APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Western Carriers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/western-carriers" target="_blank" data-smartkarma-citation="entities:39869:1" rel="noopener">Western Carriers (1489172D IN)</a> is looking to raise about US$100m in its upcoming India IPO.</li>
<li>Western Carriers (India) Limited (WCIL) was the largest private, multimodal, rail focused, 4PL asset-light logistics company in India in terms of container volumes in FY22, as per 1Lattice.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Western Carriers (1489172D IN) is looking to raise about US$100m in its upcoming India IPO.
Western Carriers (India) Limited (WCIL) was the largest private, multimodal, rail focused, 4PL asset-light logistics company in India in terms of container volumes in FY22, as per 1Lattice.
In this note, we talk about the company’s historical performance.


Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

CJ Darcl Logistics Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cj-darcl-logistics-limited" target="_blank" data-smartkarma-citation="entities:43862:1" rel="noopener">CJ Darcl Logistics Limited (1506129D IN)</a> is looking to raise around US$100m in its upcoming India IPO.</li>
<li>CJ Darcl Logistics (CJDL) is a diversified logistics company in India, with market leadership in full truck load (FTL) vertical in terms of revenue for FY23, according to CRISIL.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



CJ Darcl Logistics Limited (1506129D IN) is looking to raise around US$100m in its upcoming India IPO.
CJ Darcl Logistics (CJDL) is a diversified logistics company in India, with market leadership in full truck load (FTL) vertical in terms of revenue for FY23, according to CRISIL.
In this note, we talk about the company’s historical performance.


CJ Darcl Logistics Pre-IPO - Diversifying and Integrating Operations for a Larger Pie

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>Increase in freight volume post commissioning of partial western DFC route</li></ul><div><div><div><div><ul><li>Company is able to deliver timely cargo by leveraging its strong infrastructure</li></ul><div><div><div><div><ul><li>Strong and sustained market share in North India: Gateway Distriparks indicated that their market share grew at a faster rate compared to industry.in NCR region.</li></ul></div></div></div></div></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>

Increase in freight volume post commissioning of partial western DFC routeCompany is able to deliver timely cargo by leveraging its strong infrastructureStrong and sustained market share in North India: Gateway Distriparks indicated that their market share grew at a faster rate compared to industry.in NCR region.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.

Gateway Distripark Ltd - Strong Rail Performance Amid Partial Commissioning of DFC Route

<div><div><div><div><ul><li>Rail volume grew by 16% YoY and 6% QoQ to 0.90mn TEUs in 4QFY22</li></ul><div><div><div><ul><li>Rail EBITDA per TEU grew by 14.8% QoQ and 4.4% YoY to Rs10,357 in 4QFY22</li></ul><div><div><div><ul><li>CFS remained weak: In 4QFY22, CFS volume declined by 5.8% YoY and 8.3% QoQ to 0.87mn TEUs</li></ul></div></div></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>

Rail volume grew by 16% YoY and 6% QoQ to 0.90mn TEUs in 4QFY22Rail EBITDA per TEU grew by 14.8% QoQ and 4.4% YoY to Rs10,357 in 4QFY22CFS remained weak: In 4QFY22, CFS volume declined by 5.8% YoY and 8.3% QoQ to 0.87mn TEUsContent 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.

Gateway Distripark Ltd - Strong Performance in Rail

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<div><div><div><div><ul><li>GDL achieved EXIM volume increase of ~19% YoY in Q4FY22 while rail and port EXIM container volumes have increased by 2-5%.</li><li>Management is confident of passing on the cost impact on account of removal of Indian Railway rebates.</li><li>Maintain BUY with a revised target price of Rs102/share.</li></ul><ul style="list-style-type: none;"><li><div><div><div><div><ul style="list-style-type: none;"><li> </li></ul></div></div></div></div></li></ul></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>

GDL achieved EXIM volume increase of ~19% YoY in Q4FY22 while rail and port EXIM container volumes have increased by 2-5%.Management is confident of passing on the cost impact on account of removal of Indian Railway rebates.Maintain BUY with a revised target price of Rs102/share. 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.

Gateway Distriparks - Gains Market Share in EXIM Rail Container Volumes

India

Gateway Distriparks Limited provides integrated logistics services both in domestic and international areas. The Company offers cargo loading and unloading, transportation, and cargo storage management services to shipping lines, freight forwarders, and buying houses.

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Gateway Distriparks (GDPL IN)

Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

Western Carriers (India) Limited is looking to raise about US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

CJ Darcl Logistics Pre-IPO - Diversifying and Integrating Operations for a Larger Pie

CJ Darcl Logistics Limited is looking to raise around US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Gateway Distripark Ltd - Strong Rail Performance Amid Partial Commissioning of DFC Route

We recently had a conference call with the management of Gateway Distriparks Ltd to discuss the current business outlook.

Nirmal Bang

Gateway Distripark Ltd - Strong Performance in Rail

Strong growth in profit in 4QFY22 was primarily driven by the tax write-back due to the impact of the merger of Gateway Rail with Gateway...

Nirmal Bang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

Western Carriers (India) Limited is looking to raise about US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

CJ Darcl Logistics Pre-IPO - Diversifying and Integrating Operations for a Larger Pie

CJ Darcl Logistics Limited is looking to raise around US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Gateway Distripark Ltd - Strong Rail Performance Amid Partial Commissioning of DFC Route

We recently had a conference call with the management of Gateway Distriparks Ltd to discuss the current business outlook.

Nirmal Bang

Gateway Distripark Ltd - Strong Performance in Rail

Strong growth in profit in 4QFY22 was primarily driven by the tax write-back due to the impact of the merger of Gateway Rail with Gateway...

Nirmal Bang

Gateway Distriparks - Gains Market Share in EXIM Rail Container Volumes

Gateway Distriparks (GDL) continued to impress with an industry leading rail container volume growth (16% YoY growth for Q4FY22; 34% YoY growth for...

ICICI Securities Limited