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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.</li>
</ul>



Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.


Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by higher gross margin (+330 bps YoY) and cost controls (staff/SG&amp;A +10%/+1%YoY)</li><li>ALKEM guidance (1) lowered overall revenue growth to mid-single digit in FY25 vs ~10% earlier</li><li>(2) India business to see growth at par with the IPM growth of 8-9% in FY25 as it expects strong growth H2FY25 (~6% YoY in H1)</li></ul><p><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></p>

Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by higher gross margin (+330 bps YoY) and cost controls (staff/SG&amp;A +10%/+1%YoY)ALKEM guidance (1) lowered overall revenue growth to mid-single digit in FY25 vs ~10% earlier(2) India business to see growth at par with the IPM growth of 8-9% in FY25 as it expects strong growth H2FY25 (~6% YoY in H1)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.

HSIE Results Daily: Alkem Laboratories, Galaxy Surfactants, KNR Constructions

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ipca-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:15774:1" rel="noopener">Ipca Laboratories (IPCA IN)</a> reported 12% YoY growth in domestic revenue to INR8.7B in Q1FY25. The company has delivered market beating growth in both acute and chronic segments.</li>
<li>Standalone EBITDA margin expanded 312bps YoY to 22.3% (FY25 guidance: 21%). Margin improvement is driven by favorable product mix, lower input costs as well as lower manufacturing and other costs.</li>
<li>Ipca is reducing FY25 revenue growth guidance to ~9.0% from 10.5–11.0% and raising FY25 consolidated EBITDA margin guidance by 0.5–1.0% to 18.5–19.0%.</li>
</ul>



Ipca Laboratories (IPCA IN) reported 12% YoY growth in domestic revenue to INR8.7B in Q1FY25. The company has delivered market beating growth in both acute and chronic segments.
Standalone EBITDA margin expanded 312bps YoY to 22.3% (FY25 guidance: 21%). Margin improvement is driven by favorable product mix, lower input costs as well as lower manufacturing and other costs.
Ipca is reducing FY25 revenue growth guidance to ~9.0% from 10.5–11.0% and raising FY25 consolidated EBITDA margin guidance by 0.5–1.0% to 18.5–19.0%.


Ipca Laboratories (IPCA IN): Domestic Revenue Drives Q1FY25 Result; Full-Year Margin Guidance Raise

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indegene-limited" target="_blank" data-smartkarma-citation="entities:36629:1" rel="noopener">Indegene Limited (1864095D IN)</a> was listed in India on 13th May 2024 after raising US$221m. Its six-month lockup will expire on 5th Nov 2024. </li>
<li>Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Indegene Limited (1864095D IN) was listed in India on 13th May 2024 after raising US$221m. Its six-month lockup will expire on 5th Nov 2024. 
Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Indegene Lockup Expiry - US$1bn+ Lockup Release, Some Could Look to Book 3x Gain

Torrent Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/torrent-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:15762:1" rel="noopener">Torrent Pharmaceuticals (TRP IN)</a> reported 17% YoY increase in net profit to INR4.5B on  9% YoY growth in revenue to INR28.9B in Q2FY25. EBITDA margin expanded 150bps YoY to 32.5%.</li>
<li>Domestic market revenue increased 13% YoY to INR16B, led by outperformance in focus therapies aided by strong new launch performance. Torrent’s chronic business grew 14% versus IPM growth of 9%.</li>
<li>Torrent has been reporting improvement in EBITDA margin. Going ahead, the company expects 50–100bps annual margin improvement, driven by solid pricing power in the branded business and operating leverage.</li>
</ul>



Torrent Pharmaceuticals (TRP IN) reported 17% YoY increase in net profit to INR4.5B on  9% YoY growth in revenue to INR28.9B in Q2FY25. EBITDA margin expanded 150bps YoY to 32.5%.
Domestic market revenue increased 13% YoY to INR16B, led by outperformance in focus therapies aided by strong new launch performance. Torrent’s chronic business grew 14% versus IPM growth of 9%.
Torrent has been reporting improvement in EBITDA margin. Going ahead, the company expects 50–100bps annual margin improvement, driven by solid pricing power in the branded business and operating leverage.


Torrent Pharmaceuticals (TRP IN): Domestic Business Drives Q2 Result; Margin Expansion to Continue

India

Alkem Laboratories Limited operates as a pharmaceutical company. The Company researches, develops, manufactures, and markets generic and branded pharmaceuticals. Alkem also provides nutraceuticals, functional foods, health foods, and herbal products.

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Alkem Laboratories Ltd (ALKEM IN)

Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

HSIE Results Daily: Alkem Laboratories, Galaxy Surfactants, KNR Constructions

Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by...

HDFC Securities

Ipca Laboratories (IPCA IN): Domestic Revenue Drives Q1FY25 Result; Full-Year Margin Guidance Raise

Ipca will announce Q2FY25 result on November 14. Thus far, Indian pharma companies have reported strong domestic revenue. We are expecting similar...

Tina Banerjee

Indegene Lockup Expiry - US$1bn+ Lockup Release, Some Could Look to Book 3x Gain

Indegene Limited (1864095D IN) was listed in India on 13th May 2024 after raising US$221m. Its six-month lockup will expire on 5th Nov 2024.

Clarence Chu

Torrent Pharmaceuticals (TRP IN): Domestic Business Drives Q2 Result; Margin Expansion to Continue

Torrent Pharmaceuticals reported 17% YoY increase in net profit on 9% YoY revenue growth and expanding EBITDA margin in Q2FY25. Going ahead, the...

Tina Banerjee

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Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

HSIE Results Daily: Alkem Laboratories, Galaxy Surfactants, KNR Constructions

Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by...

HDFC Securities

Ipca Laboratories (IPCA IN): Domestic Revenue Drives Q1FY25 Result; Full-Year Margin Guidance Raise

Ipca will announce Q2FY25 result on November 14. Thus far, Indian pharma companies have reported strong domestic revenue. We are expecting similar...

Tina Banerjee

Indegene Lockup Expiry - US$1bn+ Lockup Release, Some Could Look to Book 3x Gain

Indegene Limited (1864095D IN) was listed in India on 13th May 2024 after raising US$221m. Its six-month lockup will expire on 5th Nov 2024.

Clarence Chu

Torrent Pharmaceuticals (TRP IN): Domestic Business Drives Q2 Result; Margin Expansion to Continue

​Torrent Pharmaceuticals reported 17% YoY increase in net profit on 9% YoY revenue growth and expanding EBITDA margin in Q2FY25. Going ahead, the...

Tina Banerjee

Torrent Pharmaceuticals reported 17% YoY increase in net profit on 9% YoY revenue growth and expanding EBITDA margin in Q2FY25. Going ahead, the...