APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

InterGlobe Aviation Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares (4% of TSO).</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn battle with his co-founder Rahul Bhatia. He last sold in Sep 2022 and Feb 2023.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares (4% of TSO).
He had earlier stated his intention to pare down his stake after a long drawn battle with his co-founder Rahul Bhatia. He last sold in Sep 2022 and Feb 2023.
In this note, we will talk about the placement and run the deal through our ECM framework.


Interglobe Aviation (Indigo) Placement - Selldowns Are Becoming Increasingly Regular

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder Rakesh Gangwal’s 29%+ stake was released from lock-up today.</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. </li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder Rakesh Gangwal’s 29%+ stake was released from lock-up today.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. 
In this note, we will talk about the lockup dynamics and possible placement.


Interglobe Aviation (Indigo) Lockup - Time for Another Selldown, This Time Could Touch US$900m

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The JIP TOB for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a> is here. Finally. It's still too low. Since the announcement, when it was too low, peers are up a lot, and memory looks healthier.</li>
<li>
<a href="https://www.smartkarma.com/entities/hongkong-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15465:1" rel="noopener">Hongkong Land (HKL SP)</a> selling Three Exchange Square sounds purely speculative. At best. But it would have a bigly impact on Hong Kong Office sentiment if true. </li>
<li>
<a href="https://www.smartkarma.com/entities/inpex-corp" target="_blank" data-smartkarma-citation="entities:20665:1" rel="noopener">Inpex (1605 JP)</a> reported 1H results, a change in forecasts, and a bigly buyback. The mechanics are the same. The impact is a bit different, but it's worth looking at.</li>
</ul>


The JIP TOB for Toshiba (6502 JP) is here. Finally. It's still too low. Since the announcement, when it was too low, peers are up a lot, and memory looks healthier.

Hongkong Land (HKL SP) selling Three Exchange Square sounds purely speculative. At best. But it would have a bigly impact on Hong Kong Office sentiment if true. 

Inpex (1605 JP) reported 1H results, a change in forecasts, and a bigly buyback. The mechanics are the same. The impact is a bit different, but it's worth looking at.


Last Week in Event SPACE: Toshiba, Hongkong Land, Inpex, L'Occitane

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>We see decidedly mixed signals in Chinese outbound tourism numbers from June</li>
<li>Meanwhile, the modest pace of the recovery in domestic air traffic continued last month</li>
<li>What to look for in Q2/H1 earnings results over the next several weeks</li>
</ul>


We see decidedly mixed signals in Chinese outbound tourism numbers from June
Meanwhile, the modest pace of the recovery in domestic air traffic continued last month
What to look for in Q2/H1 earnings results over the next several weeks


Monthly Chinese Tourism Tracker | Outbound: Mixed Signals | Domestic: Steady | (July 2023)

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The underperformance of Chinese airlines looks unjustified to us, especially in view of the significant narrow-down in losses in 2Q23, particularly for <a href="https://www.smartkarma.com/entities/air-china-ltd-h" target="_blank" data-smartkarma-citation="entities:8239:1" rel="noopener">Air China Ltd (753 HK)</a>. </li>
<li>While domestic passenger capacity has fully recovered, international capacity is still more than 50% below Jun 2019. We anticipate its recovery will drive profitability over the next 12 months.</li>
<li>We prefer <a href="https://www.smartkarma.com/entities/air-china-ltd-h" target="_blank" data-smartkarma-citation="entities:8239:1" rel="noopener">Air China Ltd (753 HK)</a> given its excellent leverage to international routes and exposure to <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a>. Its FY24F ROE of 45% is impressive too. </li>
</ul>


The underperformance of Chinese airlines looks unjustified to us, especially in view of the significant narrow-down in losses in 2Q23, particularly for Air China Ltd (753 HK). 
While domestic passenger capacity has fully recovered, international capacity is still more than 50% below Jun 2019. We anticipate its recovery will drive profitability over the next 12 months.
We prefer Air China Ltd (753 HK) given its excellent leverage to international routes and exposure to Cathay Pacific Airways (293 HK). Its FY24F ROE of 45% is impressive too. 


Hong Kong

Cathay Pacific Airways Limited operates scheduled airline services. The Company also provides related services, including airline catering, aircraft handling, and engineering.

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Cathay Pacific Airways (293 HK)

Interglobe Aviation (Indigo) Placement - Selldowns Are Becoming Increasingly Regular

InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares...

Ethan Aw

Interglobe Aviation (Indigo) Lockup - Time for Another Selldown, This Time Could Touch US$900m

A deal worth US$450m has just been launched. Its very well flagged, as one can tell from our prior note, although the deal size is somewhat smaller...

Sumeet Singh

Last Week in Event SPACE: Toshiba, Hongkong Land, Inpex, L'Occitane

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Monthly Chinese Tourism Tracker | Outbound: Mixed Signals | Domestic: Steady | (July 2023)

We see mixed signals in June outbound travel activity, and the recovery in domestic activity continued at its modest pace. For value investors,...

Tracking Traffic

Chinese Airlines: Taking off Again

The underperformance of Chinese airlines is unjustified. Recovery of international routes over the next 12 months and exposure to Cathay Pacific...

Osbert Tang, CFA

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