APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Jana Small Finance Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jana-small-finance-bank" target="_blank" data-smartkarma-citation="entities:40026:1" rel="noopener">Jana Small Finance Bank (3667144Z IN)</a> is looking to raise at least US$100m in its upcoming India IPO.</li>
<li>Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023).</li>
<li>JSFB has grown its number of banking outlets and amount of deposits fast, which allowed the firm to grow its gross advances by 1.5x over the track record period. </li>
</ul>



Jana Small Finance Bank (3667144Z IN) is looking to raise at least US$100m in its upcoming India IPO.
Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023).
JSFB has grown its number of banking outlets and amount of deposits fast, which allowed the firm to grow its gross advances by 1.5x over the track record period. 


Jana Small Finance Bank Pre-IPO - Has Grown Decently Fast but Keep an Eye on Its CRAR

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

Ujjivan Small Finance Bank  / Equity Bottom-Up

<ul><li>Disbursements grew by 18/9% YoY/QoQ, primarily led by non-MFI segments which grew by 37/21% YoY/QoQ.</li><li>MFI disbursements were up 13/5% YoY/QoQ. Strong Advances growth of 27/5% YoY/QoQ was driven by MFI loans (+32/5% YoY/QoQ), Affordable Housing (+32/11% YoY/QoQ) and FIG segment (+39/7% YoY/QoQ), while the MSE segment continued to de-grow</li><li>NII growth was strong by 24/4% YoY, led by strong advances growth, though margins contracted by 40bps QoQ and stood at 8.8%.</li></ul>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.

Disbursements grew by 18/9% YoY/QoQ, primarily led by non-MFI segments which grew by 37/21% YoY/QoQ.MFI disbursements were up 13/5% YoY/QoQ. Strong Advances growth of 27/5% YoY/QoQ was driven by MFI loans (+32/5% YoY/QoQ), Affordable Housing (+32/11% YoY/QoQ) and FIG segment (+39/7% YoY/QoQ), while the MSE segment continued to de-growNII growth was strong by 24/4% YoY, led by strong advances growth, though margins contracted by 40bps QoQ and stood at 8.8%.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.

Ujjivan Small Finance Bank - Margin Contraction Sharper than Expected

<ul><li>Ujjivan SFB (UJSFB) has a diversified portfolio spread across Microfinance, Affordable Housing, MSME Loans, and FIG Lending.</li><li>The bank primarily caters to low and middle-income individuals and businesses in the metro and urban areas that have limited or no access to formal banking and finance channels.</li><li>UJSFB expects growth in the microfinance (MF) portfolio to remain buoyant, driven by an improved pace of customer addition and contribution from maturing branches</li></ul>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.

Ujjivan SFB (UJSFB) has a diversified portfolio spread across Microfinance, Affordable Housing, MSME Loans, and FIG Lending.The bank primarily caters to low and middle-income individuals and businesses in the metro and urban areas that have limited or no access to formal banking and finance channels.UJSFB expects growth in the microfinance (MF) portfolio to remain buoyant, driven by an improved pace of customer addition and contribution from maturing branchesContent 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.

Pick of the Week - Ujjivan Small Finance Bank Ltd.

<ul><li>FY23 was a year characterised by a sharp rebound in the MFI business (the core segment of the bank) and a gradual pick up in the non-microfinance book, which was primarily led by the affordable housing and FIG segment.</li><li>The microfinance portfolio continued to dominate the portfolio mix with a share of 72% vs. 68% in FY22 and clocked a growth of 41% YoY in FY23.</li><li>On the other hand, the growth in the non-microfinance portfolio was slightly muted (on a lower base) at 15% YoY. </li></ul>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.

FY23 was a year characterised by a sharp rebound in the MFI business (the core segment of the bank) and a gradual pick up in the non-microfinance book, which was primarily led by the affordable housing and FIG segment.The microfinance portfolio continued to dominate the portfolio mix with a share of 72% vs. 68% in FY22 and clocked a growth of 41% YoY in FY23.On the other hand, the growth in the non-microfinance portfolio was slightly muted (on a lower base) at 15% YoY. 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.

Ujjivan Small Finance Bank Ltd. - Core MFI Growth Robust

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jana-small-finance-bank" target="_blank" data-smartkarma-citation="entities:40026:1" rel="noopener">Jana Small Finance Bank (3667144Z IN)</a> is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, ICICI-Sec and SBI Capital.</li>
<li>Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023). </li>
<li>The firm has served nearly 12m customers since 2008, including 4.57m active customers as of FY23.</li>
</ul>



Jana Small Finance Bank (3667144Z IN) is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, ICICI-Sec and SBI Capital.
Jana Small Finance Bank (JSFB) is the fourth largest small finance bank in India in terms of AUM and deposit size as of FY23 (Year ended 31st Mar 2023). 
The firm has served nearly 12m customers since 2008, including 4.57m active customers as of FY23.


Jana Small Finance Bank Pre-IPO Tearsheet

India

Ujjivan Small Finance Bank Limited operates as a bank. The Company offers various types of financial services such as saving account, deposits, loans, and insurance solutions. Ujjivan Small Finance Bank serves customers in India.

Ujjivan Small Finance Bank  (UJJIVANS IN)

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Ujjivan Small Finance Bank (UJJIVANS IN)

Jana Small Finance Bank Pre-IPO - Has Grown Decently Fast but Keep an Eye on Its CRAR

Jana Small Finance Bank (3667144Z IN) is looking to raise at least US$100m in its upcoming India IPO. JSFB has grown its number of banking outlets...

Ethan Aw

Ujjivan Small Finance Bank - Margin Contraction Sharper than Expected

Disbursements grew by 18/9% YoY/QoQ, primarily led by non-MFI segments which grew by 37/21% YoY/QoQ. MFI disbursements were up 13/5% YoY/QoQ.

Axis Direct

Pick of the Week - Ujjivan Small Finance Bank Ltd.

Ujjivan SFB (UJSFB) has a diversified portfolio spread across Microfinance, Affordable Housing, MSME Loans, and FIG Lending.

Axis Direct

Ujjivan Small Finance Bank Ltd. - Core MFI Growth Robust

FY23 was a year characterised by a sharp rebound in the MFI business (the core segment of the bank) and a gradual pick up in the non-microfinance book

Axis Direct

Jana Small Finance Bank Pre-IPO Tearsheet

Jana Small Finance Bank (3667144Z IN) is looking to raise up to US$100m in its upcoming India IPO. The deal will be run by Axis Capital, ICICI-Sec...

Ethan Aw

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