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.

Event-Driven

<ul>
<li>In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares.  The lock-up on its pre-IPO shareholder will expire soon.</li>
<li>The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. </li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares.  The lock-up on its pre-IPO shareholder will expire soon.
The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. 
In this note, we will talk about the upcoming lockup expiry.


PB Fintech (Policy Bazaar) Lockup Expiry - US$1bn+, Stock Down 60% but Everyone Is in the Money

FSN E-Commerce Ventures (Nykaa) / Event-Driven

<ul>
<li>In Nov 2021, Nykaa raised around US$720m in its India IPO, via mostly selling secondary shares.</li>
<li>Nykaa is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products.</li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Nov 2021, Nykaa raised around US$720m in its India IPO, via mostly selling secondary shares.
Nykaa is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products.
In this note, we will talk about the upcoming lockup expiry.


FSN E-Commerce (Nykaa) Lockup Expiry - US$2.5bn Unlock with a Very Scattered Shareholding

Equity Capital Markets

Five Star Business Finance / Equity Capital Markets

<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 (0958461D IN)</a> is looking to raise around US$250m in its upcoming India IPO. </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 talk about the RHP updates and undertake a peer comparison.</li>
</ul>



Five Star Business Finance (0958461D IN) is looking to raise around US$250m in its upcoming India IPO. 
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 talk about the RHP updates and undertake a peer comparison.


Five-Star Business IPO - RHP Updates and Peer Comparion

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Campus Activewear / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear (CAMPUS IN)</a> was listed on 9th May, 2022, with its six-month lockup expiring today, 4th November 2022. </li>
<li>Campus Activewear is a lifestyle-oriented sports and athleisure footwear firm based in India. Operating under the “CAMPUS” brand, it offers a diverse portfolio of styles, color palettes, and price points.</li>
<li>Coming up for six-month lockup expiry are the pre-IPO investors and the Promoters, both of which had sold during the IPO.</li>
</ul>



Campus Activewear (CAMPUS IN) was listed on 9th May, 2022, with its six-month lockup expiring today, 4th November 2022. 
Campus Activewear is a lifestyle-oriented sports and athleisure footwear firm based in India. Operating under the “CAMPUS” brand, it offers a diverse portfolio of styles, color palettes, and price points.
Coming up for six-month lockup expiry are the pre-IPO investors and the Promoters, both of which had sold during the IPO.


Campus Activewear Lock-Up - Shares Have Nearly Doubled. Pre-IPO Investors Might Book Gains

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a> confirmed that it has “<em>received approaches from several parties expressing interest in a potential change of control transaction, including <a href="https://www.smartkarma.com/entities/westpac-banking-corp" target="_blank" data-smartkarma-citation="entities:444:1" rel="noopener">Westpac Banking (WBC AU)</a>.</em>”</li>
<li>Tyro previously rejected a A$1.27 offer from the Potentia consortium. Grok's get-out clause with Potentia sets the floor price of a competing bid at A$1.52 per share.</li>
<li>The last close of A$1.59 is higher than the floor price. Triangulating the value of a rival bid across several data points suggests a competing offer of around A$2.</li>
</ul>



Tyro Payments (TYR AU) confirmed that it has “received approaches from several parties expressing interest in a potential change of control transaction, including Westpac Banking (WBC AU).”
Tyro previously rejected a A$1.27 offer from the Potentia consortium. Grok's get-out clause with Potentia sets the floor price of a competing bid at A$1.52 per share.
The last close of A$1.59 is higher than the floor price. Triangulating the value of a rival bid across several data points suggests a competing offer of around A$2.


Tyro Confirms Westpac as One of the Interested Suitors

India

One 97 Communications Limited provides payment solutions. The Company provides online services such as hotel booking, top ups, data processing, games, mobile content, and bill payments. One 97 Communications Limited serves customers worldwide.

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Paytm (PAYTM IN)

PB Fintech (Policy Bazaar) Lockup Expiry - US$1bn+, Stock Down 60% but Everyone Is in the Money

In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares. The lock-up on its pre-IPO...

Sumeet Singh

FSN E-Commerce (Nykaa) Lockup Expiry - US$2.5bn Unlock with a Very Scattered Shareholding

In Nov 2021, Nykaa raised around US$720m in its India IPO, via mostly selling secondary shares. Stock worth US$2.5bn will soon come free from the...

Sumeet Singh

Five-Star Business IPO - RHP Updates and Peer Comparion

Five Star Business Finance is looking to raise around US$250m in its upcoming India IPO. In this note, we talk about the RHP updates and undertake...

Sumeet Singh

Campus Activewear Lock-Up - Shares Have Nearly Doubled. Pre-IPO Investors Might Book Gains

Campus Activewear (CAMPUS IN) was listed on 9th May, 2022, with its six-month lockup expiring today, 4th Nov 2022. Coming up for six-month lockup...

Clarence Chu

Tyro Confirms Westpac as One of the Interested Suitors

The floor price of a competing bid at A$1.52 per share. Triangulating the value of a rival bid across several data points suggests a competing...

Arun George

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