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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, the coming week will see <a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya-pt" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI listing.</a>
</li>
<li>Given that we are in the middle of earnings season, there were no new placements this week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, the coming week will see Cinema XXI listing.

Given that we are in the middle of earnings season, there were no new placements this week.


ECM Weekly (30th July 2023) - Tryt, Genda, Cinema XXI, Abacus, Robosense, Qiniu, Muthoot, LianLian

<ul>
<li>National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. </li>
<li>The deal will be run by ISec, Axis Capital, HSBC, IDBI, Motilal and SBI Caps.</li>
<li>It IS the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
</ul>


National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. 
The deal will be run by ISec, Axis Capital, HSBC, IDBI, Motilal and SBI Caps.
It IS the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.


National Securities Depository Limited (NSDL) Pre-IPO Tearsheet

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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Equity Bottom-Up

<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 weak QoQ growth in deposits and advances. This is however temporary due to seasonality. The growth trajectory for rest of the year remains intact. </li>
<li>HDFCB continues to invest aggressively into expanding its geographical presence to drive growth. Benign credit cost enables investments without impacting the ROA.</li>
<li>HDFC Ltd ("HDFC") has been also merged into HDFCB effective Jul 1. The merged entity is carrying sufficient liquidity at 120%+ LCR to meet the additional CRR and SLR needs.</li>
</ul>



HDFC Bank (HDFCB IN) reported weak QoQ growth in deposits and advances. This is however temporary due to seasonality. The growth trajectory for rest of the year remains intact. 
HDFCB continues to invest aggressively into expanding its geographical presence to drive growth. Benign credit cost enables investments without impacting the ROA.
HDFC Ltd ("HDFC") has been also merged into HDFCB effective Jul 1. The merged entity is carrying sufficient liquidity at 120%+ LCR to meet the additional CRR and SLR needs.


HDFC Bank: Seasonality Impacts Q1 Growth, But All Is Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/federal-bank-ltd" target="_blank" data-smartkarma-citation="entities:11784:1" rel="noopener">Federal Bank (FB IN)</a> aims to raise around US$370m via a QIP to increase its Tier-1 capital.</li>
<li>The deal is well flagged as the company had earlier obtained board approval for a fundraising and had guided towards a funding raising in FY24.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Federal Bank (FB IN) aims to raise around US$370m via a QIP to increase its Tier-1 capital.
The deal is well flagged as the company had earlier obtained board approval for a fundraising and had guided towards a funding raising in FY24.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Federal Bank QIP - Well Flagged Deal but the Last One Didn’t Do Well

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.

<ul><li>Given Q1 is a seasonally soft quarter, HDFCB’s advances growth was flat QoQ (+1% QoQ).</li><li>Credit growth was driven by the Retail (+18%/4% YoY/QoQ) and the CRB (29%/3% YoY/QoQ) segment, while the corporate book de-grew by 1% QoQ.</li><li>As a merged entity, HDFCB’s advances grew by ~16% YoY.</li></ul><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>

Given Q1 is a seasonally soft quarter, HDFCB’s advances growth was flat QoQ (+1% QoQ).Credit growth was driven by the Retail (+18%/4% YoY/QoQ) and the CRB (29%/3% YoY/QoQ) segment, while the corporate book de-grew by 1% QoQ.As a merged entity, HDFCB’s advances grew by ~16% 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. - Inline Quarter; All Eyes on Post-Mergers Performance!

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)

ECM Weekly (30th July 2023) - Tryt, Genda, Cinema XXI, Abacus, Robosense, Qiniu, Muthoot, LianLian

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

National Securities Depository Limited (NSDL) Pre-IPO Tearsheet

National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. It is the largest depository in India.

Sumeet Singh

HDFC Bank: Seasonality Impacts Q1 Growth, But All Is Well

HDFCB reported muted QoQ growth, however, this seems to be a random quarterly variation. The bank is on track to do 17-18% CAGR over the medium...

Ankit Agrawal, CFA

Federal Bank QIP - Well Flagged Deal but the Last One Didn’t Do Well

Federal Bank (FB IN) aims to raise around US$370m via a QIP to increase its Tier-1 capital. In this note, we talk about the deal dynamics and run...

Sumeet Singh

HDFC Bank Ltd. - Inline Quarter; All Eyes on Post-Mergers Performance!

Credit growth was driven by the Retail (+18%/4% YoY/QoQ) and the CRB (29%/3% YoY/QoQ) segment, while the corporate book de-grew by 1% QoQ.

Axis Direct

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