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

Brookfield India Real Estate Trust / Equity Capital Markets

<div><a href="https://www.smartkarma.com/entities/brookfield-india-real-estate-trust" target="_blank" data-smartkarma-citation="entities:31036:1" rel="noopener">Brookfield India Real Estate Trust (BIREIT IN)</a> (BREIT from hereon) aims to raise up to US$600m in its India IPO. BREIT aims to be the leading owner of high quality income producing commercial real estate assets in key gateway Indian markets. Its initial portfolio consists of 14.0msf, with call options to acquire a further 8.3msf and rights of first offer on an additional 6.7msf.</div><div>Its initial portfolio consists of four large campus-format office parks located in Mumbai, Gurugram, Noida and Kolkata. Of the initial 14msf, 9.8msf was completed, 0.6msf was under construction and 3.6msf was reserved for future development potential. The initial portfolio is 96% occupied and had a weighted average lease expiry (WALE) of 6.8 years.</div><div>
The portfolio has recorded steady net operating income (NOI) growth in the past of 6.46% and 7.64% in FY19 and FY20, respectively. Future growth as well appears promising with NOI for the initial portfolio expected to grow by 20% over FY20-23. The call and ROFO assets provide further avenues for growth.
In my previous note, I spoke about the positive aspects of the deal, <a href="https://www.smartkarma.com/insights/brookfields-india-real-estate-trust-pre-ipo-the-positives-provides-different-geographic-exposure" target="_blank" rel="noopener">Brookfields India Real Estate Trust Pre-IPO - The Positives- Provides Different Geographic Exposure</a>.
In this note, I'll talk about the not so flattering aspects.
</div>

Brookfield India Real Estate Trust (BIREIT IN) (BREIT from hereon) aims to raise up to US$600m in its India IPO. BREIT aims to be the leading owner of high quality income producing commercial real estate assets in key gateway Indian markets. Its initial portfolio consists of 14.0msf, with call options to acquire a further 8.3msf and rights of first offer on an additional 6.7msf.Its initial portfolio consists of four large campus-format office parks located in Mumbai, Gurugram, Noida and Kolkata. Of the initial 14msf, 9.8msf was completed, 0.6msf was under construction and 3.6msf was reserved for future development potential. The initial portfolio is 96% occupied and had a weighted average lease expiry (WALE) of 6.8 years.
The portfolio has recorded steady net operating income (NOI) growth in the past of 6.46% and 7.64% in FY19 and FY20, respectively. Future growth as well appears promising with NOI for the initial portfolio expected to grow by 20% over FY20-23. The call and ROFO assets provide further avenues for growth.
In my previous note, I spoke about the positive aspects of the deal, Brookfields India Real Estate Trust Pre-IPO - The Positives- Provides Different Geographic Exposure.
In this note, I'll talk about the not so flattering aspects.


Brookfields India Real Estate Trust Pre-IPO- The Negatives- Asset Details Leave Questions Unanswered

<a href="https://www.smartkarma.com/entities/brookfield-india-real-estate-trust" target="_blank" data-smartkarma-citation="entities:31036:1" rel="noopener">Brookfield India Real Estate Trust (BIREIT IN)</a> (BREIT from hereon) aims to raise up to US$600m in its India IPO. BREIT aims to be the leading owner of high quality income producing commercial real estate assets in key gateway Indian markets. Its initial portfolio consists of 14.0msf, with call options to acquire a further 8.3msf and rights of first offer on an additional 6.7msf.Its initial portfolio consists of four large campus-format office parks located in Mumbai, Gurugram, Noida and Kolkata. Of the initial 14msf, 9.8msf was completed, 0.6msf was under construction and 3.6msf was reserved for future development potential. The initial portfolio is 96% occupied and had a weighted average lease expiry (WALE) of 6.8 years.The portfolio has recorded steady net operating income (NOI) growth in the past of 6.46% and 7.64% in FY19 and FY20, respectively. Future growth as well appears promising with NOI for the initial portfolio expected to grow by 20% over FY20-23. The call and ROFO assets provide further avenues for growth.

Brookfield India Real Estate Trust (BIREIT IN) (BREIT from hereon) aims to raise up to US$600m in its India IPO. BREIT aims to be the leading owner of high quality income producing commercial real estate assets in key gateway Indian markets. Its initial portfolio consists of 14.0msf, with call options to acquire a further 8.3msf and rights of first offer on an additional 6.7msf.Its initial portfolio consists of four large campus-format office parks located in Mumbai, Gurugram, Noida and Kolkata. Of the initial 14msf, 9.8msf was completed, 0.6msf was under construction and 3.6msf was reserved for future development potential. The initial portfolio is 96% occupied and had a weighted average lease expiry (WALE) of 6.8 years.The portfolio has recorded steady net operating income (NOI) growth in the past of 6.46% and 7.64% in FY19 and FY20, respectively. Future growth as well appears promising with NOI for the initial portfolio expected to grow by 20% over FY20-23. The call and ROFO assets provide further avenues for growth.

Brookfields India Real Estate Trust Pre-IPO - The Positives- Provides Different Geographic Exposure

Mindspace Business Parks REIT / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/mindspace-business-parks-reit" target="_blank" data-smartkarma-citation="entities:28818:1" rel="noopener">Mindspace Business Parks REIT (MBP IN)</a>  (MBP) aims to raise around US$600m via a mix of selling primary and secondary shares in its Indian IPO.MBP will own one of the largest Grade-A office portfolios in India with a total leasable area of 29.5 msf. MBP’s portfolio contained five integrated business parks and five independent offices across four cities, Mumbai, Hyderabad, Pune and Chennai.The portfolio has shown decent growth in the past and has multiple levers to help it to continue growing, like increased completions, rental reversions and acquisitions. In my earlier note, <a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-decent-growth-but-not-all-assets-are-equal" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal</a> and <a href="https://www.smartkarma.com/insights/mindspace-business-parks-reit-pre-ipo-updates-aren-t-so-great" target="_blank" rel="noopener">Mindspace Business Parks REIT Pre-IPO - Updates aren't so great</a>, I spoke about the company background and some of its assets.In this note, I’ll run the deal through our framework and talk about deal dynamics.

Mindspace Business Parks REIT (MBP IN)  (MBP) aims to raise around US$600m via a mix of selling primary and secondary shares in its Indian IPO.MBP will own one of the largest Grade-A office portfolios in India with a total leasable area of 29.5 msf. MBP’s portfolio contained five integrated business parks and five independent offices across four cities, Mumbai, Hyderabad, Pune and Chennai.The portfolio has shown decent growth in the past and has multiple levers to help it to continue growing, like increased completions, rental reversions and acquisitions. In my earlier note, Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal and Mindspace Business Parks REIT Pre-IPO - Updates aren't so great, I spoke about the company background and some of its assets.In this note, I’ll run the deal through our framework and talk about deal dynamics.

Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Thematic (Sector/Industry)

The global market sentiments are in agony lately due to the vicious Covid-19 which is yet to loom in many geographies. Moreover, the fact that the Indian indices are burning coupled with lack of a stern banking system simply aids in the macroeconomic woes of the country. Through this insight, we try to figure out reasons some of the Indian heavyweight entities that could be exposed naked to the risk of bankruptcy in the wake of upcoming recession which has more chances of 'mights' than 'might nots'.

The global market sentiments are in agony lately due to the vicious Covid-19 which is yet to loom in many geographies. Moreover, the fact that the Indian indices are burning coupled with lack of a stern banking system simply aids in the macroeconomic woes of the country. Through this insight, we try to figure out reasons some of the Indian heavyweight entities that could be exposed naked to the risk of bankruptcy in the wake of upcoming recession which has more chances of 'mights' than 'might nots'.

High Distress Levels: Indian Companies Caught Off-Guard

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

India has one of the most liquid single stock futures markets in the world and is the <a href="https://www.bloomberg.com/news/articles/2020-01-21/india-now-has-world-s-largest-derivatives-exchange-by-volume" target="_blank" rel="noopener">largest derivatives exchange in the world by volume</a>. Volumes are driven mainly by company promoters, arbitrageurs, and speculators. With a large retail presence, inclusion in the derivatives market gives these stocks a 'halo effect'.Historically, inclusion in the Futures and Options (F&amp;O) segment has led to a rally in stock prices, while exclusion names have been sold off. Post the event, liquidity has shrunk on the names excluded from the F&amp;O segment.In this Insight, we look at the criteria that stocks need to satisfy to be included in the F&amp;O segment in India, the impact of exclusions on the stock price, at a list of possible inclusions and exclusions in the near future and some possible trades, and the implications of inclusion on <a href="https://www.smartkarma.com/entities/dmart" target="_blank" rel="noopener" data-smartkarma-citation="entities:23656:1">Avenue Supermarts (DMART IN)</a>.

India has one of the most liquid single stock futures markets in the world and is the largest derivatives exchange in the world by volume. Volumes are driven mainly by company promoters, arbitrageurs, and speculators. With a large retail presence, inclusion in the derivatives market gives these stocks a 'halo effect'.Historically, inclusion in the Futures and Options (F&amp;O) segment has led to a rally in stock prices, while exclusion names have been sold off. Post the event, liquidity has shrunk on the names excluded from the F&amp;O segment.In this Insight, we look at the criteria that stocks need to satisfy to be included in the F&amp;O segment in India, the impact of exclusions on the stock price, at a list of possible inclusions and exclusions in the near future and some possible trades, and the implications of inclusion on Avenue Supermarts (DMART IN).

India - Possible F&O Inclusions, Exclusions and Implications

India

Godrej Properties, Ltd. is a real estate development company.

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Godrej Properties (GPL IN)

Brookfields India Real Estate Trust Pre-IPO- The Negatives- Asset Details Leave Questions Unanswered

Brookfield India Real Estate Trust aims to raise up to US$600m in its India IPO. BREIT aims to be the leading owner of high quality income...

Sumeet Singh

Brookfields India Real Estate Trust Pre-IPO - The Positives- Provides Different Geographic Exposure

Brookfield India Real Estate Trust aims to raise up to US$600m in its India IPO. BREIT aims to be the leading owner of high quality income...

Sumeet Singh

Mindspace Business Parks REIT IPO - Price Appears Fair, Strategic Investors Are Top-Notch

Mindspace Business Parks REIT (MBP IN) (MBP) aims to raise around US$600m via a mix of selling primary and secondary shares in its Indian IPO.MBP...

Sumeet Singh

High Distress Levels: Indian Companies Caught Off-Guard

The global market sentiments are in agony lately due to the vicious Covid-19 which is yet to loom in many geographies. Moreover, the fact that the...

Nitin Mangal

India - Possible F&O Inclusions, Exclusions and Implications

India has one of the most liquid single stock futures markets in the world and is the largest derivatives exchange in the world by volume. Volumes...

Brian Freitas

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52-week Range

Market Cap (USDm)

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