APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Campus Activewear / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear Ltd (1535013D IN)</a> India IPO raised around US$184m. The IPO was a 100% secondary selldown.</li>
<li>The overall subscription rate for Campus had led the likes of Zomato, PAYTM and PB Fintech, and was most similar to that of Polycab India.</li>
<li>Campus’ growth outlook and vertically integrated model should warrant it to trade at a premium to Metro Brands, while at a discount to Relaxo, given the latter’s more diversified offering. </li>
</ul>



Campus Activewear Ltd (1535013D IN) India IPO raised around US$184m. The IPO was a 100% secondary selldown.
The overall subscription rate for Campus had led the likes of Zomato, PAYTM and PB Fintech, and was most similar to that of Polycab India.
Campus’ growth outlook and vertically integrated model should warrant it to trade at a premium to Metro Brands, while at a discount to Relaxo, given the latter’s more diversified offering. 


Campus Activewear IPO Trading - Strong Bookbuild and Anchor

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear Ltd (1535013D IN)</a> is about to go public soon. </li>
<li>The RHP has portrayed Campus's return ratios such as ROCE to be one of the highest in its peer group, inching past the likes of <a href="https://www.smartkarma.com/entities/bata-india-ltd" target="_blank" data-smartkarma-citation="entities:3051:1" rel="noopener">Bata India Ltd (BATA IN)</a>.</li>
<li>However, upon further investigation of the financials, the return ratios seem to be mysterious, simply because of capital reserve arising from acquisition of promoter-companies, back when Ind AS was adopted.</li>
</ul>



Campus Activewear Ltd (1535013D IN) is about to go public soon. 
The RHP has portrayed Campus's return ratios such as ROCE to be one of the highest in its peer group, inching past the likes of Bata India Ltd (BATA IN).
However, upon further investigation of the financials, the return ratios seem to be mysterious, simply because of capital reserve arising from acquisition of promoter-companies, back when Ind AS was adopted.


Campus Activewear IPO: Mysterious Return Ratios

<ul>
<li>
<a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear Ltd (1535013D IN)</a> is looking to raise about US$184m in its India IPO, via a 100% secondary selldown.</li>
<li>In comparison to peers, the firm has fared better during the pandemic, and had recorded stronger topline growth, even pre-pandemic.</li>
<li>While a smaller player in the overall domestic footwear market, Campus is the largest domestic player in the niche sports and athleisure footwear market.</li>
</ul>



Campus Activewear Ltd (1535013D IN) is looking to raise about US$184m in its India IPO, via a 100% secondary selldown.
In comparison to peers, the firm has fared better during the pandemic, and had recorded stronger topline growth, even pre-pandemic.
While a smaller player in the overall domestic footwear market, Campus is the largest domestic player in the niche sports and athleisure footwear market.


Campus Activewear IPO - Take the Deal for Its Strong Track Record

<ul>
<li>
<a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear Ltd (1535013D IN)</a> is looking to raise about US$184m in its India IPO, via a 100% secondary selldown.</li>
<li>While there are other domestically listed footwear makers, Campus’ competitors generally market a broader product offering, ranging from casual, formal or outdoor shoes etc.. </li>
<li>Campus' performance was amongst the most resilient during the pandemic, but its margins continues to trail peers. </li>
</ul>



Campus Activewear Ltd (1535013D IN) is looking to raise about US$184m in its India IPO, via a 100% secondary selldown.
While there are other domestically listed footwear makers, Campus’ competitors generally market a broader product offering, ranging from casual, formal or outdoor shoes etc.. 
Campus' performance was amongst the most resilient during the pandemic, but its margins continues to trail peers. 


Campus Activewear IPO - Peer Comparison-Competitive Market, Firm Has Been Resilient During Pandemic

<ul>
<li>
<a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear Ltd (1535013D IN)</a> is looking to raise about US$200m in its India IPO, via a 100% secondary selldown.</li>
<li>Campus Activewear is a lifestyle-oriented sports and athleisure footwear firm based in India. </li>
<li>Operating under the “CAMPUS” brand, the firm offers a diverse portfolio of styles, color palettes, and price points.</li>
</ul>



Campus Activewear Ltd (1535013D IN) is looking to raise about US$200m in its India IPO, via a 100% secondary selldown.
Campus Activewear is a lifestyle-oriented sports and athleisure footwear firm based in India. 
Operating under the “CAMPUS” brand, the firm offers a diverse portfolio of styles, color palettes, and price points.


Campus Activewear Pre-IPO - Synergistic Business Model, but in a Fragmented Industry

India

Bata India Limited manufactures a wide range of leather, rubber/canvas and plastic footwear products.  The Company also manufactures sports apparel and leather accessories.  Bata India sells its products through its chain of company owned retail stores in India, as well as to businesses in the USA, United Kingdom, Europe, the Middle East and the Far East.

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Bata India Ltd (BATA IN)

Campus Activewear IPO Trading - Strong Bookbuild and Anchor

Campus Activewear Ltd (1535013D IN) India IPO raised around US$184m. The overall subscription rate had led the likes of Zomato, PAYTM and PB...

Clarence Chu

Campus Activewear IPO: Mysterious Return Ratios

Campus had reported highest ROCE among the peers. However, the return ratios seem to be mysterious simply because of creation of negative capital...

Nitin Mangal

Campus Activewear IPO - Take the Deal for Its Strong Track Record

Campus Activewear is looking to raise about US$184m in its India IPO, via a 100% secondary selldown. Campus is the largest domestic player in the...

Clarence Chu

Campus Activewear IPO - Peer Comparison-Competitive Market, Firm Has Been Resilient During Pandemic

Campus Activewear Ltd (1535013D IN) is looking to raise about US$184m in its India IPO, via a 100% secondary selldown. The firm's performance was...

Clarence Chu

Campus Activewear Pre-IPO - Synergistic Business Model, but in a Fragmented Industry

Campus Activewear Ltd (1535013D IN) is looking to raise about US$200m in its India IPO, via a 100% secondary selldown. Campus Activewear is a...

Clarence Chu

Price Gauge

52-week Range

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