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.

Event-Driven

Medi Assist Healthcare Services / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medi-assist-healthcare-services" target="_blank" data-smartkarma-citation="entities:40662:1" rel="noopener">Medi Assist Healthcare Services (0886371D IN)</a> was listed on 23rd Jan 2024 after raising US$140m. The IPO had been 100% secondary, with the promoters and pre-IPO investors trimming their stakes.</li>
<li>Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.</li>
<li>Coming up for six-month lockup expiry are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.</li>
</ul>



Medi Assist Healthcare Services (0886371D IN) was listed on 23rd Jan 2024 after raising US$140m. The IPO had been 100% secondary, with the promoters and pre-IPO investors trimming their stakes.
Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
Coming up for six-month lockup expiry are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.


Medi Assist US$180m Lock-Up Expiry - Multibagger Gains Are Ripe for the Taking

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

<ul>
<li>The FMCG business has been now sustaining an annualized revenue run-rate of INR 500cr+. Q4FY24 FMCG revenue was INR 135cr+, similar to Q3FY24 and a growth of 30%+ YoY.</li>
<li>
<a href="https://www.smartkarma.com/entities/firstsource-solutions-ltd" target="_blank" data-smartkarma-citation="entities:3099:1" rel="noopener">Firstsource Solutions ("Firstsource")</a> , the BPO business, has been sustaining its recovery after a lull period for two years. Its revenue grew 4.2% QoQ and 4.5% YoY in constant currency.</li>
<li>The Sports business revenue continue to be dominated by IPL. Having played three seasons now, RPSGV's IPL franchise, Lucknow Super Giants (LSG), has made its place and holds significant value.</li>
</ul>


The FMCG business has been now sustaining an annualized revenue run-rate of INR 500cr+. Q4FY24 FMCG revenue was INR 135cr+, similar to Q3FY24 and a growth of 30%+ YoY.

Firstsource Solutions ("Firstsource") , the BPO business, has been sustaining its recovery after a lull period for two years. Its revenue grew 4.2% QoQ and 4.5% YoY in constant currency.
The Sports business revenue continue to be dominated by IPL. Having played three seasons now, RPSGV's IPL franchise, Lucknow Super Giants (LSG), has made its place and holds significant value.


RPSG Ventures: FMCG Business Is Scaling Up Well

<ul>
<li>With around 3.4% QoQ CC revenue growth in Q3FY24, the BPO business, <a href="https://www.smartkarma.com/entities/firstsource-solutions-ltd" target="_blank" data-smartkarma-citation="entities:3099:1" rel="noopener">Firstsource Solutions ("Firstsource")</a>, is recovering back to normal, after seeing cyclical dip over the past couple of years.</li>
<li>The FMCG business is scaling up well. Q3FY24 revenues came in at INR 135cr, a growth of around 12% QoQ, led by festive season demand. YoY growth was 17%+.</li>
<li>The Sports business reported muted revenues in Q3FY24 as currently the revenue stream is dominated by the IPL event which typically happens in the March to June period.</li>
</ul>


With around 3.4% QoQ CC revenue growth in Q3FY24, the BPO business, Firstsource Solutions ("Firstsource"), is recovering back to normal, after seeing cyclical dip over the past couple of years.
The FMCG business is scaling up well. Q3FY24 revenues came in at INR 135cr, a growth of around 12% QoQ, led by festive season demand. YoY growth was 17%+.
The Sports business reported muted revenues in Q3FY24 as currently the revenue stream is dominated by the IPL event which typically happens in the March to June period.


RPSG Ventures: FMCG Business Is Scaling Up Well | BPO Business Is Recovering

Equity Capital Markets

Medi Assist Healthcare Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medi-assist-healthcare-services" target="_blank" data-smartkarma-citation="entities:40662:1" rel="noopener">Medi Assist Healthcare Services (0886371D IN)</a> raised around US$140m in its India IPO.</li>
<li>Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Medi Assist Healthcare Services (0886371D IN) raised around US$140m in its India IPO.
Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Medi Assist Healthcare IPO Trading - Decent Subscription Rates Although Valuation Appears Fair

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medi-assist-healthcare-services" target="_blank" data-smartkarma-citation="entities:40662:1" rel="noopener">Medi Assist Healthcare Services (0886371D IN)</a> is looking to raise around US$140m in its India IPO.</li>
<li>Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.</li>
<li>In this note, we will look at the firm’s past performance, and share our thoughts on valuation.</li>
</ul>



Medi Assist Healthcare Services (0886371D IN) is looking to raise around US$140m in its India IPO.
Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
In this note, we will look at the firm’s past performance, and share our thoughts on valuation.


Medi Assist Healthcare Services IPO - Benefited from the Pandemic, but Marred with Risks

India

Firstsource Solutions Limited provides business process outsourcing services. The Company provides services globally to companies in the banking, financial services, and insurance industries.

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Firstsource Solutions (FSOL IN)

Medi Assist US$180m Lock-Up Expiry - Multibagger Gains Are Ripe for the Taking

Medi Assist Healthcare Services (0886371D IN) was listed on 23rd Jan 2024. Coming up for six-month lockup expiry are the firm's pre-IPO...

Clarence Chu

RPSG Ventures: FMCG Business Is Scaling Up Well

RPSGV's FMCG business is scaling up well with an annualized revenue run-rate of INR 500cr+ vs INR 400cr+, a year ago. At current valuation, RPSGV...

Ankit Agrawal, CFA

RPSG Ventures: FMCG Business Is Scaling Up Well | BPO Business Is Recovering

RPSGV continues to be available at a huge discount of 80%. Even if the discount narrows to 70%, it could lead to 50% upside. RPSGV's FMCG and...

Ankit Agrawal, CFA

Medi Assist Healthcare IPO Trading - Decent Subscription Rates Although Valuation Appears Fair

Medi Assist Healthcare Services (0886371D IN) raised around US$140m in its India IPO. In this note, we will talk about the demand and trading...

Clarence Chu

Medi Assist Healthcare Services IPO - Benefited from the Pandemic, but Marred with Risks

Medi Assist Healthcare Services (0886371D IN) is looking to raise around US$140m in its India IPO. In this note, we will look at the firm’s past...

Clarence Chu

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