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

Muthoot Microfin / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muthoot-microfin" target="_blank" data-smartkarma-citation="entities:39950:1" rel="noopener">Muthoot Microfin (1363943D IN)</a> is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.</li>
<li>Muthoot Microfin (MMF) is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.</li>
<li>In our previous note, we looked at the company’s performance. In this note, we talk about the company’s RHP updates and share our quick thoughts on peer comp and valuation.</li>
</ul>



Muthoot Microfin (1363943D IN) is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.
Muthoot Microfin (MMF) is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.
In our previous note, we looked at the company’s performance. In this note, we talk about the company’s RHP updates and share our quick thoughts on peer comp and valuation.


Muthoot Microfin IPO - RHP Updates, Quick Peer Comparison and Thoughts on Valuation

Indian Renewable Energy Development Agency / Equity Capital Markets

Indian Renewable Energy Development Agency (IREDA IN)

Indian Renewable Energy Development Agency

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indian-renewable-energy-development-authority" target="_blank" data-smartkarma-citation="entities:40155:1" rel="noopener">IREDA (1845911D IN)</a> is looking to raise at around US$258m in its India IPO. </li>
<li>Indian Renewable Energy Development Authority (IREDA) is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE).</li>
<li>In this note, we look at the company’s past performance and share our quick thoughts on valuation.</li>
</ul>



IREDA (1845911D IN) is looking to raise at around US$258m in its India IPO. 
Indian Renewable Energy Development Authority (IREDA) is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE).
In this note, we look at the company’s past performance and share our quick thoughts on valuation.


Indian Renewable Energy Development Authority IPO - A Top Player in Indian Renewable Financing

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.

India

Ujjivan Small Finance Bank Ltd. is a mass-market focused bank in India, primarily serving financially unserved and underserved segments. It offers a comprehensive range of banking products and services, including savings and current accounts, fixed and recurring deposits, and various loans such as microfinance, housing, agriculture, vehicle, and MSME loans. The bank is headquartered in Bengaluru, Karnataka, India, and commenced banking operations on February 1, 2017.

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Ujjivan Small Finance Bank (UJJIVANS IN)

Muthoot Microfin IPO - RHP Updates, Quick Peer Comparison and Thoughts on Valuation

Muthoot Microfin (1363943D IN) is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.

Ethan Aw

Indian Renewable Energy Development Authority IPO - A Top Player in Indian Renewable Financing

IREDA (1845911D IN) is looking to raise at around US$258m in its India IPO. In this note, we look at the company’s past performance and share our...

Ethan Aw

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

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