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

Afcons Infrastructure Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/afcons-infrastructure-limited" target="_blank" data-smartkarma-citation="entities:41288:1" rel="noopener">Afcons Infrastructure Limited (6595396Z IN)</a> is looking to raise US$840m in its upcoming India IPO. </li>
<li>Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.</li>
<li>In this note, we talk about the positive aspects of the deal. </li>
</ul>



Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO. 
Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.
In this note, we talk about the positive aspects of the deal. 


Afcons Infrastructure Limited Pre-IPO - The Positives - Profitability More than Doubled

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY Next 50 indices in the September 2024 rebalance.</li>
<li>There could be at least one change for NIFTY 50 and separately, there could be up to five changes for NIFTY Next 50.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY Next 50 indices in the September 2024 rebalance.
There could be at least one change for NIFTY 50 and separately, there could be up to five changes for NIFTY Next 50.


Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>In Feb 2024,  <a href="https://www.smartkarma.com/entities/british-american-tobacco-plc" target="_blank" data-smartkarma-citation="entities:21828:1" rel="noopener">BAT's</a> management stated that they were reviewing their stake in <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a>.  The news of a possible selldown by BAT was leaked again earlier today.</li>
<li>BAT has owned its stake in ITC for over a century and remains its largest shareholder.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


In Feb 2024,  BAT's management stated that they were reviewing their stake in ITC Ltd (ITC IN).  The news of a possible selldown by BAT was leaked again earlier today.
BAT has owned its stake in ITC for over a century and remains its largest shareholder.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


ITC $2bn Placement - Very Well Flagged but Still Won’t Be an Easy One to Digest, Won’t Do an Indigo

<ul>
<li>Earlier this month, <a href="https://www.smartkarma.com/entities/british-american-tobacco-plc" target="_blank" data-smartkarma-citation="entities:21828:1" rel="noopener">British American Tobacco (BATS LN)</a>’s management stated that they were reviewing their stake in <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> to enhance its balance sheet flexibility.</li>
<li>BAT has owned its stake in ITC for over a century and remains its largest shareholder.</li>
<li>In this note, we talk about the possible deal structure and dynamics.</li>
</ul>


Earlier this month, British American Tobacco (BATS LN)’s management stated that they were reviewing their stake in ITC Ltd (ITC IN) to enhance its balance sheet flexibility.
BAT has owned its stake in ITC for over a century and remains its largest shareholder.
In this note, we talk about the possible deal structure and dynamics.


BAT’s Possible US$2.5bn ITC Selldown - Will Be Well Flagged but Still Won’t Be an Easy One to Digest

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>ICICI Direct research report onUnion Bank of India Registered in 1919 and amalgamated with Andhra Bank and Corporation Bank in 2020, Union Bank of India is a public sector bank with diversified financial services to cater to customers across segment.</li><li>Global business mix stands at ₹20.7 lakh crore; advance book at ₹9.96 lakh crore.</li><li>Bank has large presence with employee base of ~76,300, pan India presence with 8,479 branches and 9,889 ATM. </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>

ICICI Direct research report onUnion Bank of India Registered in 1919 and amalgamated with Andhra Bank and Corporation Bank in 2020, Union Bank of India is a public sector bank with diversified financial services to cater to customers across segment.Global business mix stands at ₹20.7 lakh crore; advance book at ₹9.96 lakh crore.Bank has large presence with employee base of ~76,300, pan India presence with 8,479 branches and 9,889 ATM. 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.

Union Bank of India  - Continued Healthy Growth and Steady RoA to Drive Valuation...

India

Union Bank of India Limited provides a full range of banking services throughout India. The Company's activities include retail banking, commercial and personal banking, investment management, treasury and NRI services, cash management and assorted ATM facilities. Union Bank has an online tele-banking facility for all its core banking customers.

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Union Bank Of India (UNBK IN)

Afcons Infrastructure Limited Pre-IPO - The Positives - Profitability More than Doubled

Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO. In this note, we talk about the positive aspects...

Ethan Aw

Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

For NIFTY 50, the top-ranked potential ADD and DEL are Trent Ltd and LTIMindtree respectively. I expect there to be at least one NIFTY 50 change in...

Janaghan Jeyakumar, CFA

ITC $2bn Placement - Very Well Flagged but Still Won’t Be an Easy One to Digest, Won’t Do an Indigo

BAT aims to raise around US$2bn via selling 3.5% of ITC. The deal is a very well flagged one but its also relatively a very large deal.

Sumeet Singh

BAT’s Possible US$2.5bn ITC Selldown - Will Be Well Flagged but Still Won’t Be an Easy One to Digest

The deal is now live for a target raising of US$2bn, which will drop BAT's stake to 25.5%. The news of the deal was leaked earlier today so its...

Sumeet Singh

Union Bank of India - Continued Healthy Growth and Steady RoA to Drive Valuation...

ICICI Direct research report onUnion Bank of India Registered in 1919 and amalgamated with Andhra Bank and Corporation Bank in 2020, Union Bank of...

ICICI Securities Limited

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