We upgrade Nazara Technologies to BUY (earlier HOLD) with an SoTP-based TP of Rs1,185 (earlier Rs923) as we incorporate MTPL acquisition into our valuation.</li><li>MTPL operates an online gaming platform, PokerBaazi, and we believe this acquisition will strengthen Nazara’s position in real money gaming space.</li><li>The acquisition is also expected to be value accretive for Nazara given the scale advantage and unfavorable tax regime (28% GST on full pot value) that is making survival increasingly difficult for smaller players (lowers competitive risks).</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>

We upgrade Nazara Technologies to BUY (earlier HOLD) with an SoTP-based TP of Rs1,185 (earlier Rs923) as we incorporate MTPL acquisition into our valuation.MTPL operates an online gaming platform, PokerBaazi, and we believe this acquisition will strengthen Nazara’s position in real money gaming space.The acquisition is also expected to be value accretive for Nazara given the scale advantage and unfavorable tax regime (28% GST on full pot value) that is making survival increasingly difficult for smaller players (lowers competitive risks).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.

Nazara Technologies - Inorganic Moves to Fuel Growth

<ul>
<li>Adani plans to raise Rs 40,000 crore via NCDs from retail investors, diversifying funding sources.</li>
<li>Reliance secures 10 GWh battery storage under India’s PLI scheme, advancing clean energy goals.</li>
<li>Nazara partners with Telangana to launch an AI Centre, driving innovation in gaming and emerging tech.</li>
</ul>


Adani plans to raise Rs 40,000 crore via NCDs from retail investors, diversifying funding sources.
Reliance secures 10 GWh battery storage under India’s PLI scheme, advancing clean energy goals.
Nazara partners with Telangana to launch an AI Centre, driving innovation in gaming and emerging tech.


# 56 India Insight: HDB Targets IPO $9 Billion, Reliance PLI for 10GWh Battery Storage, Nazara AI

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Nazara Technologies / Forensic Accounting

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/nazara-technologies-ltd" target="_blank" data-smartkarma-citation="entities:32980:1" rel="noopener">Nazara Technologies (NAZARA IN)</a> were rattled last week after the company had received show cause notice from the GST Department on 16th July.</li>
<li>The GST liability pertained to two of its subsidiaries and summed up to INR 11.2 bn, which represents under 50% of consolidated net-worth.</li>
<li>However because the GST for the industry is a delicate and debatable matter, the actual impact on the financials cannot be ascertained now, but company faces a high legal risk.</li>
</ul>


Shares of Nazara Technologies (NAZARA IN) were rattled last week after the company had received show cause notice from the GST Department on 16th July.
The GST liability pertained to two of its subsidiaries and summed up to INR 11.2 bn, which represents under 50% of consolidated net-worth.
However because the GST for the industry is a delicate and debatable matter, the actual impact on the financials cannot be ascertained now, but company faces a high legal risk.


Nazara Technologies- Face off with Heavy Liability

India

Nazara Technologies Limited operates as a diversified gaming and sports media platform. The Company offers interactive learning, reporting, subscriptions, as well as kids, skill based, and sports simulation games. Nazara Technologies serves customers in India.

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Nazara Technologies (NAZARA IN)

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

#124 India Insight: Adani Eyes Cables, Piramal Targets $2B, World Bank Backs Rural Homes

Adani Group eyes $500-700 million acquisitions in cables/wires, Piramal Pharma targets $2B revenue by FY30, World Bank invests $500 million in...

Sudarshan Bhandari

Nazara Technologies - Inorganic Moves to Fuel Growth

We upgrade Nazara Technologies to BUY (earlier HOLD) with an SoTP-based TP of Rs1,185 (earlier Rs923) as we incorporate MTPL acquisition into our...

Prabhudas Lilladhar

# 56 India Insight: HDB Targets IPO $9 Billion, Reliance PLI for 10GWh Battery Storage, Nazara AI

Adani, Reliance, and Nazara make strategic moves to raise funds, advance clean energy goals, and drive innovation in gaming and emerging tech.

Sudarshan Bhandari

Nazara Technologies- Face off with Heavy Liability

Shares of Nazara Technologies took a hit after receiving a show cause notice from the GST Department for a significant liability, raising legal...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

#124 India Insight: Adani Eyes Cables, Piramal Targets $2B, World Bank Backs Rural Homes

​Adani Group eyes $500-700 million acquisitions in cables/wires, Piramal Pharma targets $2B revenue by FY30, World Bank invests $500 million in...

Sudarshan Bhandari

Nazara Technologies - Inorganic Moves to Fuel Growth

We upgrade Nazara Technologies to BUY (earlier HOLD) with an SoTP-based TP of Rs1,185 (earlier Rs923) as we incorporate MTPL acquisition into our...

Prabhudas Lilladhar

# 56 India Insight: HDB Targets IPO $9 Billion, Reliance PLI for 10GWh Battery Storage, Nazara AI

​Adani, Reliance, and Nazara make strategic moves to raise funds, advance clean energy goals, and drive innovation in gaming and emerging tech.

Sudarshan Bhandari

Nazara Technologies- Face off with Heavy Liability

​Shares of Nazara Technologies took a hit after receiving a show cause notice from the GST Department for a significant liability, raising legal...

Nitin Mangal

Adani Group eyes $500-700 million acquisitions in cables/wires, Piramal Pharma targets $2B revenue by FY30, World Bank invests $500 million in...

Adani, Reliance, and Nazara make strategic moves to raise funds, advance clean energy goals, and drive innovation in gaming and emerging tech.

Shares of Nazara Technologies took a hit after receiving a show cause notice from the GST Department for a significant liability, raising legal...