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

Brookfield India Real Estate Trust / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/brookfield-india-real-estate-trust" target="_blank" data-smartkarma-citation="entities:31036:1" rel="noopener">Brookfield India Real Estate Trust (BIREIT IN)</a> (BREIT from hereon) aims to raise up to US$600m in its India IPO. BREIT aims to be the leading owner of high quality income producing commercial real estate assets in key gateway Indian markets. Its initial portfolio consists of 14.0msf, with call options to acquire a further 8.3msf and rights of first offer on an additional 6.7msf.</p></div><div><p>Its initial portfolio consists of four large campus-format office parks located in Mumbai, Gurugram, Noida and Kolkata. Of the initial 14msf, 9.8msf was completed, 0.6msf was under construction and 3.6msf was reserved for future development potential. The initial portfolio is 96% occupied and had a weighted average lease expiry (WALE) of 6.8 years.</p></div><div>
<p>The portfolio has recorded steady net operating income (NOI) growth in the past of 6.46% and 7.64% in FY19 and FY20, respectively. Future growth as well appears promising with NOI for the initial portfolio expected to grow by 20% over FY20-23. The call and ROFO assets provide further avenues for growth.</p>
<p>In my previous note, I spoke about the positive aspects of the deal, <a href="https://www.smartkarma.com/insights/brookfields-india-real-estate-trust-pre-ipo-the-positives-provides-different-geographic-exposure" target="_blank" rel="noopener">Brookfields India Real Estate Trust Pre-IPO - The Positives- Provides Different Geographic Exposure</a>.</p>
<p>In this note, I'll talk about the not so flattering aspects.</p>
</div>

Brookfield India Real Estate Trust (BIREIT IN) (BREIT from hereon) aims to raise up to US$600m in its India IPO. BREIT aims to be the leading owner of high quality income producing commercial real estate assets in key gateway Indian markets. Its initial portfolio consists of 14.0msf, with call options to acquire a further 8.3msf and rights of first offer on an additional 6.7msf.Its initial portfolio consists of four large campus-format office parks located in Mumbai, Gurugram, Noida and Kolkata. Of the initial 14msf, 9.8msf was completed, 0.6msf was under construction and 3.6msf was reserved for future development potential. The initial portfolio is 96% occupied and had a weighted average lease expiry (WALE) of 6.8 years.
The portfolio has recorded steady net operating income (NOI) growth in the past of 6.46% and 7.64% in FY19 and FY20, respectively. Future growth as well appears promising with NOI for the initial portfolio expected to grow by 20% over FY20-23. The call and ROFO assets provide further avenues for growth.
In my previous note, I spoke about the positive aspects of the deal, Brookfields India Real Estate Trust Pre-IPO - The Positives- Provides Different Geographic Exposure.
In this note, I'll talk about the not so flattering aspects.


Brookfields India Real Estate Trust Pre-IPO- The Negatives- Asset Details Leave Questions Unanswered

<p><a href="https://www.smartkarma.com/entities/brookfield-india-real-estate-trust" target="_blank" data-smartkarma-citation="entities:31036:1" rel="noopener">Brookfield India Real Estate Trust (BIREIT IN)</a> (BREIT from hereon) aims to raise up to US$600m in its India IPO. BREIT aims to be the leading owner of high quality income producing commercial real estate assets in key gateway Indian markets. Its initial portfolio consists of 14.0msf, with call options to acquire a further 8.3msf and rights of first offer on an additional 6.7msf.</p><p>Its initial portfolio consists of four large campus-format office parks located in Mumbai, Gurugram, Noida and Kolkata. Of the initial 14msf, 9.8msf was completed, 0.6msf was under construction and 3.6msf was reserved for future development potential. The initial portfolio is 96% occupied and had a weighted average lease expiry (WALE) of 6.8 years.</p><p>The portfolio has recorded steady net operating income (NOI) growth in the past of 6.46% and 7.64% in FY19 and FY20, respectively. Future growth as well appears promising with NOI for the initial portfolio expected to grow by 20% over FY20-23. The call and ROFO assets provide further avenues for growth.</p>

Brookfield India Real Estate Trust (BIREIT IN) (BREIT from hereon) aims to raise up to US$600m in its India IPO. BREIT aims to be the leading owner of high quality income producing commercial real estate assets in key gateway Indian markets. Its initial portfolio consists of 14.0msf, with call options to acquire a further 8.3msf and rights of first offer on an additional 6.7msf.Its initial portfolio consists of four large campus-format office parks located in Mumbai, Gurugram, Noida and Kolkata. Of the initial 14msf, 9.8msf was completed, 0.6msf was under construction and 3.6msf was reserved for future development potential. The initial portfolio is 96% occupied and had a weighted average lease expiry (WALE) of 6.8 years.The portfolio has recorded steady net operating income (NOI) growth in the past of 6.46% and 7.64% in FY19 and FY20, respectively. Future growth as well appears promising with NOI for the initial portfolio expected to grow by 20% over FY20-23. The call and ROFO assets provide further avenues for growth.

Brookfields India Real Estate Trust Pre-IPO - The Positives- Provides Different Geographic Exposure

Embassy Office Parks REIT / Equity Capital Markets

<section><div id="ember1549">
<div><p><a href="https://www.smartkarma.com/entities/embassy-office-parks-reit" target="_blank" data-smartkarma-citation="entities:27925:1" rel="noopener">Embassy Office Parks REIT (EOP IN) </a> plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional placement, later in the year.  </p></div>
<div><p>The stock was listed in Apr 2019 and we have covered the listing and previous placement as well, links for which are below: </p></div>
<div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-good-assets-but-projections-might-be-a-tad-too-bullish" target="_blank" rel="noopener">Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish</a></li>
<li>
<a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-comparison-with-ait-and-a-look-at-the-required-yield" target="_blank" rel="noopener">Embassy Office Parks REIT - Comparison with AIT and a Look at the Required Yield</a>, and</li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-ipo-fy19-revised-down-yield-propped-up-by-zero-coupon-bond" target="_blank" rel="noopener">Embassy Office Parks REIT IPO - FY19 Revised Down, Yield Propped up by Zero Coupon Bond</a></li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-trading-update-lowest-volume-traded-for-any-indian-listing-since-2018" target="_blank" rel="noopener">Embassy Office Parks REIT Trading Update - Lowest Volume Traded for Any Indian Listing Since 2018</a></li>
<li><a href="https://www.smartkarma.com/insights/embassy-office-parks-reit-placement-to-big-to-swallow-if-its-not-a-reverse-enquiry" target="_blank" rel="noopener">Embassy Office Parks REIT Placement - To Big to Swallow if Its Not a Reverse Enquiry</a></li>
</ul></div>
</div></section><p>In this insight, I'll take an early look at the deal.</p>


Embassy Office Parks REIT (EOP IN)  plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional placement, later in the year.  
The stock was listed in Apr 2019 and we have covered the listing and previous placement as well, links for which are below: 

Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish

Embassy Office Parks REIT - Comparison with AIT and a Look at the Required Yield, and
Embassy Office Parks REIT IPO - FY19 Revised Down, Yield Propped up by Zero Coupon Bond
Embassy Office Parks REIT Trading Update - Lowest Volume Traded for Any Indian Listing Since 2018
Embassy Office Parks REIT Placement - To Big to Swallow if Its Not a Reverse Enquiry

In this insight, I'll take an early look at the deal.

Embassy Office Parks REIT Placement - Early Look - Big Deal but Will Come with Ample Warning

Mindspace Business Parks REIT / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/mindspace-business-parks-reit" target="_blank" data-smartkarma-citation="entities:28818:1" rel="noopener">Mindspace Business Parks REIT (MBP IN) </a>raised around US$600m in its IPO, making it the second REIT listing for India.</p></div><div><p>In my previous insights I've covered the company background, its projected growth, compared it to its main listed peer: </p></div><ul>
<li> <a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-decent-growth-but-not-all-assets-are-equal" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal</a>,</li>
<li>
<a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-updates-aren-t-so-great" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Updates aren't so great</a>,</li>
<li><a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-ipo-price-appears-fair-strategic-investors-are-top-notch" target="_blank" rel="noopener">Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch</a></li>
</ul><p>In this insight, I will re-visit some of the deal dynamics, comment on share price drivers and provide a table with implied valuations.</p>

Mindspace Business Parks REIT (MBP IN) raised around US$600m in its IPO, making it the second REIT listing for India.In my previous insights I've covered the company background, its projected growth, compared it to its main listed peer: 
 Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal,

Mindspace Business Parks REIT Pre-IPO - Updates aren't so great,
Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch
In this insight, I will re-visit some of the deal dynamics, comment on share price drivers and provide a table with implied valuations.

Mindspace Business Park REIT Trading Update - Much Better Debut that Embassy

<p><a href="https://www.smartkarma.com/entities/mindspace-business-parks-reit" target="_blank" data-smartkarma-citation="entities:28818:1" rel="noopener">Mindspace Business Parks REIT (MBP IN)</a>  (MBP) aims to raise around US$600m via a mix of selling primary and secondary shares in its Indian IPO.</p><p>MBP will own one of the largest Grade-A office portfolios in India with a total leasable area of 29.5 msf. MBP’s portfolio contained five integrated business parks and five independent offices across four cities, Mumbai, Hyderabad, Pune and Chennai.</p><p>The portfolio has shown decent growth in the past and has multiple levers to help it to continue growing, like increased completions, rental reversions and acquisitions. </p><p>In my earlier note, <a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-decent-growth-but-not-all-assets-are-equal" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal</a> and <a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-updates-aren-t-so-great" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Updates aren't so great</a>, I spoke about the company background and some of its assets.</p><p></p><p>In this note, I’ll run the deal through our framework and talk about deal dynamics.</p>

Mindspace Business Parks REIT (MBP IN)  (MBP) aims to raise around US$600m via a mix of selling primary and secondary shares in its Indian IPO.MBP will own one of the largest Grade-A office portfolios in India with a total leasable area of 29.5 msf. MBP’s portfolio contained five integrated business parks and five independent offices across four cities, Mumbai, Hyderabad, Pune and Chennai.The portfolio has shown decent growth in the past and has multiple levers to help it to continue growing, like increased completions, rental reversions and acquisitions. In my earlier note, Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal and Mindspace Business Parks REIT Pre-IPO - Updates aren't so great, I spoke about the company background and some of its assets.In this note, I’ll run the deal through our framework and talk about deal dynamics.

Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch

Singapore

Capitaland India Trust operates as a property trust. The Trust acquires, owns, and develops income-producing real estates such as IT business parks, logistics space, and industrial facilities. Capitaland India Trust serves customers in India.

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Capitaland India Trust (CLINT SP)

Brookfields India Real Estate Trust Pre-IPO- The Negatives- Asset Details Leave Questions Unanswered

Brookfield India Real Estate Trust aims to raise up to US$600m in its India IPO. BREIT aims to be the leading owner of high quality income...

Sumeet Singh

Brookfields India Real Estate Trust Pre-IPO - The Positives- Provides Different Geographic Exposure

Brookfield India Real Estate Trust aims to raise up to US$600m in its India IPO. BREIT aims to be the leading owner of high quality income...

Sumeet Singh

Embassy Office Parks REIT Placement - Early Look - Big Deal but Will Come with Ample Warning

Embassy Office Parks REIT plans to acquire assets worth US$1.3bn, and aims to fund part of the purchase via a US$500m institutional placement,...

Sumeet Singh

Mindspace Business Park REIT Trading Update - Much Better Debut that Embassy

Mindspace Business Parks REIT (MBP IN) raised around US$600m in its IPO, making it the second REIT listing for India.In my previous insights I've...

Sumeet Singh

Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch

Mindspace Business Parks REIT (MBP IN) (MBP) aims to raise around US$600m via a mix of selling primary and secondary shares in its Indian IPO.MBP...

Sumeet Singh

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