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.

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 (FIVESTAR IN)</a> raised around US$190m in its India IPO in Nov 2022.</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 will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Five Star Business Finance (FIVESTAR IN) raised around US$190m in its India IPO in Nov 2022.
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 will talk about the lock-up dynamics and updates since our last note.


Five Star IPO Lock-Up - Over US$1.3bn Lockup Release with Less than US$1m ADV

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Sundaram Finance (SUF) reported a strong set of numbers in Q2FY23 which beat our estimates across all fronts except in other income.</li><li>The management indicated that in the CV segment, especially heavy and medium, people had postponed their replacement in the last 2 years on account of uncertainty and Covid-19 disruptions.</li><li>However, demand has now revived as bulk operators have replaced their vehicles and consequently opportunity to finance them has come back.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Sundaram Finance (SUF) reported a strong set of numbers in Q2FY23 which beat our estimates across all fronts except in other income.The management indicated that in the CV segment, especially heavy and medium, people had postponed their replacement in the last 2 years on account of uncertainty and Covid-19 disruptions.However, demand has now revived as bulk operators have replaced their vehicles and consequently opportunity to finance them has come back.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sundaram Finance - BEAT Across Estimates; Growth Levers Intact!

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

KFin Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kfin-technologies" target="_blank" data-smartkarma-citation="entities:36609:1" rel="noopener">KFin Technologies (1804170D IN)</a> is looking to raise around US$180m in its India IPO.</li>
<li>KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.</li>
<li>In this note, we will look at its RHP updates, peer comparison, earnings assumptions, and share our thoughts on valuation.</li>
</ul>



KFin Technologies (1804170D IN) is looking to raise around US$180m in its India IPO.
KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.
In this note, we will look at its RHP updates, peer comparison, earnings assumptions, and share our thoughts on valuation.


KFin Technologies IPO - Profit Growth Has Outpaced Peer, However Valuation Isn’t Cheap

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kfin-technologies" target="_blank" data-smartkarma-citation="entities:36609:1" rel="noopener">KFin Technologies (1804170D IN)</a> is looking to raise around US$300m in its India IPO.</li>
<li>KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.</li>
<li>Under its offering, it primarily serves asset managers and corporate issuers domestically, while providing investor solutions for mutual funds and private retirement schemes in other regions.</li>
</ul>



KFin Technologies (1804170D IN) is looking to raise around US$300m in its India IPO.
KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.
Under its offering, it primarily serves asset managers and corporate issuers domestically, while providing investor solutions for mutual funds and private retirement schemes in other regions.


KFin Technologies Pre-IPO - Large Domestic Player Continues to Get Larger

<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

India

Sundaram Finance Limited is a prominent Indian non-banking financial company (NBFC) primarily engaged in asset financing, offering a diversified suite of financial services including vehicle finance, equipment finance, and other specialized lending products. It also provides consumer loans, wealth management, commercial finance, investment banking, and private equity through its subsidiaries. The company is headquartered in Chennai, Tamil Nadu, India, and was founded in 1954.

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Sundaram Finance (SUF IN)

Five Star IPO Lock-Up - Over US$1.3bn Lockup Release with Less than US$1m ADV

Five Star Business Finance (FIVESTAR IN) raised around US$190m in its India IPO in Nov 2022. Its US$1.3bn worth IPO lockup expiry is coming up soon.

Sumeet Singh

Sundaram Finance - BEAT Across Estimates; Growth Levers Intact!

Sundaram Finance (SUF) reported a strong set of numbers in Q2FY23 which beat our estimates across all fronts except in other income.

Axis Direct

KFin Technologies IPO - Profit Growth Has Outpaced Peer, However Valuation Isn’t Cheap

KFin Technologies (1804170D IN) is looking to raise around US$180m in its India IPO. In this note, we will look at its RHP updates, peer...

Clarence Chu

KFin Technologies Pre-IPO - Large Domestic Player Continues to Get Larger

KFin Technologies (1804170D IN) is looking to raise around US$300m in its India IPO. KFin is a tech-driven financial services platform providing...

Clarence Chu

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

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52-week Range

Market Cap (USDm)

P/E

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