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

Muthoot Microfin / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muthoot-microfin" target="_blank" data-smartkarma-citation="entities:39950:1" rel="noopener">Muthoot Microfin (MUTHOOTM IN)</a><a href="https://www.smartkarma.com/entities/muthoot-microfin" target="_blank" data-smartkarma-citation="entities:39950:1" rel="noopener"> </a>raised around US$115m in its Indian IPO, after pricing the deal at the top end of its IPO range at INR291/share.</li>
<li>Muthoot Microfin is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Muthoot Microfin (MUTHOOTM IN) raised around US$115m in its Indian IPO, after pricing the deal at the top end of its IPO range at INR291/share.
Muthoot Microfin is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Muthoot Microfin Lockup Expiry - Pre-IPO Investors Well in the Money Despite the Stock’s Performance

Fusion Micro Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fusion-micro-finance-ltd" target="_blank" data-smartkarma-citation="entities:36450:1" rel="noopener">Fusion Micro Finance Ltd (1053199D IN)</a> raised approximately US$134m in its India IPO.  </li>
<li>Fusion Micro Finance (FMF) is a non-banking financial company - microfinance institution (NBFC-MFI) that provides financial services to unserved and underserved women in rural and peri-rural areas across India.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.</li>
</ul>



Fusion Micro Finance Ltd (1053199D IN) raised approximately US$134m in its India IPO.  
Fusion Micro Finance (FMF) is a non-banking financial company - microfinance institution (NBFC-MFI) that provides financial services to unserved and underserved women in rural and peri-rural areas across India.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.


Fusion Micro Finance IPO Trading - Weak Demand Seems Justified

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Equitas Holdings Ltd/India / Equity Bottom-Up

<div><div><div><div><ul><li>Improvement in its asset quality outlook; CASA mix improves to 52%</li></ul><div><div><div><div><ul><li>Healthy growth in PPOP led by NII; provisioning remains high</li><li>Highlights from the management commentary - With asset quality back in place, a robust growth outlook, a strong management team, and a high CASA ratio positions the bank well for the future.</li></ul></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Improvement in its asset quality outlook; CASA mix improves to 52%Healthy growth in PPOP led by NII; provisioning remains highHighlights from the management commentary - With asset quality back in place, a robust growth outlook, a strong management team, and a high CASA ratio positions the bank well for the future.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equitas Holdings - Growth Momentum to Accelerate

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

Ujjivan Small Finance Bank  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ujjivan-financial-services" target="_blank" data-smartkarma-citation="entities:22697:1" rel="noopener">Ujjivan Financial Services (UJJIVAN IN)</a> had announced a reverse merger back in October 2021 where the holding company (Ujjivan FS) will be merged with <a href="https://www.smartkarma.com/entities/ujjivan-small-finance-bank-limited" target="_blank" data-smartkarma-citation="entities:28443:1" rel="noopener">Ujjivan Small Finance Bank (UJJIVANS IN)</a>.</li>
<li>The share swap ratio given in the scheme of amalgamation clearly showcases a significant merger arbitrage opportunity.</li>
<li>However, there has been no major interest in this very visible opportunity. We try to justify the market behavior.</li>
</ul>



Ujjivan Financial Services (UJJIVAN IN) had announced a reverse merger back in October 2021 where the holding company (Ujjivan FS) will be merged with Ujjivan Small Finance Bank (UJJIVANS IN).
The share swap ratio given in the scheme of amalgamation clearly showcases a significant merger arbitrage opportunity.
However, there has been no major interest in this very visible opportunity. We try to justify the market behavior.


Ujjivan Reverse Merger: Behind the Dull Response

India Financials

Saumya Agarwal

Equitas Small Finance Bank  / Equity Bottom-Up

<p>Equitas Small Finance Bank (‘Equitas’) will be launching its IPO tomorrow i.e. on October 20, 2020. This would be the third IPO of a Small Finance Bank (SFB) in India, after that of <strong>AU Small Finance Bank</strong> and <strong>Ujjivan Small Finance Bank</strong>.</p><p>The listing of Equitas (as well as other Small Finance Banks) is primarily driven by RBI regulations, which stipulate that Small Finance banks must list within 3 years of commencing operations. Equitas had commenced operations in<strong> 2016 </strong>and its listing has already been delayed, in part due to the Covid pandemic.</p><p><strong>Ahead of the IPO, we compare Equitas with its listed peers – AU and Ujjivan. How does Equitas compare with them on fundamentals and valuation.</strong> </p>

Equitas Small Finance Bank (‘Equitas’) will be launching its IPO tomorrow i.e. on October 20, 2020. This would be the third IPO of a Small Finance Bank (SFB) in India, after that of AU Small Finance Bank and Ujjivan Small Finance Bank.The listing of Equitas (as well as other Small Finance Banks) is primarily driven by RBI regulations, which stipulate that Small Finance banks must list within 3 years of commencing operations. Equitas had commenced operations in 2016 and its listing has already been delayed, in part due to the Covid pandemic.Ahead of the IPO, we compare Equitas with its listed peers – AU and Ujjivan. How does Equitas compare with them on fundamentals and valuation. 

Equitas Small Finance Bank:  How Does It Compare with Its Listed Peers?

India

Equitas Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides financial services such as lending, housing finance, vehicle loan, and borrowing services. Equitas Holdings conducts its business in India.

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Equitas Holdings Ltd/India (EQUITAS IN)

Muthoot Microfin Lockup Expiry - Pre-IPO Investors Well in the Money Despite the Stock’s Performance

Muthoot Microfin (MUTHOOTM IN) raised around US$115m in its Indian IPO, after pricing the deal at the top end of its IPO range at INR291/share.

Ethan Aw

Fusion Micro Finance IPO Trading - Weak Demand Seems Justified

Fusion Micro Finance Ltd (1053199D IN) raised approximately US$134m in its India IPO. In this note, we talk about the demand for the deal and the...

Ethan Aw

Equitas Holdings - Growth Momentum to Accelerate

EQUITAS reported a 6% YoY growth in PAT to INR1.2b in 4QFY22, led by higher NII growth and flat employee expenses, resulting in an overall...

Motilal Oswal

Ujjivan Reverse Merger: Behind the Dull Response

The share swap ratio clearly showcases a significant merger arbitrage opportunity. However, there has been no major interest in this very visible...

Nitin Mangal

Equitas Small Finance Bank: How Does It Compare with Its Listed Peers?

Ahead of the IPO of Equitas Small Finance Bank (‘Equitas’) , we compare it with its listed peers - AU Small Finance Bank and Ujjivan Small...

Saumya Agarwal

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