APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Belstar Microfinance Ltd / Equity Capital Markets

Belstar Microfinance Limited operates as a micro finance company. The Company offers micro, sanitation, small and medium enterprise, consumer goods, and education loans, as well as provides insurance products and services. Belstar Microfinance serves customers in India.

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<li>
<a href="https://www.smartkarma.com/entities/belstar-microfinance-ltd" target="_blank" data-smartkarma-citation="entities:43409:1" rel="noopener">Belstar Microfinance Ltd (3624918Z IN)</a> is looking to raise US$156m in its upcoming India IPO. The bookrunners on the deal are ICICI Securities, Axis Capital, HDFC Bank, SBI Capital Markets.</li>
<li>Belstar Microfinance (Belstar) is a non-banking finance company (NBFC) in India with a focus on furnishing micro-enterprise loans.</li>
<li>As per the CRISIL report, the firm was the ninth largest NBFC - Micro Finance Institution (NBFC-MFI) in terms of assets under management (AUM) as of Dec 2023.</li>
</ul>



Belstar Microfinance Ltd (3624918Z IN) is looking to raise US$156m in its upcoming India IPO. The bookrunners on the deal are ICICI Securities, Axis Capital, HDFC Bank, SBI Capital Markets.
Belstar Microfinance (Belstar) is a non-banking finance company (NBFC) in India with a focus on furnishing micro-enterprise loans.
As per the CRISIL report, the firm was the ninth largest NBFC - Micro Finance Institution (NBFC-MFI) in terms of assets under management (AUM) as of Dec 2023.


Belstar Microfinance Limited Pre-IPO Tearsheet

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<a href="https://www.smartkarma.com/entities/chongho-bridge" target="_blank" data-smartkarma-citation="entities:40934:1" rel="noopener">Chongho Bridge (2314866D CH)</a> is looking to raise about US$500m in its upcoming Hong Kong IPO.</li>
<li>Chongho Bridge (CB) is an integrated services provider to China’s rural population. It offers rural inclusive credit services, agricultural production services, rural consumer goods and rural clean energy services.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Chongho Bridge (2314866D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO.
Chongho Bridge (CB) is an integrated services provider to China’s rural population. It offers rural inclusive credit services, agricultural production services, rural consumer goods and rural clean energy services.
In this note, we look at the firm’s past performance.


Chongho Bridge Pre-IPO - Broad Offering Catered to Rural Consumers, However, Market Is Fragmented

Indegene Limited / Equity Capital Markets

Indegene Limited provides healthcare solutions. The Company offers medical transformation, data and analysis, research, and other related services. Indegene provides services worldwide.

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<a href="https://www.smartkarma.com/entities/indegene-limited" target="_blank" data-smartkarma-citation="entities:36629:1" rel="noopener">Indegene Limited (1864095D IN)</a> raised around US$220m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.</li>
<li>We had looked at the firm’s past performance and shared our thoughts on Indegene’s valuation in earlier notes. In this note, we will look at the trading dynamics.</li>
</ul>



Indegene Limited (1864095D IN) raised around US$220m in its India IPO, via selling a mix of primary and secondary shares.
Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.
We had looked at the firm’s past performance and shared our thoughts on Indegene’s valuation in earlier notes. In this note, we will look at the trading dynamics.


Indegene IPO Trading - High Anchor Quality + Strong Demand, Expect a Pop on Debut

SK Finance Limited / Equity Capital Markets

SK Finance is a non-deposit non-banking finance company middle layer (NBFC ML) operating in two main verticals, vehicle financing and financing for micro, small and medium enterprises (MSMEs).

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<li>
<a href="https://www.smartkarma.com/entities/sk-finance-limited" target="_blank" data-smartkarma-citation="entities:42804:1" rel="noopener">SK Finance Limited (0893736D IN)</a> is looking to raise US$260m in its upcoming India IPO. The bookrunners on the deal are Kotak, Jefferies, Motilal Oswal, and Nomura.</li>
<li>SK Finance is a non-deposit non-banking finance company middle layer (NBFC ML) operating in two main verticals, vehicle financing and financing for micro, small and medium enterprises (MSMEs).</li>
<li>As per the CRISIL report in the DRHP, the firm was the fastest growing player in the vehicle financing and MSME financing segments based on AUM growth over FY21-23.</li>
</ul>



SK Finance Limited (0893736D IN) is looking to raise US$260m in its upcoming India IPO. The bookrunners on the deal are Kotak, Jefferies, Motilal Oswal, and Nomura.
SK Finance is a non-deposit non-banking finance company middle layer (NBFC ML) operating in two main verticals, vehicle financing and financing for micro, small and medium enterprises (MSMEs).
As per the CRISIL report in the DRHP, the firm was the fastest growing player in the vehicle financing and MSME financing segments based on AUM growth over FY21-23.


CaoCao Inc (CaoCao) is a ride-hailing firm incubated by the Zhejiang Geely Holding Group (Geely).

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<li>
<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao Inc (1646553D CH)</a> is looking to raise around US$300m in its upcoming Hong Kong IPO. The bookrunners on the deal are Huatai, ABC International, and GF Securities.</li>
<li>CaoCao Inc (CaoCao) is a ride-hailing firm incubated by the Zhejiang Geely Holding Group (Geely).</li>
<li>According to Frost &amp; Sullivan (F&amp;S), the firm has consistently ranked as the top three ride hailing platforms in China based on gross transaction value (GTV) between 2021-2023.</li>
</ul>



CaoCao Inc (1646553D CH) is looking to raise around US$300m in its upcoming Hong Kong IPO. The bookrunners on the deal are Huatai, ABC International, and GF Securities.
CaoCao Inc (CaoCao) is a ride-hailing firm incubated by the Zhejiang Geely Holding Group (Geely).
According to Frost &amp; Sullivan (F&amp;S), the firm has consistently ranked as the top three ride hailing platforms in China based on gross transaction value (GTV) between 2021-2023.


At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%.