APAC IPOs & Placements

Zhen Zhou, Toh

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

Chalet Hotels Ltd / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27884" target="_blank" data-smartkarma-citation="entities:27884:1">Chalet Hotels Limited (CHALET IN)</a> is looking to raise up to US$234m in its upcoming IPO.
Chalet Hotels (Chalet) is an owner, developer, and asset manager of luxury hotels. The company has grown its revenue and EBITDA at 15.8% and 22.8% CAGR from FY2016 to FY2018. The growth has been driven by the consistent improvement of its average occupancy rate which in turn drove RevPAR higher.
However, the company is embroiled in litigation with <a href="https://www.smartkarma.com/entities/26747" target="_blank" data-smartkarma-citation="entities:26747:1">Hindustan Aeronautics (HNAL IN)</a> which could result in the company incurring significant costs. Along with the impending renewal of the licensing agreement in 2020 and 2021, there is much to be worried about the company's near-term outlook and its highly leveraged balance sheet may leave the company backed up into a corner.
In this insight, we will look at the company financial and operating performance, compare hotels' operating metrics to the industry average, and compare its valuation to other Indian hotel peers. We will also run the deal through our IPO framework.

Chalet Hotels Limited (CHALET IN) is looking to raise up to US$234m in its upcoming IPO.
Chalet Hotels (Chalet) is an owner, developer, and asset manager of luxury hotels. The company has grown its revenue and EBITDA at 15.8% and 22.8% CAGR from FY2016 to FY2018. The growth has been driven by the consistent improvement of its average occupancy rate which in turn drove RevPAR higher.
However, the company is embroiled in litigation with Hindustan Aeronautics (HNAL IN) which could result in the company incurring significant costs. Along with the impending renewal of the licensing agreement in 2020 and 2021, there is much to be worried about the company's near-term outlook and its highly leveraged balance sheet may leave the company backed up into a corner.
In this insight, we will look at the company financial and operating performance, compare hotels' operating metrics to the industry average, and compare its valuation to other Indian hotel peers. We will also run the deal through our IPO framework.

Chalet Hotels IPO Review - Backed up into a Corner

India

Chalet Hotels Limited operates as a hotel real estate investment company. The Company acquires, develops, and manages hotels. Chalet Hotels serves customers in India.

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Chalet Hotels Ltd (CHALET IN)

Chalet Hotels IPO Review - Backed up into a Corner

Chalet Hotels Limited (CHALET IN) is looking to raise up to US$234m in its upcoming IPO. Chalet Hotels (Chalet) is an owner, developer, and asset...

Zhen Zhou, Toh

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