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

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<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> (IML) is looking to raise about US$750m in its upcoming India IPO.</li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>In this note, In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$750m in its upcoming India IPO.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
In this note, In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Indo-MIM Pre-IPO - The Negatives - Capex-Driven Returns to Monitor

SAEL Industries Ltd / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/sael-industries-ltd" target="_blank" data-smartkarma-citation="entities:46005:1" rel="noopener">SAEL Industries Ltd (2600245D IN)</a> is looking to raise about US$516m in its upcoming India IPO.</li>
<li>SAEL is a vertically integrated renewable energy independent power producer in India, with capabilities spanning solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



SAEL Industries Ltd (2600245D IN) is looking to raise about US$516m in its upcoming India IPO.
SAEL is a vertically integrated renewable energy independent power producer in India, with capabilities spanning solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.
In this note, we talk about the company’s historical performance.


Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Event-Driven

<ul>
<li>Devyani and Sapphire will merge via share swap to form a QSR powerhouse with over 3,000 stores, creating immediate scale parity with market leader Jubilant FoodWorks.</li>
<li>The combined entity projects Rs 78.3 billion in revenue and targets annualized cost synergies of up to Rs 2.25 billion through centralized procurement and streamlined overheads.</li>
<li>Strategic focus lies on accelerating KFC’s expansion and revitalizing Pizza Hut, though full synergistic benefits are expected to materialize 15 to 18 months post-merger.</li>
</ul>


Devyani and Sapphire will merge via share swap to form a QSR powerhouse with over 3,000 stores, creating immediate scale parity with market leader Jubilant FoodWorks.
The combined entity projects Rs 78.3 billion in revenue and targets annualized cost synergies of up to Rs 2.25 billion through centralized procurement and streamlined overheads.
Strategic focus lies on accelerating KFC’s expansion and revitalizing Pizza Hut, though full synergistic benefits are expected to materialize 15 to 18 months post-merger.


Canara HSBC Life Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener">Canara HSBC Life Insurance (CHLI) (2908709Z IJ)</a> raised about US$284m from its India IPO.</li>
<li>CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Canara HSBC Life Insurance (CHLI) (2908709Z IJ) raised about US$284m from its India IPO.
CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.
In this note, we will talk about the trading dynamics.


Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$338m in its India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.


WeWork India IPO - Thoughts on Peer Comp and Valuation

India

Sapphire Foods India Limited is a prominent omnichannel restaurant operator and a primary franchisee for YUM! Brands Inc. The company develops, manages, and operates a vast network of Quick Service Restaurants (QSRs) under the KFC, Pizza Hut, and Taco Bell brands across India, Sri Lanka, and the Maldives. Established in 2009, its headquarters are located in Mumbai, Maharashtra, India.

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Sapphire Foods India (SAPPHIRE IN)

Aequitas: Indo-MIM Pre-IPO - The Negatives - Capex-Driven Returns to Monitor

Indo-MIM Ltd (IML) is looking to raise about US$750m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

SAEL Industries Ltd is looking to raise about US$516m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Biggest Merger in Indian QSR Industry..

Devyani and Sapphire to merge, creating QSR powerhouse with 3,000+ stores, targeting Rs 78.3 billion revenue and Rs 2.25 billion cost synergies,...

Nimish Maheshwari

Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

Canara HSBC Life Insurance raised about US$284m from its India IPO. In this note, we will talk about the trading dynamics.

Akshat Shah

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Indo-MIM Pre-IPO - The Negatives - Capex-Driven Returns to Monitor

Indo-MIM Ltd (IML) is looking to raise about US$750m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

SAEL Industries Ltd is looking to raise about US$516m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Biggest Merger in Indian QSR Industry..

​Devyani and Sapphire to merge, creating QSR powerhouse with 3,000+ stores, targeting Rs 78.3 billion revenue and Rs 2.25 billion cost synergies,...

Nimish Maheshwari

Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

Canara HSBC Life Insurance raised about US$284m from its India IPO. In this note, we will talk about the trading dynamics.

Akshat Shah

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

Devyani and Sapphire to merge, creating QSR powerhouse with 3,000+ stores, targeting Rs 78.3 billion revenue and Rs 2.25 billion cost synergies,...