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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> and  <a href="https://www.smartkarma.com/entities/sbfc-finance-limited" target="_blank" data-smartkarma-citation="entities:36713:1" rel="noopener">SBFC Finance Limited (1547353D IN)</a> opened their respective IPO bookbuilds this week.</li>
<li>On the Placements front, India began picking up steam post-earnings seasons.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Concord Biotech Ltd (658823Z IN) and  SBFC Finance Limited (1547353D IN) opened their respective IPO bookbuilds this week.
On the Placements front, India began picking up steam post-earnings seasons.


ECM Weekly (6th August 2023) - Concord Biotech, SBFC Fin, Fadu, Mitsui Fudosan, Capitaland Ascott

Concord Biotech Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> is looking to raise around US$188m in its India IPO.</li>
<li>Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).</li>
<li>In this note, we will undertake a peer comparison, and share our thoughts on valuation.</li>
</ul>



Concord Biotech Ltd (658823Z IN) is looking to raise around US$188m in its India IPO.
Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
In this note, we will undertake a peer comparison, and share our thoughts on valuation.


Concord Biotech IPO - Peer Comparison & Valuation - Smaller in Scale but Wider in Margins

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> is amongst the few fermentation-based API manufacturing companies globally. The company commanded market share of 20%+ by volume in 2022 across identified fermentation‐based API products.</li>
<li>Concord Biotech IPO opens for subscription on August 4. The IPO consists of offer for sale of 21M shares by Helix Investment Holdings at a price band of INR705–741/share.</li>
<li>Large and growing addressable market, sizable market share, niche and limited competition offering, consistent growth and profitability, and reasonable valuation make the IPO worth of subscribing.</li>
</ul>



Concord Biotech Ltd (658823Z IN) is amongst the few fermentation-based API manufacturing companies globally. The company commanded market share of 20%+ by volume in 2022 across identified fermentation‐based API products.
Concord Biotech IPO opens for subscription on August 4. The IPO consists of offer for sale of 21M shares by Helix Investment Holdings at a price band of INR705–741/share.
Large and growing addressable market, sizable market share, niche and limited competition offering, consistent growth and profitability, and reasonable valuation make the IPO worth of subscribing.


Concord Biotech (Pre-IPO): Niche Offering Amid Lean Competition to Drive Stable Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> is looking to raise around US$188m in its India IPO.</li>
<li>Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).</li>
<li>As per F&amp;S, Concord was one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on FY21 volume.</li>
</ul>



Concord Biotech Ltd (658823Z IN) is looking to raise around US$188m in its India IPO.
Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
As per F&amp;S, Concord was one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on FY21 volume.


Concord Biotech IPO - RHP Updates - Continued Growing Although Concentration Risk Remains Elevated

ideaForge Technology  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ideaforge-technology-limited" target="_blank" data-smartkarma-citation="entities:36787:1" rel="noopener">IdeaForge Technology Limited (1475641D IN)</a> is looking to raise around US$100m in its upcoming India IPO. Some of its notable pre-IPO investors include Qualcomm, Infosys, Celesta Capital (VC).</li>
<li>IdeaForge develops and manufactures unmanned aerial systems (UAS) and unmanned aerial vehicles (UAV).</li>
<li>The bookrunners on the deal are JM Financial and IIFL Securities.</li>
</ul>



IdeaForge Technology Limited (1475641D IN) is looking to raise around US$100m in its upcoming India IPO. Some of its notable pre-IPO investors include Qualcomm, Infosys, Celesta Capital (VC).
IdeaForge develops and manufactures unmanned aerial systems (UAS) and unmanned aerial vehicles (UAV).
The bookrunners on the deal are JM Financial and IIFL Securities.


India

Concord Biotech Ltd. provides pharmaceutical products. The Company offers active pharmaceutical ingredients, finished dosages formulations, and other related products, as well as provides contract research and manufacturing services. Concord Biotech serves customers in India.

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Concord Biotech Ltd (CONCORDB IN)

ECM Weekly (6th August 2023) - Concord Biotech, SBFC Fin, Fadu, Mitsui Fudosan, Capitaland Ascott

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Clarence Chu

Concord Biotech IPO - Peer Comparison & Valuation - Smaller in Scale but Wider in Margins

Concord Biotech Ltd (658823Z IN) is looking to raise around US$188m in its India IPO. In this note, we will undertake a peer comparison, and share...

Clarence Chu

Concord Biotech (Pre-IPO): Niche Offering Amid Lean Competition to Drive Stable Growth

The IPO consists of offer for sale of 21M shares by Helix Investment Holdings at a price band of INR705–741/share. Through this IPO, Concord seeks...

Tina Banerjee

Concord Biotech IPO - RHP Updates - Continued Growing Although Concentration Risk Remains Elevated

Concord Biotech Ltd (658823Z IN) is looking to raise around US$188m in its India IPO. Concord is an India-based biopharma firm, which develops and...

Clarence Chu

IdeaForge Pre-IPO Tearsheet

IdeaForge Technology Limited (1475641D IN) is looking to raise around US$100m in its upcoming India IPO. Some of its notable pre-IPO investors...

Clarence Chu

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