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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bikaji-foods-international-ltd" target="_blank" data-smartkarma-citation="entities:36502:1" rel="noopener">Bikaji Foods (BIKAJI IN)</a>, an ethnic snacks company, raised approximately US$107m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire soon.</li>
<li>Bikaji was the third largest ethnic snacks company in India and the second fastest growing company in the Indian organized snacks market in FY22, as per Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Bikaji Foods (BIKAJI IN), an ethnic snacks company, raised approximately US$107m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire soon.
Bikaji was the third largest ethnic snacks company in India and the second fastest growing company in the Indian organized snacks market in FY22, as per Frost &amp; Sullivan (F&amp;S).
In this note, we will talk about the lock-up dynamics and updates since our last note.


Bikaji Foods IPO Lock-Up - Small Expiry with a Chance to Lift the Overhang

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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.

Equity Bottom-Up

<ul><li>Relaxation in Priority Sector Lending (PSL)Compliance – RBI’s relaxation in terms of PSL compliance to HDFCB with only 1/3rd of HDFC’s O/S book to be considered in the 1st year of the merger, is a key positive.</li><li>This implies that at the effective date of merger, even though the ANBC would increase, the bank would have 12 months to comply with the PSL requirements on the added ANBC.</li><li>Assuming the merger concludes in Sep’23 (Q2FY24, management had indicated completion in Q2FY24 by Jul’23), the PSL requirement on HDFC’s ANBC will be effective from Q2FY25E.</li></ul>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.

Relaxation in Priority Sector Lending (PSL)Compliance – RBI’s relaxation in terms of PSL compliance to HDFCB with only 1/3rd of HDFC’s O/S book to be considered in the 1st year of the merger, is a key positive.This implies that at the effective date of merger, even though the ANBC would increase, the bank would have 12 months to comply with the PSL requirements on the added ANBC.Assuming the merger concludes in Sep’23 (Q2FY24, management had indicated completion in Q2FY24 by Jul’23), the PSL requirement on HDFC’s ANBC will be effective from Q2FY25E.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.

HDFC Bank - RBI’s Clarifications Ease Merger Roadblocks!

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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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.

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Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
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Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> reported a steady and broadly in-line-with-expected Q4FY23 earnings. In particular, its growth in deposits at 8.7% QoQ was commendable.</li>
<li>Advances also grew at a healthy pace of 6% QoQ. Retail advances grew 5% QoQ, while CRB (Commercial and Rural Banking) grew the most at 9.7% QoQ.</li>
<li>Aided by low credit costs, HDFCB continues to invest in expanding its geographical and digital distribution to deepen its penetration.</li>
</ul>



HDFC Bank (HDFCB IN) reported a steady and broadly in-line-with-expected Q4FY23 earnings. In particular, its growth in deposits at 8.7% QoQ was commendable.
Advances also grew at a healthy pace of 6% QoQ. Retail advances grew 5% QoQ, while CRB (Commercial and Rural Banking) grew the most at 9.7% QoQ.
Aided by low credit costs, HDFCB continues to invest in expanding its geographical and digital distribution to deepen its penetration.


HDFC Bank: Steady Q4FY23 Results | Merger Update - RBI Concessions

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>, raised around US$630m in its Japan IPO.</li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.</li>
<li>In our earlier notes, we have looked at various aspects of the deal. In this note, we talk about the deal dynamics and trading updates.</li>
</ul>



Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), raised around US$630m in its Japan IPO.
RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.
In our earlier notes, we have looked at various aspects of the deal. In this note, we talk about the deal dynamics and trading updates.


<ul><li>Advances growth of 17/6% YoY/QoQ was driven by Retail (+19/5% YoY/QoQ) and CRB (+30/9% YoY/QoQ).</li><li>Retail advances growth was driven by Personal Loans (+23/4% YoY/QoQ), Gold Loans (+30/8% YoY/QoQ), and Home loans (+23/5% YoY/QoQ).</li><li>NII grew by 24/2% YoY/QoQ, and NIMs (reported) remained stable QoQ at ~4.1% and improved by ~20bps YoY. </li></ul>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.

Advances growth of 17/6% YoY/QoQ was driven by Retail (+19/5% YoY/QoQ) and CRB (+30/9% YoY/QoQ).Retail advances growth was driven by Personal Loans (+23/4% YoY/QoQ), Gold Loans (+30/8% YoY/QoQ), and Home loans (+23/5% YoY/QoQ).NII grew by 24/2% YoY/QoQ, and NIMs (reported) remained stable QoQ at ~4.1% and improved by ~20bps YoY. 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.

HDFC Bank Ltd. - Elevated Opex Hurts PPOP; Aggressive Branch Expansion to Continue!

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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HDFC Bank (HDFCB IN)

Bikaji Foods IPO Lock-Up - Small Expiry with a Chance to Lift the Overhang

Bikaji Foods (BIKAJI IN), an ethnic snacks company, raised approximately US$107m in its India IPO. The stock was listed on 16th Nov 2022, its six...

Sumeet Singh

HDFC Bank - RBI’s Clarifications Ease Merger Roadblocks!

RBI’s relaxation in terms of PSL compliance to HDFCB with only 1/3rd of HDFC’s O/S book to be considered in the 1st year of the merger, is a key...

Axis Direct

HDFC Bank: Steady Q4FY23 Results | Merger Update - RBI Concessions

HDFCB reported a steady Q4FY23 quarter. In particular, the growth in deposits was attractive at 8.7% QoQ. At current valuation, HDFCB offers an...

Ankit Agrawal, CFA

Rakuten Bank IPO Trading - Ample Upside

Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), raised around US$630m in its Japan IPO. In this note, we talk about the...

Sumeet Singh

HDFC Bank Ltd. - Elevated Opex Hurts PPOP; Aggressive Branch Expansion to Continue!

Retail advances growth was driven by Personal Loans (+23/4% YoY/QoQ), Gold Loans (+30/8% YoY/QoQ), and Home loans (+23/5% YoY/QoQ).

Axis Direct

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