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

Avalon Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avalon-technologies-pvt-ltd" target="_blank" data-smartkarma-citation="entities:36234:1" rel="noopener">Avalon Technologies (6594468Z IN)</a> is looking to raise about US$130m in its upcoming India IPO. The IPO is expected to consist of both a fresh issue and a secondary portion. </li>
<li>Avalon Tech (Avalon) is a vertically integrated electronic manufacturing services (EMS) firm delivering box build solutions in India.</li>
<li>As per F&amp;S, the firm is one of the leading domestic EMS companies with end-to-end capabilities offering a full stack product and solution suite.</li>
</ul>



Avalon Technologies (6594468Z IN) is looking to raise about US$130m in its upcoming India IPO. The IPO is expected to consist of both a fresh issue and a secondary portion. 
Avalon Tech (Avalon) is a vertically integrated electronic manufacturing services (EMS) firm delivering box build solutions in India.
As per F&amp;S, the firm is one of the leading domestic EMS companies with end-to-end capabilities offering a full stack product and solution suite.


Avalon Technologies Pre-IPO - Sales Concentrated on a Handful. Market Tailwind Could Be Overstated

Survival Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/survival-technologies" target="_blank" data-smartkarma-citation="entities:36720:1" rel="noopener">Survival Technologies (1279515D IN)</a> is looking to raise around US$121m in its upcoming India IPO. The deal will be run by JM Financial, and ICICI Securities.</li>
<li>Survival Technology (ST) is a contract research and manufacturing services (CRAMS) focused speciality chemical manufacturer in India.</li>
<li>As per CRISIL, the firm is one of the leading CRAMS companies in India in terms of manufacturing of select chemical products as of Mar 22.</li>
</ul>



Survival Technologies (1279515D IN) is looking to raise around US$121m in its upcoming India IPO. The deal will be run by JM Financial, and ICICI Securities.
Survival Technology (ST) is a contract research and manufacturing services (CRAMS) focused speciality chemical manufacturer in India.
As per CRISIL, the firm is one of the leading CRAMS companies in India in terms of manufacturing of select chemical products as of Mar 22.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> is looking to raise around US$260m in its upcoming India IPO. </li>
<li>Vikram Solar (VS) is an integrated solar photo-voltaic (PV) modules producer and an integrated solar energy solutions provider.</li>
<li>As per CRISIL, it was one of India’s largest module manufacturers and held a 19% domestic market share, as per operational module capacity.</li>
</ul>



Vikram Solar (0490158D IN) is looking to raise around US$260m in its upcoming India IPO. 
Vikram Solar (VS) is an integrated solar photo-voltaic (PV) modules producer and an integrated solar energy solutions provider.
As per CRISIL, it was one of India’s largest module manufacturers and held a 19% domestic market share, as per operational module capacity.


Vikram Solar Pre-IPO - Has Diversified Its Sales, Although Concentration Risk Remains High

Kfin Technologies  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kfin-technologies" target="_blank" data-smartkarma-citation="entities:36609:1" rel="noopener">KFin Technologies (1804170D IN)</a> raised around US$180m in its India IPO. The IPO had been a 100% OFS.</li>
<li>KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.</li>
<li>We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.</li>
</ul>



KFin Technologies (1804170D IN) raised around US$180m in its India IPO. The IPO had been a 100% OFS.
KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.
We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.


KFin Technologies IPO Trading - Previous Deals with Lackluster Demand Had Mixed Debuts

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice versa.</li>
<li>One spin-off should be added to the MidCap segment, while a bunch of recent listings will be added to the SmallCap segment.</li>
<li>Stock migrating upwards have outperformed stocks migrating downwards and we expect there could be some mean reversion from the middle of January.</li>
</ul>


Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice versa.
One spin-off should be added to the MidCap segment, while a bunch of recent listings will be added to the SmallCap segment.
Stock migrating upwards have outperformed stocks migrating downwards and we expect there could be some mean reversion from the middle of January.


AMFI Stock Reclassification Preview (Dec 2022): A Bunch of Migrations

India

Five-Star Business Finance Limited operates as a financial company. The Company provides small business and mortgage loans to eligible borrowers to meet their business and personal needs. Five-Star Business Finance serves customers in India.

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Five Star Business Finance (FIVESTAR IN)

Avalon Technologies Pre-IPO - Sales Concentrated on a Handful. Market Tailwind Could Be Overstated

Avalon Technologies (6594468Z IN) is looking to raise about US$130m in its upcoming India IPO. The IPO is expected to consist of both a fresh issue...

Clarence Chu

Survival Technology Pre-IPO Tearsheet

Survival Technologies (1279515D IN) is looking to raise around US$121m in its upcoming India IPO. The deal will be run by JM Financial, and ICICI...

Clarence Chu

Vikram Solar Pre-IPO - Has Diversified Its Sales, Although Concentration Risk Remains High

Vikram Solar (0490158D IN) is looking to raise around US$260m in its upcoming India IPO. VS is an integrated solar photo-voltaic modules producer...

Clarence Chu

KFin Technologies IPO Trading - Previous Deals with Lackluster Demand Had Mixed Debuts

KFin Technologies (1804170D IN) raised around US$180m in its India IPO. We have looked at various aspects of the deal in our previous note, in this...

Clarence Chu

AMFI Stock Reclassification Preview (Dec 2022): A Bunch of Migrations

Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice...

Brian Freitas

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