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$600m in its upcoming India IPO.</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 talk about the company’s historical performance.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$600m in its upcoming India IPO.
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 talk about the company’s historical performance.


Schloss Bangalore Pre-IPO - Diversified Luxury Portfolio but Comes with High Debt

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>For the week ending 09/May, U.S. crude inventories grew by 3.5m barrels (vs. expectations of a 2m barrel fall). Meanwhile, gasoline and distillate stockpiles unexpectedly fell.</li>
<li>The EIA reported a 110 Bcf storage build, slightly lower than the 111 Bcf forecast. Storage levels are 2.6% above the five-year average.</li>
<li>Saudi Aramco's Q1 profit fell 4.8% YoY but beat estimates by 2.8%. Morgan Stanley downgraded BP to Underweight from Equalweight, while HSBC lowered Chevron to Hold from Buy.</li>
</ul>


For the week ending 09/May, U.S. crude inventories grew by 3.5m barrels (vs. expectations of a 2m barrel fall). Meanwhile, gasoline and distillate stockpiles unexpectedly fell.
The EIA reported a 110 Bcf storage build, slightly lower than the 111 Bcf forecast. Storage levels are 2.6% above the five-year average.
Saudi Aramco's Q1 profit fell 4.8% YoY but beat estimates by 2.8%. Morgan Stanley downgraded BP to Underweight from Equalweight, while HSBC lowered Chevron to Hold from Buy.


[ETP 2025/20] WTI Skittish on Trade Hopes and Oversupply Fears; Henry Hub Falls on Tepid Demand

<ul>
<li>Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1bn via selling a 0.8% stake in Bharti Airtel Limited.</li>
<li>Singtel had sold a 0.8% stake (US$950m then) to GQG Partners in Mar 2024.  Singtel had a total stake of around 29.3% in the firm, as of the last close.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1bn via selling a 0.8% stake in Bharti Airtel Limited.
Singtel had sold a 0.8% stake (US$950m then) to GQG Partners in Mar 2024.  Singtel had a total stake of around 29.3% in the firm, as of the last close.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Bharti Airtel Block - Another Singtel Selldown Worth US$1bn

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>We launch the Emmer Capital Asia ex Japan Equity Model Portfolio. We shall measure the absolute and relative performance (vi-a-vis MSCI Asia-ex-Japan Index) of the portfolio and rebalance it monthly.</li>
<li>Our sector and market choices are governed by macro-economic and policy considerations. Asian consumption support, inflation divergence strengthening Asian currencies and market leading domestic exposures are some of the themes.</li>
<li>We are overweight HK/China, India, Korea; underweight Taiwan, ASEAN. We like consumer discretionary, communication services and technology, despite the latter's global footprint. We prefer high ROEs and dividend yields.</li>
</ul>


We launch the Emmer Capital Asia ex Japan Equity Model Portfolio. We shall measure the absolute and relative performance (vi-a-vis MSCI Asia-ex-Japan Index) of the portfolio and rebalance it monthly.
Our sector and market choices are governed by macro-economic and policy considerations. Asian consumption support, inflation divergence strengthening Asian currencies and market leading domestic exposures are some of the themes.
We are overweight HK/China, India, Korea; underweight Taiwan, ASEAN. We like consumer discretionary, communication services and technology, despite the latter's global footprint. We prefer high ROEs and dividend yields.


Asian Equities: Launching Our Asia Ex Japan Model Portfolio

India

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

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Reliance Industries (RELIANCE IN)

Schloss Bangalore Pre-IPO - Diversified Luxury Portfolio but Comes with High Debt

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

Akshat Shah

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

[ETP 2025/20] WTI Skittish on Trade Hopes and Oversupply Fears; Henry Hub Falls on Tepid Demand

US crude inventories rose, gasoline and distillate stockpiles fell. US nat-gas storage build missed estimates. Aramco's Q1 profit dropped but beat...

Mint Finance

Bharti Airtel Block - Another Singtel Selldown Worth US$1bn

Singapore Telecommunications (Singtel), via its subsidiary, Pastel Ltd is looking to raise up to US$1bn via selling a 0.8% stake in Bharti Airtel...

Akshat Shah

Asian Equities: Launching Our Asia Ex Japan Model Portfolio

Emmer Capital's Asia ex JP Equity Model Portfolio is Overwt on HK/CN, India, Korea & underwt Taiwan, ASEAN. We like consumer discretionary, comm...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Schloss Bangalore Pre-IPO - Diversified Luxury Portfolio but Comes with High Debt

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

Akshat Shah

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

[ETP 2025/20] WTI Skittish on Trade Hopes and Oversupply Fears; Henry Hub Falls on Tepid Demand

​US crude inventories rose, gasoline and distillate stockpiles fell. US nat-gas storage build missed estimates. Aramco's Q1 profit dropped but beat...

Mint Finance

Bharti Airtel Block - Another Singtel Selldown Worth US$1bn

Singapore Telecommunications (Singtel), via its subsidiary, Pastel Ltd is looking to raise up to US$1bn via selling a 0.8% stake in Bharti Airtel...

Akshat Shah

Asian Equities: Launching Our Asia Ex Japan Model Portfolio

Emmer Capital's Asia ex JP Equity Model Portfolio is Overwt on HK/CN, India, Korea & underwt Taiwan, ASEAN. We like consumer discretionary, comm...

Manishi Raychaudhuri

US crude inventories rose, gasoline and distillate stockpiles fell. US nat-gas storage build missed estimates. Aramco's Q1 profit dropped but beat...