Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Emcure Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emcure-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:35585:1" rel="noopener">Emcure Pharmaceuticals</a> is looking to raise around US$240m in its upcoming India IPO.</li>
<li>Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.</li>
<li>We have looked at the company’s past performance, in our earlier note. In this note, we talk about the RHP updates and take a quick look at valuations.</li>
</ul>



Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO.
Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
We have looked at the company’s past performance, in our earlier note. In this note, we talk about the RHP updates and take a quick look at valuations.


Emcure Pharmaceuticals Pre-IPO - Refiling Updates and Valuations

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.</li>
</ul>



Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.


Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>Oil India: Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26% CAGR over FY24-26E</li><li>Q4FY24 EBITDA stood at INR 23bn (-1% YoY, +11% QoQ), and PAT at INR 20bn (+14% YoY, +28% QoQ) came in above our estimate, driven by higher-than-expected realisations and higher other income</li><li>Oil and gas production stood at 1.65mmtoe (+5% YoY, -1% QoQ), below our estimates. </li></ul><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>

Oil India: Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26% CAGR over FY24-26EQ4FY24 EBITDA stood at INR 23bn (-1% YoY, +11% QoQ), and PAT at INR 20bn (+14% YoY, +28% QoQ) came in above our estimate, driven by higher-than-expected realisations and higher other incomeOil and gas production stood at 1.65mmtoe (+5% YoY, -1% QoQ), below our estimates. 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.

HSIE Results Daily: Oil India, Astral, Eris Lifesciences, Aether Industries

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Indegene Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indegene-limited" target="_blank" data-smartkarma-citation="entities:36629:1" rel="noopener">Indegene Limited (1864095D IN)</a> raised around US$220m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.</li>
<li>We had looked at the firm’s past performance and shared our thoughts on Indegene’s valuation in earlier notes. In this note, we will look at the trading dynamics.</li>
</ul>



Indegene Limited (1864095D IN) raised around US$220m in its India IPO, via selling a mix of primary and secondary shares.
Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.
We had looked at the firm’s past performance and shared our thoughts on Indegene’s valuation in earlier notes. In this note, we will look at the trading dynamics.


Indegene IPO Trading - High Anchor Quality + Strong Demand, Expect a Pop on Debut

India

Eris Lifesciences Limited manufactures, markets, and sells generic drugs. The Company focuses on cardiology, diabetology, endocrinology, gastroenterology, ENT, orthopedics, pediatrics, and gynecology segments. Eris Lifesciences distributes pharmaceutical drugs throughout India.  v

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Eris Lifesciences (ERIS IN)

Emcure Pharmaceuticals Pre-IPO - Refiling Updates and Valuations

Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

HSIE Results Daily: Oil India, Astral, Eris Lifesciences, Aether Industries

Our ADD recommendation on Oil India with a target price of INR 680 is premised on oil production growth at 9% CAGR and gas production growth at 26%...

HDFC Securities

Indegene IPO Trading - High Anchor Quality + Strong Demand, Expect a Pop on Debut

Indegene Limited (1864095D IN) raised around US$220m in its India IPO, via selling a mix of primary and secondary shares. In this note, we will...

Clarence Chu

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