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

Niva Bupa Health Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/niva-bupa-health-insurance" target="_blank" data-smartkarma-citation="entities:43716:1" rel="noopener">Niva Bupa Health Insurance (1226871D IN)</a> (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Niva Bupa Health Insurance (1226871D IN) (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>Multiple new agencies have been reporting that <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> plans to trim its investment portfolio over the remainder of the year. </li>
<li>The reports have been coming in since the second half of the year and the company has been duly denying these rumors.</li>
<li>In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.</li>
</ul>


Multiple new agencies have been reporting that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. 
The reports have been coming in since the second half of the year and the company has been duly denying these rumors.
In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.


Tencent Investee Selldown - The US$120bn Global Overhang

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> plans to raise around US$2.2bn via a follow-on public offering.</li>
<li>The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering.
The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.
In this note, we will run the deal through our ECM framework and talk about the deal dynamics.


Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>
<a href="https://smartkarma.zoom.us/rec/share/greN_IcTNbNIKfXkLUrkLPlmSXvDzuNh6Oad7iFT39LMx6BL5WsQXTLHfLErBwPT.Xt9FLCjm5WkeCCsj" target="_blank" data-smartkarma-citation="insights:131779" rel="noopener">A recent Smartkarma Corporate Webinar | iFAST: Stellar Performance of Singapore's Global Fintech Player</a> introduced one of the few Fintech players in Asia that has been making profits since 2011.</li>
<li>The successful launch of its HK ePension platform can be highly scalable and is expected to be an important growth driver for the company in 2024 and 2025. </li>
<li>IFast Global Bank is expected to break even in Q4 this year and to be an important growth driver for the group's next 3-year plan (2025 and beyond). </li>
</ul>
<p><em>This Insight is part of the Smartkarma Corporate Webinar series, supported by SGX through the Investor Education Fund.</em></p>



A recent Smartkarma Corporate Webinar | iFAST: Stellar Performance of Singapore's Global Fintech Player introduced one of the few Fintech players in Asia that has been making profits since 2011.
The successful launch of its HK ePension platform can be highly scalable and is expected to be an important growth driver for the company in 2024 and 2025. 
IFast Global Bank is expected to break even in Q4 this year and to be an important growth driver for the group's next 3-year plan (2025 and beyond). 

This Insight is part of the Smartkarma Corporate Webinar series, supported by SGX through the Investor Education Fund.

IFast: A Profitable Fintech Player that Deserves More Investor Attention

<ul>
<li>In Aug 2022, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.</li>
<li>Leading to a selldown by <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


In Aug 2022, Zomato (ZOMATO IN) completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.
Leading to a selldown by Softbank Group (9984 JP) in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.
In this note, we will talk about the lock-up dynamics and recent updates.


Zomato Lock-Up - Last of the Softbank Selldown

India

PB Fintech Limited doing business as PolicyBazaar, develops and publishes an online financial services platform. The Company offers a consumer centric platform by partnering with financial services companies such as insurance companies to enhance their platform from a consumer e-commerce perspective.

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Policybazaar (POLICYBZ IN)

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

Tencent Investee Selldown - The US$120bn Global Overhang

There have been multiple reports that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. We look at Tencent's...

Sumeet Singh

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

IFast: A Profitable Fintech Player that Deserves More Investor Attention

iFast Corporation is one of the few Fintech players in Asia that has been consistently making net profits since as early as 2011. It operates in...

Alec Tseung

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

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