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 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

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Utkarsh Small Finance Bank / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/utkarsh-small-finance-bank-ltd" target="_blank" data-smartkarma-citation="entities:39909:1" rel="noopener">Utkarsh Small Finance Bank (1639303D IN)</a> IPO opens for subscription this week.</li>
<li>The company currently is fifth largest SFB in India and has demonstrated robust growth in loan portfolio, deposits and improved productivity in the last two years.</li>
<li>However, one must be cautious of the write offs worth INR 6 bn done in the last two years which benefitted the NPAs</li>
</ul>



Utkarsh Small Finance Bank (1639303D IN) IPO opens for subscription this week.
The company currently is fifth largest SFB in India and has demonstrated robust growth in loan portfolio, deposits and improved productivity in the last two years.
However, one must be cautious of the write offs worth INR 6 bn done in the last two years which benefitted the NPAs


Utkarsh Small Finance Bank IPO- Forensic Analysis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fusion-micro-finance-ltd" target="_blank" data-smartkarma-citation="entities:36450:1" rel="noopener">Fusion Micro Finance Ltd (1053199D IN)</a> raised approximately US$134m in its India IPO.  </li>
<li>Fusion Micro Finance (FMF) is a non-banking financial company - microfinance institution (NBFC-MFI) that provides financial services to unserved and underserved women in rural and peri-rural areas across India.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.</li>
</ul>



Fusion Micro Finance Ltd (1053199D IN) raised approximately US$134m in its India IPO.  
Fusion Micro Finance (FMF) is a non-banking financial company - microfinance institution (NBFC-MFI) that provides financial services to unserved and underserved women in rural and peri-rural areas across India.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.


Fusion Micro Finance IPO Trading - Weak Demand Seems Justified

Equity Bottom-Up

Ujjivan Small Finance Bank / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ujjivan-financial-services" target="_blank" data-smartkarma-citation="entities:22697:1" rel="noopener">Ujjivan Financial Services (UJJIVAN IN)</a> had announced a reverse merger back in October 2021 where the holding company (Ujjivan FS) will be merged with <a href="https://www.smartkarma.com/entities/ujjivan-small-finance-bank-limited" target="_blank" data-smartkarma-citation="entities:28443:1" rel="noopener">Ujjivan Small Finance Bank (UJJIVANS IN)</a>.</li>
<li>The share swap ratio given in the scheme of amalgamation clearly showcases a significant merger arbitrage opportunity.</li>
<li>However, there has been no major interest in this very visible opportunity. We try to justify the market behavior.</li>
</ul>



Ujjivan Financial Services (UJJIVAN IN) had announced a reverse merger back in October 2021 where the holding company (Ujjivan FS) will be merged with Ujjivan Small Finance Bank (UJJIVANS IN).
The share swap ratio given in the scheme of amalgamation clearly showcases a significant merger arbitrage opportunity.
However, there has been no major interest in this very visible opportunity. We try to justify the market behavior.


Ujjivan Reverse Merger: Behind the Dull Response

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Restaurant Brands Asia / Equity Capital Markets

<div><p>Burger King India (BKI) raised around US$110m via a mix of selling primary and secondary shares in its India IPO. </p></div><div><p>BKI is the national master franchisee of the Burger King brand in India. As of Sep 2020, it operated 261 restaurants, including 8 sub-franchised restaurants, across 57 cities in India. </p></div><div><p>I’ve covered various aspects of the deal in my earlier notes:</p></div><div><ul style="list-style-type: disc;">
<li dir="ltr"><p><a href="https://www.smartkarma.com/insights/burger-king-india-pre-ipo-has-been-growing-fast-and-plans-to-grow-even-faster" target="_blank" rel="noopener">Burger King India Pre-IPO - Has been growing fast and plans to grow even faster</a></p></li>
<li dir="ltr"><p><a href="https://www.smartkarma.com/insights/burger-king-india-pre-ipo-peer-comparison-yields-interesting-nuggets-on-profitability-and-capex" target="_blank" rel="noopener">Burger King India Pre-IPO - Peer comparison yields interesting nuggets on profitability and capex</a></p></li>
</ul></div><ul><li><a href="https://www.smartkarma.com/insights/burger-king-india-ipo-can-still-grow-fast" target="_blank" rel="noopener">Burger King India IPO - Can Still Grow Fast</a></li></ul><div><p>In this note, I’ll talk about the updates for the deal and provide a table with implied valuations at different share price levels.</p></div>

Burger King India (BKI) raised around US$110m via a mix of selling primary and secondary shares in its India IPO. BKI is the national master franchisee of the Burger King brand in India. As of Sep 2020, it operated 261 restaurants, including 8 sub-franchised restaurants, across 57 cities in India. I’ve covered various aspects of the deal in my earlier notes:
Burger King India Pre-IPO - Has been growing fast and plans to grow even faster
Burger King India Pre-IPO - Peer comparison yields interesting nuggets on profitability and capex
Burger King India IPO - Can Still Grow FastIn this note, I’ll talk about the updates for the deal and provide a table with implied valuations at different share price levels.

Burger King India IPO Trading - Can Probably Double from IPO Price

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)

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

Utkarsh Small Finance Bank IPO- Forensic Analysis

Utkarsh demonstrated robust growth in loan portfolio, deposits and improved productivity in the last two years. However one must be cautious of the...

Nitin Mangal

Fusion Micro Finance IPO Trading - Weak Demand Seems Justified

Fusion Micro Finance Ltd (1053199D IN) raised approximately US$134m in its India IPO. In this note, we talk about the demand for the deal and the...

Ethan Aw

Ujjivan Reverse Merger: Behind the Dull Response

The share swap ratio clearly showcases a significant merger arbitrage opportunity. However, there has been no major interest in this very visible...

Nitin Mangal

Burger King India IPO Trading - Can Probably Double from IPO Price

Burger King India (BKI) raised around US$110m in its India IPO. BKI is the national master franchisee of the Burger King brand in India.

Sumeet Singh

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