Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Life Insurance  of India / Equity Capital Markets

<ul>
<li>The Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>The deal will be run by Kotak, Axis, BofA, Citi, Nomura, GS, ISec, JM Fin, JPM, SBI Caps.</li>
<li>This note provides a brief overview of the company and the deal.</li>
</ul>


The Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
The deal will be run by Kotak, Axis, BofA, Citi, Nomura, GS, ISec, JM Fin, JPM, SBI Caps.
This note provides a brief overview of the company and the deal.


Life Insurance Corporation of India IPO Tearsheet

<ul>
<li>Vedant Fashions is looking to raise up to US$420m in its India IPO.</li>
<li>It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal background.</li>
</ul>


Vedant Fashions is looking to raise up to US$420m in its India IPO.
It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.
In this note, we will run the deal through our ECM framework and talk about the deal background.


Vedant Fashions IPO - Dominant Position in a Small Niche but Appears Pricey

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>India moves to largest underweight country holding among EM Value managers.  Current underweight the highest on record.</li>
<li>Among Value managers, India saw net fund outflows of $322m, the underweight increase by -1.92% and a further 7.7% of managers move to underweight over the last 6-months.</li>
<li>
<a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> is the key underweight, whilst <a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a><a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a> and <a href="https://www.smartkarma.com/entities/larsen-toubro-ltd" target="_blank" data-smartkarma-citation="entities:2499:1" rel="noopener">Larsen &amp; Toubro </a>have been avoided by EM Value managers altogether.</li>
</ul>


India moves to largest underweight country holding among EM Value managers.  Current underweight the highest on record.
Among Value managers, India saw net fund outflows of $322m, the underweight increase by -1.92% and a further 7.7% of managers move to underweight over the last 6-months.

Reliance Industries (RIL IN) is the key underweight, whilst Bajaj Finance Ltd (BAF IN)Bharti Airtel (BHARTI IN) and Larsen &amp; Toubro have been avoided by EM Value managers altogether.


Value Funds Move to Record Underweight in India

LG Energy Solution / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> saw very strong demand for its mega US$10bn+ IPO.</li>
<li>While other IPO markets were in torpor, a number of placements continued to flow in.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

LG Energy Solution (373220 KS) saw very strong demand for its mega US$10bn+ IPO.
While other IPO markets were in torpor, a number of placements continued to flow in.


ECM Weekly (16th Jan 2022) - LG Energy, Hyundai Engineering, Nippon Paint, Sunac, JL Mag, JREITs

<ul>
<li>We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and other sources.</li>
<li>For readers who aren't familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex A-shares), including China ADRs. </li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and other sources.
For readers who aren't familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex A-shares), including China ADRs. 
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


India

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

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Reliance Industries (RIL IN)

Life Insurance Corporation of India IPO Tearsheet

The Government of India (GoI) is looking to raise around US$5-10bn via selling a 5% stake in Life Insurance Corporation of India (LIC) in its...

Sumeet Singh

Vedant Fashions IPO - Dominant Position in a Small Niche but Appears Pricey

Vedant Fashions is looking to raise up to US$420m in its India IPO. In this note we will talk about the company background and run the deal through...

Sumeet Singh

Value Funds Move to Record Underweight in India

India moves to the largest underweight country holding among EM Value managers. Current underweight the highest on record.

Steven Holden

ECM Weekly (16th Jan 2022) - LG Energy, Hyundai Engineering, Nippon Paint, Sunac, JL Mag, JREITs

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Aequitas 2022 Asia IPO Pipeline

We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and...

Sumeet Singh

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