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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a> is looking to raise up to US$300m in its upcoming India IPO. The deal will be run by Axis Capital, Morgan Stanley, JM Financial, IIFL Securities.</li>
<li>Blackbuck is India’s largest digital platform for truck operators, with 963,345 operators in India transacting on its Blackbuck platform in FY24, comprising 27.52% of India’s truck operators, as per Redseer.</li>
<li>Through Blackbuck, its customers digitally manage payments for tolling and fueling, monitor drivers and fleets using telematics, find loads on its marketplace and get access to used vehicle financing. </li>
</ul>



Blackbuck (1355652D IN) is looking to raise up to US$300m in its upcoming India IPO. The deal will be run by Axis Capital, Morgan Stanley, JM Financial, IIFL Securities.
Blackbuck is India’s largest digital platform for truck operators, with 963,345 operators in India transacting on its Blackbuck platform in FY24, comprising 27.52% of India’s truck operators, as per Redseer.
Through Blackbuck, its customers digitally manage payments for tolling and fueling, monitor drivers and fleets using telematics, find loads on its marketplace and get access to used vehicle financing. 


Zinka Logistics (Blackbuck) Pre-IPO Tearsheet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

SAI Life Sciences / Equity Capital Markets

SAI Life Sciences Limited develops pharmaceuticals. The Company focuses on drug and active ingredient discovery, development, and manufacturing. SAI Life Sciences manages research facilities worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences</a>(SLS) is looking to raise up to US$500m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and MS.</li>
<li>SLS is a CRDMO. It provides end-to-end services across the drug discovery, development and manufacturing value chain, for small molecule NCE to global pharmaceutical innovators and biotechnology firms</li>
<li>As per Frost &amp; Sullivan, SLS was the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue CAGR as well as EBITDA CAGR from FY22 to FY24.</li>
</ul>



SAI Life Sciences(SLS) is looking to raise up to US$500m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and MS.
SLS is a CRDMO. It provides end-to-end services across the drug discovery, development and manufacturing value chain, for small molecule NCE to global pharmaceutical innovators and biotechnology firms
As per Frost &amp; Sullivan, SLS was the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue CAGR as well as EBITDA CAGR from FY22 to FY24.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Trent Limited operates a chain of retail stores that sell fashion apparel, cosmetics, perfumery products and toiletry items. The Company sells apparel for men, women and children. Trent sells its cosmetics products under the "Westside" and "Trent" brand names.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> and <a href="https://www.smartkarma.com/entities/bharat-electronics-ltd" target="_blank" data-smartkarma-citation="entities:6636:1" rel="noopener">Bharat Electronics (BHE IN)</a> are shoo-ins to replace <a href="https://www.smartkarma.com/entities/ltimindtree-ltd" target="_blank" data-smartkarma-citation="entities:22778:1" rel="noopener">LTIMindtree (LTIM IN)</a> and <a href="https://www.smartkarma.com/entities/divi-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:4871:1" rel="noopener">Divi's Laboratories (DIVI IN)</a> in the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> in September.</li>
<li>Passive <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> trackers will need to trade at least 3.3x ADV and 7.7x delivery volume on the stocks. There is some opposite flow from <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a> trackers.</li>
<li>Cumulative excess volume has increased in all stocks but there are some stocks where there will still be more positioning over the next few weeks.</li>
</ul>



Trent Ltd (TRENT IN) and Bharat Electronics (BHE IN) are shoo-ins to replace LTIMindtree (LTIM IN) and Divi's Laboratories (DIVI IN) in the NIFTY Index (NIFTY INDEX) in September.
Passive NIFTY Index trackers will need to trade at least 3.3x ADV and 7.7x delivery volume on the stocks. There is some opposite flow from Nifty Next 50 Index trackers.
Cumulative excess volume has increased in all stocks but there are some stocks where there will still be more positioning over the next few weeks.


NIFTY50 Index Rebalance Preview: Big Flow, Big Impact, Big Positioning

Clarence Chu

ACME Solar Holdings / Equity Capital Markets

ACME Solar Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides innovative green energy and energy management solutions for telecom passive Infrastructure. ACME Solar Holdings serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/acme-solar-holdings" target="_blank" data-smartkarma-citation="entities:43723:1" rel="noopener">ACME Solar Holdings (1700918D IN)</a> is looking to raise US$360m in its upcoming India IPO. The bookrunners on the deal are ICICI, JM Financial, Kotak, Nuvama Wealth and Motilal Oswal.</li>
<li>ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.</li>
<li>As per CRISIL, the firm was among the top 10 renewable energy players in India in terms of operational capacity as of FY24. </li>
</ul>



ACME Solar Holdings (1700918D IN) is looking to raise US$360m in its upcoming India IPO. The bookrunners on the deal are ICICI, JM Financial, Kotak, Nuvama Wealth and Motilal Oswal.
ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.
As per CRISIL, the firm was among the top 10 renewable energy players in India in terms of operational capacity as of FY24. 


Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> is planning to raise INR50B, consisting of INR8B worth of fresh issue and the rest will be OFS. </li>
<li>Out of the proceeds from fresh issue, the company intends to utilize INR6B for repayment/pre-payment, in full or part, of all or certain outstanding borrowings availed by the company.</li>
<li>Sai Life Sciences is the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue as well as EBITDA CAGR during FY22–24.</li>
</ul>



SAI Life Sciences (SAILS12 IN) is planning to raise INR50B, consisting of INR8B worth of fresh issue and the rest will be OFS. 
Out of the proceeds from fresh issue, the company intends to utilize INR6B for repayment/pre-payment, in full or part, of all or certain outstanding borrowings availed by the company.
Sai Life Sciences is the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue as well as EBITDA CAGR during FY22–24.


Indian Blocks Bazaar
Indian Blocks and Placements

Zinka Logistics (Blackbuck) Pre-IPO Tearsheet

Blackbuck (1355652D IN) is looking to raise up to US$300m in its upcoming India IPO. The deal will be run by Axis Capital, Morgan Stanley, JM...

Ethan Aw

Sai Life Sciences Pre-IPO Tearsheet

SAI Life Sciences(SLS) is looking to raise up to US$500m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and MS.

Sumeet Singh

NIFTY50 Index Rebalance Preview: Big Flow, Big Impact, Big Positioning

There are 2 high probability changes for the NIFTY in Sep. New stocks added to the FnO list could increase the number of changes. There is big flow...

Brian Freitas

ACME Solar Holdings Pre-IPO Tearsheet

ACME Solar Holdings (1700918D IN) is looking to raise US$360m in its upcoming India IPO. The bookrunners on the deal are ICICI, JM Financial,...

Clarence Chu

SAI Life Sciences Pre-IPO Tear Sheet

Sai Life Sciences is planning to raise INR50B via Indian IPO. The IPO consists of a fresh issue of INR8B and OFS of up to ~62M shares by its...

Tina Banerjee