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

LG Energy Solution / Equity Capital Markets

<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.


<ul>
<li>Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, raised around US$182m in its India IPO. </li>
<li>As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.</li>
<li>In this note, we talk about the demand and trading dynamics.</li>
</ul>


Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, raised around US$182m in its India IPO. 
As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.
In this note, we talk about the demand and trading dynamics.


Metro Brands IPO Trading - Lukewarm Demand, Peers Have Corrected

<ul>
<li>Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its India IPO. Below its target of US$979m.</li>
<li>SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.</li>
<li>In this note we will talk about the subscription levels and trading dynamics.</li>
</ul>


Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its India IPO. Below its target of US$979m.
SHAI insured 20.5m people in FY21. SHAI primarily offers retail health insurance which accounted for 87.9% of its FY21 GWP. Individual agents accounted for 97% of its FY21 GWP.
In this note we will talk about the subscription levels and trading dynamics.


Star Health Insurance IPO Trading - Previous Large IPO with Under Subscription Felt a Lot of Pain

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>Reliance Industries (RIL) is one of India’s biggest conglomerates with a presence in oil refining &amp; marketing and petrochemicals, oil &amp; gas exploration, retail, digital services and media, etc, making it a well-diversified business entity</li><li>Reliance Jio raised its prepaid tariffs by ~20% across the board, albeit maintaining the popular packs pricing at 7-14% discount to peers.</li><li>We upgrade the stock to BUY after ~9% correction in the last 1.5 months. On an SOTP basis, we value the stock at Rs 2925/share</li></ul><div class="content-highlight"><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></div>

Reliance Industries (RIL) is one of India’s biggest conglomerates with a presence in oil refining &amp; marketing and petrochemicals, oil &amp; gas exploration, retail, digital services and media, etc, making it a well-diversified business entityReliance Jio raised its prepaid tariffs by ~20% across the board, albeit maintaining the popular packs pricing at 7-14% discount to peers.We upgrade the stock to BUY after ~9% correction in the last 1.5 months. On an SOTP basis, we value the stock at Rs 2925/shareContent 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.

Reliance Industries: Raises Tariffs; Pricing Still at Discount to Peers

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

<ul><li>RJio, the telecom vertical of Reliance Industries, is in a sweet spot as peers Bharti and VIL have taken a 20% tariff hike. We expect RJio to follow suit</li><li>The Retail segment is seeing strong revival across categories during the festive season, accelerated store adds, and healthy scale in the Digital business</li><li>The strong earning levers in the Consumer business should support the stock. Using SOTP, we value the stock at INR2,900 and reiterate Buy</li></ul><div class="content-highlight"><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></div>

RJio, the telecom vertical of Reliance Industries, is in a sweet spot as peers Bharti and VIL have taken a 20% tariff hike. We expect RJio to follow suitThe Retail segment is seeing strong revival across categories during the festive season, accelerated store adds, and healthy scale in the Digital businessThe strong earning levers in the Consumer business should support the stock. Using SOTP, we value the stock at INR2,900 and reiterate BuyContent 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.

Reliance Industries: How the Growth Levers Are Stacked

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)

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

Metro Brands IPO Trading - Lukewarm Demand, Peers Have Corrected

Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, raised around US$182m in its India IPO. In this...

Sumeet Singh

Star Health Insurance IPO Trading - Previous Large IPO with Under Subscription Felt a Lot of Pain

Star Health and Allied Insurance (SHAI), the largest private health and retail health insurance company in India, raised around US$851m in its...

Sumeet Singh

Reliance Industries: Raises Tariffs; Pricing Still at Discount to Peers

On a consolidated basis, O2C and oil & gas contributed 62% to revenue, while retail, digital and others contributed 28%, 3% and 7%, respectively....

ICICI Securities Limited

Reliance Industries: How the Growth Levers Are Stacked

The Retail segment is seeing strong revival across categories during the festive season, accelerated store adds, and healthy scale in the Digital...

Motilal Oswal

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