APAC IPOs & Placements, Aequitas Research

Akshat Shah

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 about US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>Previously, we talked about the company’s historical performance. In this note, we share our quick thoughts on peer comparison and valuation.</li>
</ul>



Blackbuck (1355652D IN) is looking to raise about US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
Previously, we talked about the company’s historical performance. In this note, we share our quick thoughts on peer comparison and valuation.


Zinka Logistics IPO - Has Grown Rapidly but Looks Expensive

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

Go Digit General Insurance / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-digit-general-insurance-l" target="_blank" data-smartkarma-citation="entities:36266:1" rel="noopener">Go Digit General Insurance</a> raised US$315m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.</li>
<li>Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Go Digit General Insurance raised US$315m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.
Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
In this note, we will talk about the lockup dynamics and possible placement.


Go Digit IPO Lockup - Promoters and Investors Could Look to Sell in the US$2.1bn Release

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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Motilal Oswal's research report on ICICI Bank ICICIBC reported a steady quarter, with 15% YoY growth in net earnings (4% beat).</li><li>NII was in line, while other income was strong, led by healthy treasury gains and dividends.</li><li>NIMs inched down 4bp QoQ to 4.36%.</li></ul>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.

Motilal Oswal's research report on ICICI Bank ICICIBC reported a steady quarter, with 15% YoY growth in net earnings (4% beat).NII was in line, while other income was strong, led by healthy treasury gains and dividends.NIMs inched down 4bp QoQ to 4.36%.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.

ICICI Bank - Steady Quarter; Robust Other Income Drives Earnings Beat

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.</li>
<li>The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.</li>
<li>Leverage increases both the strategy's payoff and probability of success.</li>
</ul>


This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.
The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.
Leverage increases both the strategy's payoff and probability of success.


EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>ICICIB reported a healthy domestic credit growth of 17/3% YoY/QoQ vs. our expectation of ~18%. Retail books grew by 19/4% YoY/QoQ, and Business Banking grew by 32/6.5% YoY/QoQ.</li><li>SME book grew by 25/4% YoY/QoQ and the domestic corporate book grew by 10%/flat YoY/QoQ.</li><li>Deposit growth was strong at 20/6% YoY/QoQ, driven by a robust CASA Deposit growth of 10/13% YoY. CASA Ratio improved to 42.2% vs 45.8/39.6% YoY/QoQ.</li></ul>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.

ICICIB reported a healthy domestic credit growth of 17/3% YoY/QoQ vs. our expectation of ~18%. Retail books grew by 19/4% YoY/QoQ, and Business Banking grew by 32/6.5% YoY/QoQ.SME book grew by 25/4% YoY/QoQ and the domestic corporate book grew by 10%/flat YoY/QoQ.Deposit growth was strong at 20/6% YoY/QoQ, driven by a robust CASA Deposit growth of 10/13% YoY. CASA Ratio improved to 42.2% vs 45.8/39.6% YoY/QoQ.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.

ICICI Bank - Inline Quarter; Strong Performance to Continue

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

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ICICI Bank Ltd (ICICIBC IN)

Zinka Logistics IPO - Has Grown Rapidly but Looks Expensive

Zinka Logistics (Blackbuck) is looking to raise about US$130m in its India IPO. In this note, we undertake a quick peer comparison, and discuss our...

Akshat Shah

Go Digit IPO Lockup - Promoters and Investors Could Look to Sell in the US$2.1bn Release

Go Digit General Insurance raised US$315m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to...

Sumeet Singh

ICICI Bank - Steady Quarter; Robust Other Income Drives Earnings Beat

Motilal Oswal's research report on ICICI Bank ICICIBC reported a steady quarter, with 15% YoY growth in net earnings (4% beat). NII was in line,...

Motilal Oswal

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

ICICI Bank - Inline Quarter; Strong Performance to Continue

ICICIB reported a healthy domestic credit growth of 17/3% YoY/QoQ vs. our expectation of ~18%. Retail books grew by 19/4% YoY/QoQ, and Business...

Axis Direct

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