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

Five Star Business Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (0958461D IN)</a> is looking to raise around US$250m in its upcoming India IPO. </li>
<li>Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.</li>
<li>In this note, we talk about the RHP updates and undertake a peer comparison.</li>
</ul>



Five Star Business Finance (0958461D IN) is looking to raise around US$250m in its upcoming India IPO. 
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
In this note, we talk about the RHP updates and undertake a peer comparison.


Five-Star Business IPO - RHP Updates and Peer Comparion

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Tencent and Alibaba are rumored to be acquired by state-owned companies.</li>
<li>Tencent charges for originally free function and JD.com re-organized to cut cost.</li>
<li>Autohome’s revenue stopped declining in 3Q22 and it is time to accumulate.</li>
</ul>


Tencent and Alibaba are rumored to be acquired by state-owned companies.
Tencent charges for originally free function and JD.com re-organized to cut cost.
Autohome’s revenue stopped declining in 3Q22 and it is time to accumulate.


China Internet Weekly (7Nov2022): Tencent, Alibaba, Kuaishou, JD.com, Autohome, China Unicom

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Blibli (1437710D IJ)</a> priced its IPO at IDR450 per share to raise net proceeds of US$508 million. The shares will start trading on 8 November.</li>
<li>We have previously discussed the IPO in <a href="https://www.smartkarma.com/insights/blibli-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:82294" rel="noopener">Blibli IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/blibli-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:82376" rel="noopener">Blibli IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/blibli-vs-tokopedia-vs-bukalapak-vs-lazada-vs-shopee" target="_blank" data-smartkarma-citation="insights:82473" rel="noopener">Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee</a>, <a href="https://www.smartkarma.com/insights/blibli-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:82555" rel="noopener">Blibli IPO: Valuation Insights</a>.   </li>
<li>Despite peer multiple derating, the IPO price remains unattractive compared to global and Asian-focused e-commerce peers. </li>
</ul>



Blibli (1437710D IJ) priced its IPO at IDR450 per share to raise net proceeds of US$508 million. The shares will start trading on 8 November.
We have previously discussed the IPO in Blibli IPO: The Bull Case, Blibli IPO: The Bear Case, Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee, Blibli IPO: Valuation Insights.   
Despite peer multiple derating, the IPO price remains unattractive compared to global and Asian-focused e-commerce peers. 


<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>On the IPO front,  a number of companies in India have launched thier IPOs recently, even as HK and rest of Asia remains dormant.</li>
<li>The only notable placement this week was the selldown in <a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" data-smartkarma-citation="entities:768:1" rel="noopener">Axis Bank Ltd (AXSB IN)</a> by Bain Capital.</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.
On the IPO front,  a number of companies in India have launched thier IPOs recently, even as HK and rest of Asia remains dormant.
The only notable placement this week was the selldown in Axis Bank Ltd (AXSB IN) by Bain Capital.


ECM Weekly (6th Nov 2022) - Giant Biogene, Blibli, Betagro, Bionote, Fusion, Medanta, Bikaji, Axis

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul><li>A fresh wave of Covid-19 outbreaks and tightened control measures across China are stoking concerns among merchants that logistics disruptions could undermine sales in the annual “Double 11” shopping promotion.</li><li>The event, also known as “Singles’ Day,” is one of the biggest money-earners in the retail calendar.</li><li>But Covid lockdowns are again squeezing logistics in some parts of the country.</li></ul>

A fresh wave of Covid-19 outbreaks and tightened control measures across China are stoking concerns among merchants that logistics disruptions could undermine sales in the annual “Double 11” shopping promotion.The event, also known as “Singles’ Day,” is one of the biggest money-earners in the retail calendar.But Covid lockdowns are again squeezing logistics in some parts of the country.

Covid Lockdowns Stoke Merchant Concerns Ahead of Peak Shopping Season

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com Inc (ADR) (JD US)

Five-Star Business IPO - RHP Updates and Peer Comparion

Five Star Business Finance is looking to raise around US$250m in its upcoming India IPO. In this note, we talk about the RHP updates and undertake...

Sumeet Singh

China Internet Weekly (7Nov2022): Tencent, Alibaba, Kuaishou, JD.com, Autohome, China Unicom

Tencent and Alibaba are rumored to be acquired by state-owned companies. Tencent charges for more functions and JD.com re-organized to cut cost....

Ming Lu

Blibli IPO: Trading Debut

The shares will start trading on 8 November. Despite peer multiple derating, the IPO price remains unattractive compared to global and Asian...

Arun George

ECM Weekly (6th Nov 2022) - Giant Biogene, Blibli, Betagro, Bionote, Fusion, Medanta, Bikaji, Axis

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

Covid Lockdowns Stoke Merchant Concerns Ahead of Peak Shopping Season

A fresh wave of Covid-19 outbreaks and tightened control measures across China are stoking concerns among merchants that logistics disruptions...

Caixin Global

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