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 around 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>In this note, we talk about the company’s historical performance.</li>
</ul>



Blackbuck (1355652D IN) is looking to raise around 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.
In this note, we talk about the company’s historical performance.


Zinka Logistics Pre-IPO - Continued Financial Underperformance in a Highly Fragmented Market

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> Limited raised around US$1.35bn in its India IPO, although the demand wasn't great.</li>
<li>Swiggy Limited is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the trading dynamics.</li>
</ul>



Swiggy Limited raised around US$1.35bn in its India IPO, although the demand wasn't great.
Swiggy Limited is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the trading dynamics.


Swiggy IPO Trading - Decent Anchor but Tepid Overall Demand

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aadhar-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:32152:1" rel="noopener">Aadhar Housing Finance</a> raised around US$360m 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>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we will talk about the lockup dynamics and possible placement.


Aadhar Housing Finance IPO Lockup -PE Owner Is up 5x, with US$500m Lockup Expiry Soon

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> (HDBFS) is looking to raise US$1.5bn in its India IPO. Banks on the deal include JMFin, BNP, BofA, GS, HSBC, IIFL, Jefferies, MS, Motilal, Nomura, Nuvama, UBS.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>It operates in three main lending verticals: Enterprise Lending, Asset Finance and Consumer Finance. It is a subsidiary of <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a>. </li>
</ul>



HDB Financial Services (HDBFS) is looking to raise US$1.5bn in its India IPO. Banks on the deal include JMFin, BNP, BofA, GS, HSBC, IIFL, Jefferies, MS, Motilal, Nomura, Nuvama, UBS.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
It operates in three main lending verticals: Enterprise Lending, Asset Finance and Consumer Finance. It is a subsidiary of HDFC Bank (HDFCB IN). 


Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.</li>
<li>For this edition we focus on select Banking names like <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a>; <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN); </a><a href="https://www.smartkarma.com/entities/rbl-bank-ltd" target="_blank" data-smartkarma-citation="entities:22856:1" rel="noopener">RBL Bank Ltd (RBK IN)</a>.</li>
<li>We are bearish on most names except <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> and <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a>. </li>
</ul>


We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.
For this edition we focus on select Banking names like HDFC Bank (HDFCB IN); Kotak Mahindra Bank (KMB IN); RBL Bank Ltd (RBK IN).
We are bearish on most names except Axis Bank Ltd (AXSB IN) and Bandhan Bank Ltd (BANDHAN IN). 


Namaste India 🙏 | Earnings Edition - Banking Special

India

Axis Bank Limited provides a full range of banking services throughout India. The Group's activities include retail banking, investment management, merchant banking, treasury and NRI services, cash and credit management services, and ATM facilities.

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Axis Bank Ltd (AXSB IN)

Zinka Logistics Pre-IPO - Continued Financial Underperformance in a Highly Fragmented Market

Zinka Logistics (Blackbuck) is looking to raise around US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Swiggy IPO Trading - Decent Anchor but Tepid Overall Demand

Swiggy Limited raised around US$1.35bn in its India IPO, although the demand wasn't great with only instis having some interest in the listing.

Sumeet Singh

Aadhar Housing Finance IPO Lockup -PE Owner Is up 5x, with US$500m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

HDB Financial Services Pre-IPO Tearsheet

HDB Financial Services (HDBFS) is looking to raise US$1.5bn in its India IPO. Banks on the deal include JMFin, BNP, BofA, GS, HSBC, IIFL,...

Sumeet Singh

Namaste India 🙏 | Earnings Edition - Banking Special

We cover key earnings and conference call highlights for select Banking names, with a bearish outlook on most except for Axis Bank Ltd and Bandhan...

Pranav Bhavsar

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