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

CE Info Systems (MapmyIndia) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ce-info-systems-mapmyindia" target="_blank" data-smartkarma-citation="entities:34215:1" rel="noopener">CE Info Systems (MapmyIndia) (1052633Z IN)</a> raised around US$138m in its India IPO.</li>
<li>CE Info Systems is India’s leading provider of advanced digital maps, geospatial software and location-based IoT Technologies, as per Frost &amp; Sullivan (F&amp;S).</li>
<li>In our view, the best way to value the firm would be to compare it against its India peers which, based on our assumptions, provide an upside potential of 70.5-80.6%.</li>
</ul>



CE Info Systems (MapmyIndia) (1052633Z IN) raised around US$138m in its India IPO.
CE Info Systems is India’s leading provider of advanced digital maps, geospatial software and location-based IoT Technologies, as per Frost &amp; Sullivan (F&amp;S).
In our view, the best way to value the firm would be to compare it against its India peers which, based on our assumptions, provide an upside potential of 70.5-80.6%.


CE Info Systems (MapmyIndia) IPO Trading - Poised for a Solid Debut

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>Near the end of the review period, we see 8 stocks migrating upward from Mid to Large Cap and 9 stocks migrating from Small to Mid Cap.</li>
<li>We expect 12 stocks to migrate downward from Large to Mid Cap and 19 stocks from Mid to Small Cap. Four new listings will be added to the Large Caps.</li>
<li>Historically, the upward migrating stocks have outperformed the stocks migrating lower as the active funds rebalance their portfolios to meet regulations around stocks held based on the fund classification.</li>
</ul>


Near the end of the review period, we see 8 stocks migrating upward from Mid to Large Cap and 9 stocks migrating from Small to Mid Cap.
We expect 12 stocks to migrate downward from Large to Mid Cap and 19 stocks from Mid to Small Cap. Four new listings will be added to the Large Caps.
Historically, the upward migrating stocks have outperformed the stocks migrating lower as the active funds rebalance their portfolios to meet regulations around stocks held based on the fund classification.


India: Half-Yearly Stock Reclassification for Active Funds

RateGain Travel Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rategain-travel-technologies" target="_blank" data-smartkarma-citation="entities:35265:1" rel="noopener">RateGain Travel Technologies (1920810D IN)</a> is looking to raise up to US$178m in its India IPO. </li>
<li>RateGain Travel Technologies is the largest SaaS company in the hospitality and travel industry in India. The deal will comprise a mix of primary and secondary shares.</li>
<li>As of Sept 2021, the firm serves 1,462 customers including eight Global Fortune 500 companies, and has offices in six countries. </li>
</ul>



RateGain Travel Technologies (1920810D IN) is looking to raise up to US$178m in its India IPO. 
RateGain Travel Technologies is the largest SaaS company in the hospitality and travel industry in India. The deal will comprise a mix of primary and secondary shares.
As of Sept 2021, the firm serves 1,462 customers including eight Global Fortune 500 companies, and has offices in six countries. 


RateGain Travel Technologies IPO - Battered by the Pandemic, However, Operating Metrics Recovering

Five Star Business Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/five-star-business" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business (0958461D IN)</a> is looking to raise around US$370m in its upcoming India IPO. The deal will be run by ICICI Securities, Edelweiss, Kotak, and Nomura.</li>
<li>Five Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals. </li>
<li>As of Sept 2021, the firm had a network of 268 branches, spread across approximately 126 districts, eight states and one union territory.  </li>
</ul>



Five Star Business (0958461D IN) is looking to raise around US$370m in its upcoming India IPO. The deal will be run by ICICI Securities, Edelweiss, Kotak, and Nomura.
Five Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals. 
As of Sept 2021, the firm had a network of 268 branches, spread across approximately 126 districts, eight states and one union territory.  


Equity Bottom-Up

FSN E-Commerce Ventures (Nykaa) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa) (NYKAA IN)</a>, is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products.</li>
<li>As of March 21, it had 43.7m cumulative downloads across all its mobile applications. Its offline channel comprises 73 physical stores across 38 cities in India.</li>
<li>Post its successful listing, the stock is now by far the most expensive e-commerce stock in India and probably globally.</li>
</ul>



FSN E-Commerce Ventures (Nykaa) (NYKAA IN), is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products.
As of March 21, it had 43.7m cumulative downloads across all its mobile applications. Its offline channel comprises 73 physical stores across 38 cities in India.
Post its successful listing, the stock is now by far the most expensive e-commerce stock in India and probably globally.


2022 High Conviction - FSN (Nykaa) - Marketplace and Inventory Mix Make It a Very Expensive Stock

India

Devyani International Limited distributes groceries and related products. The Company operates franchisee business and chain of quick service restaurants. Devyani International serves customers in India.

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Devyani International (DEVYANI IN)

CE Info Systems (MapmyIndia) IPO Trading - Poised for a Solid Debut

CE Info Systems (MapmyIndia) (1052633Z IN) raised around US$138m in its India IPO. Past deals with similar strong subscription rates have performed...

Clarence Chu

India: Half-Yearly Stock Reclassification for Active Funds

Upward migrations include 8 stocks from MidCap to LargeCap & 9 from SmallCap to MidCap. 4 new listings will join the LargeCaps and 6 new listings...

Brian Freitas

RateGain Travel Technologies IPO - Battered by the Pandemic, However, Operating Metrics Recovering

RateGain Travel Technologies (1920810D IN) is looking to raise up to US$178m in its India IPO. RateGain Travel Technologies is the largest SaaS...

Clarence Chu

Five Star Business Pre-IPO Tearsheet

Five Star Business (0958461D IN) is looking to raise around US$370m in its upcoming India IPO. The deal will be run by ICICI Securities, Edelweiss,...

Clarence Chu

2022 High Conviction - FSN (Nykaa) - Marketplace and Inventory Mix Make It a Very Expensive Stock

FSN E-Commerce Ventures (Nykaa), is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and...

Clarence Chu

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