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

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the not-so-positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<div>
<h3>In this Insight </h3>
<p>Our chemical industry coverage is primarily focused on understanding and analysing supply chain dynamics for our core consumer coverage. In this insight, we present our takeaways from channel interactions that are focused on the industry and specific companies. </p>
<p><strong>Domestic Chemicals: </strong>We interact with a local channel that is focused on the distribution of chemicals catering to the paint and construction industry. The business is upbeat, tailwinds remain and the business prospects for chemicals look good at least for the next two years. </p>
<p><strong><a href="https://www.smartkarma.com/entities/sudarshan-chemical-inds-ltd" target="_blank" data-smartkarma-citation="entities:12968:1" rel="noopener">Sudarshan Chemical Inds (SCHI IN)</a> :</strong> Highly regarded and respected management along with interesting product line up is poised well for growth. </p>
<p><a href="https://www.smartkarma.com/entities/camlin-fine-sciences-ltd" target="_blank" data-smartkarma-citation="entities:17667:1" rel="noopener"><strong>Camlin Fine Sciences (CFIN IN)</strong></a><strong>:</strong> Historical performance has been good and acquisitions offer good growth potential </p>
<p><strong>Clean Science and Technology Limited (Private):</strong> Clean Science a fine chemical manufacturer and also a competitor to CFIN in some products, has recently filed its <a href="https://www.sebi.gov.in/filings/public-issues/apr-2021/clean-science-and-technology-limited-drhp_49777.html" target="_blank" rel="noopener">DRHP</a>. Our channel interactions indicate a robust growth plan ahead. </p>
<h3>About India Channel Insight</h3>
</div>
<div>
<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions. </p>
</div>


In this Insight 
Our chemical industry coverage is primarily focused on understanding and analysing supply chain dynamics for our core consumer coverage. In this insight, we present our takeaways from channel interactions that are focused on the industry and specific companies. 
Domestic Chemicals: We interact with a local channel that is focused on the distribution of chemicals catering to the paint and construction industry. The business is upbeat, tailwinds remain and the business prospects for chemicals look good at least for the next two years. 
Sudarshan Chemical Inds (SCHI IN) : Highly regarded and respected management along with interesting product line up is poised well for growth. 
Camlin Fine Sciences (CFIN IN): Historical performance has been good and acquisitions offer good growth potential 
Clean Science and Technology Limited (Private): Clean Science a fine chemical manufacturer and also a competitor to CFIN in some products, has recently filed its DRHP. Our channel interactions indicate a robust growth plan ahead. 
About India Channel Insight


Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions. 


India Channel Insights | Chemicals - Sudarshan, Camlin, Clean Science

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Galaxy Surfactants Ltd / Equity Capital Markets

<p>The shareholders of <a href="https://www.smartkarma.com/entities/26717" target="_blank" data-smartkarma-citation="entities:26717:1">Galaxy Surfactants Ltd (1570854D IN)</a> are looking to sell about US$150m worth of shares (6.33m shares) in its upcoming IPO. This is a pure secondary shares offering and the company will not be raising any cash for expansion.</p><p>In this insight, we evaluate the company's operational and financial performance. We will also compare the company's valuation and operations against other listed peers in India. Last, but not least, we will run the deal through our ECM framework as usual.</p>

The shareholders of Galaxy Surfactants Ltd (1570854D IN) are looking to sell about US$150m worth of shares (6.33m shares) in its upcoming IPO. This is a pure secondary shares offering and the company will not be raising any cash for expansion.In this insight, we evaluate the company's operational and financial performance. We will also compare the company's valuation and operations against other listed peers in India. Last, but not least, we will run the deal through our ECM framework as usual.

Galaxy Surfactants IPO Review - Selling Shares at 6.5x of Its 2011 IPO Valuation

India

Sudarshan Chemical Industries Limited manufactures color pigments, which are used in paints, printing inks, plastics, rubber artist materials, and textile printing.  The Group also manufactures a basic range of pesticides.

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Sudarshan Chemical Industries (SCHI IN)

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

India Channel Insights | Chemicals - Sudarshan, Camlin, Clean Science

In this insight, we present our takeaways from chemical channel interactions that are focused on the chemical industry and specific companies.

Pranav Bhavsar

Galaxy Surfactants IPO Review - Selling Shares at 6.5x of Its 2011 IPO Valuation

The shareholders of Galaxy Surfactants Ltd (1570854D IN) are looking to sell about US$150m worth of shares (6.33m shares) in its upcoming IPO. This...

Zhen Zhou, Toh

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52-week Range

Market Cap (USDm)

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