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

Bharat Coking Coal Limited (BCCL) / Equity Capital Markets

Bharat Coking Coal Limited (BCCL) (7535956Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> raised about US$119m in its India IPO in Jan 2026. The lockup on its promoter, Coal India is set to expire soon.</li>
<li>BCCL is a Coal India subsidiary engaged in mining of coking coal, producing grades of coking coal, non-coking coal, and washed coal, primarily for use in steel and power sectors.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Bharat Coking Coal Limited (BCCL) (7535956Z IN) raised about US$119m in its India IPO in Jan 2026. The lockup on its promoter, Coal India is set to expire soon.
BCCL is a Coal India subsidiary engaged in mining of coking coal, producing grades of coking coal, non-coking coal, and washed coal, primarily for use in steel and power sectors.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Bharat Coking Coal Ltd IPO Lockup - US$1.3bn Lockup Release; Near-Term Selldown Unlikely

Specialist in Indian Banking and Economic Research

Hemindra Hazari

Thematic (Sector/Industry)

On April 23, 2020, Franklin Templeton India (FTI) took the unprecedented step of winding up its six debt mutual fund schemes. The Securities and Exchange Board of India (SEBI) then ordered a confidential audit report on this fiasco. Excerpts of the report have now appeared in the media (<a href="https://www.moneycontrol.com/news/business/supreme-court-hearing-in-franklin-templeton-case-when-is-the-next-court-hearingcourt-case-on-franklin-templeton-ft-case-ft-hearing-franklim-templeton-cade-hearing-6553741.html/amp" target="_blank" rel="noopener">here</a> and <a href="https://themorningcontext.com/business/franklin-templeton-top-brass-put-self-interest-first" target="_blank" rel="noopener">here</a>). They reveal an abysmally poor standard of corporate governance at FTI, and serious <a href="https://www.businesstoday.in/current/economy-politics/ed-to-investigate-franklin-templeton-senior-officials-for-money-laundering/story/432903.html" target="_blank" rel="noopener">allegations</a> of unlawful gains and money laundering by its senior management.Franklin Templeton (FT) is known as a reputed 74-year-old multinational company which manages US$ 1.4 trillion globally. However, risk management at the Indian arm of this giant was given low priority. Business managers based in India were in a position to influence the director-risk based at FT’s headquarters in San Mateo, California. When critical concerns were raised by the India risk management team, these managers got them removed from a presentation made to the board of directors at FTI. Normally, regulators and the board of directors ensure the separation of risk management from business, so as to maintain the independence of the former; the latter are forbidden to dictate or influence risk reports. Such prudence and separation were disregarded by FTI. The fact that its director-risk in-charge of regional/global risk could be influenced by business managers in India is an indication of the state of FT’s global risk management. This should worry capital market regulators and investors in the geographical jurisdictions where FT operates.A number of top personnel are being investigated for their conduct (exiting schemes of FTI prior to the winding down announcement): Vivek Kudva, president Asia Pacific FT, his wife, Roopa Kudva (managing director, Omidyar Network India, independent director at <a href="https://www.smartkarma.com/entities/nestle-india-ltd" target="_blank" data-smartkarma-citation="entities:13101:1" rel="noopener">Nestle India (NEST IN) </a> and regarded as an expert on governance), Sanjay Sapre, president, FTI and Jayaram Iyer, CEO, FTI, Venkataradha Krishnan, director, FTI and Arvind Sonde, trustee, FT Trustee Services. This reveals the standards of ethics and integrity among the senior management of FTI. In the case of Roopa Kudva, it remains to be seen how companies such as Omidyar and Nestle, India respond if it is confirmed that their  director undertook trades based on unpublished market sensitive information.The announcement of the winding down of the debt schemes exposed the incompetence of FTI in corporate debt management. However, the leak of select sections of the forensic audit report has highlighted major fault lines in this multinational company, namely, the disregard of risk management and the lack of integrity and ethical standards among its entire senior management. To restore confidence the regulator should ensure a complete restructuring of the trustees and the board of directors of FTI’s AMC, and bar them from holding any senior posts in companies managing public funds, as they failed in their responsibilities. One only hopes that the rest of the mutual fund industry in India does not share the characteristics of FTI.

On April 23, 2020, Franklin Templeton India (FTI) took the unprecedented step of winding up its six debt mutual fund schemes. The Securities and Exchange Board of India (SEBI) then ordered a confidential audit report on this fiasco. Excerpts of the report have now appeared in the media (here and here). They reveal an abysmally poor standard of corporate governance at FTI, and serious allegations of unlawful gains and money laundering by its senior management.Franklin Templeton (FT) is known as a reputed 74-year-old multinational company which manages US$ 1.4 trillion globally. However, risk management at the Indian arm of this giant was given low priority. Business managers based in India were in a position to influence the director-risk based at FT’s headquarters in San Mateo, California. When critical concerns were raised by the India risk management team, these managers got them removed from a presentation made to the board of directors at FTI. Normally, regulators and the board of directors ensure the separation of risk management from business, so as to maintain the independence of the former; the latter are forbidden to dictate or influence risk reports. Such prudence and separation were disregarded by FTI. The fact that its director-risk in-charge of regional/global risk could be influenced by business managers in India is an indication of the state of FT’s global risk management. This should worry capital market regulators and investors in the geographical jurisdictions where FT operates.A number of top personnel are being investigated for their conduct (exiting schemes of FTI prior to the winding down announcement): Vivek Kudva, president Asia Pacific FT, his wife, Roopa Kudva (managing director, Omidyar Network India, independent director at Nestle India (NEST IN)  and regarded as an expert on governance), Sanjay Sapre, president, FTI and Jayaram Iyer, CEO, FTI, Venkataradha Krishnan, director, FTI and Arvind Sonde, trustee, FT Trustee Services. This reveals the standards of ethics and integrity among the senior management of FTI. In the case of Roopa Kudva, it remains to be seen how companies such as Omidyar and Nestle, India respond if it is confirmed that their  director undertook trades based on unpublished market sensitive information.The announcement of the winding down of the debt schemes exposed the incompetence of FTI in corporate debt management. However, the leak of select sections of the forensic audit report has highlighted major fault lines in this multinational company, namely, the disregard of risk management and the lack of integrity and ethical standards among its entire senior management. To restore confidence the regulator should ensure a complete restructuring of the trustees and the board of directors of FTI’s AMC, and bar them from holding any senior posts in companies managing public funds, as they failed in their responsibilities. One only hopes that the rest of the mutual fund industry in India does not share the characteristics of FTI.

Franklin Templeton Revelations: Business Trumps Risk, Private Interests Trump Ethics

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

The earnings momentum behind the sector is currently extraordinarily strong, with all four companies reporting an acceleration in revenue growth rates, record operating margins and a continued strong medium-term demand outlook, driven by accelerated cloud adoption and digitalisation, across many verticals and geographies. These companies are also set to record strong y/y growth numbers over the next two quarters given the low base from last year’s pandemic-hit fiscal 4Q20 and 1Q21. However, following phenomenal share price performance from its March-2020 lows, this has been reflected in valuations as these companies now trade at record valuation multiples, on based on significantly upgraded earnings growth expectations. In this insight, after a brief overview of the recent reporting season and the outlook for the industry, I look at what long-term growth expectations are implied by current valuation levels, based on the Justified PE calculation. I also compare this to other high-quality Indian companies.

The earnings momentum behind the sector is currently extraordinarily strong, with all four companies reporting an acceleration in revenue growth rates, record operating margins and a continued strong medium-term demand outlook, driven by accelerated cloud adoption and digitalisation, across many verticals and geographies. These companies are also set to record strong y/y growth numbers over the next two quarters given the low base from last year’s pandemic-hit fiscal 4Q20 and 1Q21. However, following phenomenal share price performance from its March-2020 lows, this has been reflected in valuations as these companies now trade at record valuation multiples, on based on significantly upgraded earnings growth expectations. In this insight, after a brief overview of the recent reporting season and the outlook for the industry, I look at what long-term growth expectations are implied by current valuation levels, based on the Justified PE calculation. I also compare this to other high-quality Indian companies.

Indian IT Services: What Justified PE Ratios Tell Us About Sustainable Growth Expectations

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on HDFC Bank, InterGlobe Aviation, Tata Motors Passenger Vehicles, Asian Paints, ICICI Bank, Coal India, Oil &amp; Natural Gas.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on HDFC Bank, InterGlobe Aviation, Tata Motors Passenger Vehicles, Asian Paints, ICICI Bank, Coal India, Oil &amp; Natural Gas.


NIFTY Index Earning Revision (Jun): HDFC Bank, InterGlobe Aviation, Tata Motors Passenger Vehicles

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

In this Smartkarma Original Series report, we scan the Asia Direct-to-Consumer (D2C) channel space for Consumer Packaged Goods to identify the verticals that have gained wider consumer acceptance and witnessed steady growth in each of the key geographies - China, South East Asia, and India. We look into the factors that enabled notable D2C brands in the Beauty, Fashion, and Food verticals to make steady inroads and disrupt the sector within a short period. We discuss the D2C ecosystem, brand journey and key challenges. 2020 has been the year that fast-tracked online retail penetration in most parts of Asia. In this context, we profile D2C brands with either a dominant segment presence or unique business model to gain a deeper understanding of the Asia D2C landscape.
What is original about this report? Insights and takeaways for Investors in Asia D2C branded players in consumer space based on our comparative study of the segment across three key geographies - China, SE Asia, and India. China's early march in digital transformation and D2C market space offers valuable lessons to players/investors in early-stage digital markets like India which is witnessing aggressive traction in this space. Insights discussed in the report have mostly been weaned from the startup experiences shared by founders of reputed D2C brands. The report also analyses investment outlook for select digitally native D2C brands with lead segment presence and/or unique business models.

 In this Smartkarma Original Series report, we scan the Asia Direct-to-Consumer (D2C) channel space for Consumer Packaged Goods to identify the verticals that have gained wider consumer acceptance and witnessed steady growth in each of the key geographies - China, South East Asia, and India. We look into the factors that enabled notable D2C brands in the Beauty, Fashion, and Food verticals to make steady inroads and disrupt the sector within a short period. We discuss the D2C ecosystem, brand journey and key challenges. 2020 has been the year that fast-tracked online retail penetration in most parts of Asia. In this context, we profile D2C brands with either a dominant segment presence or unique business model to gain a deeper understanding of the Asia D2C landscape.
What is original about this report? Insights and takeaways for Investors in Asia D2C branded players in consumer space based on our comparative study of the segment across three key geographies - China, SE Asia, and India. China's early march in digital transformation and D2C market space offers valuable lessons to players/investors in early-stage digital markets like India which is witnessing aggressive traction in this space. Insights discussed in the report have mostly been weaned from the startup experiences shared by founders of reputed D2C brands. The report also analyses investment outlook for select digitally native D2C brands with lead segment presence and/or unique business models.

D2C Brands in Asia: Disruption Potential in Consumer Space

India

Nestle India Limited is the Indian subsidiary of the Swiss multinational company Nestlé, operating as a prominent player in India's Fast-Moving Consumer Goods (FMCG) industry. The company manufactures and sells a diverse range of food products, beverages, chocolates, and confectioneries, with key brands including Maggi, Nescafé, and KitKat. Nestle India Limited was incorporated on March 28, 1959, and is headquartered in Gurugram, Haryana, India.

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Nestle India (NEST IN)

Aequitas: Bharat Coking Coal Ltd IPO Lockup - US$1.3bn Lockup Release; Near-Term Selldown Unlikely

Bharat Coking Coal Ltd (BCCL) raised about US$119m in its India IPO in Jan 2026. The lockup on its promoter, Coal India is set to expire soon.

Akshat Shah

Franklin Templeton Revelations: Business Trumps Risk, Private Interests Trump Ethics

The fact that its director-risk in-charge of regional/global risk could be influenced by business managers in India is an indication of the state...

Hemindra Hazari

Indian IT Services: What Justified PE Ratios Tell Us About Sustainable Growth Expectations

In this insight, I look at the long-term growth expectations implied by current valuation levels, based on a Justified PE calculation. I also...

Wium Malan, CFA

NIFTY Index Earning Revision (Jun): HDFC Bank, InterGlobe Aviation, Tata Motors Passenger Vehicles

We analyzed NIFTY's consensus for Jun 2026 and highlighted changes of EPS in HDFC Bank, InterGlobe Aviation, Tata Motors Passenger Vehicles, Asian...

Ke Yan, CFA, FRM

D2C Brands in Asia: Disruption Potential in Consumer Space

Insights for investors based on comparative study of Asia D2C landscape across India, SE Asia & China.Analysis of relative segment attractiveness....

Devi Subhakesan

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