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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>Coming up for six-month lockup expiry on 18th Jun 2024 are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.</li>
</ul>



India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
Coming up for six-month lockup expiry on 18th Jun 2024 are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.


India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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.

Thematic (Sector/Industry)

<ul><li>Stagnant credit growth in 1Q24 comes with little surprise: The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of 1.34%.</li><li>This is just slightly above the 0.5% YTD increase recorded in 1Q14 and similar to the pandemic-inception year of 2020.</li><li>However, this was not entirely surprising, given the cautious macroeconomic outlook, despite some signs of recovery.</li></ul><div class="content-highlight"><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></div>

Stagnant credit growth in 1Q24 comes with little surprise: The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of 1.34%.This is just slightly above the 0.5% YTD increase recorded in 1Q14 and similar to the pandemic-inception year of 2020.However, this was not entirely surprising, given the cautious macroeconomic outlook, despite some signs of recovery.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.

Banking Sector - 1Q24 Update and Outlook - Acceptable Shortfall

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Go Digit General Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-digit-general-insurance-l" target="_blank" data-smartkarma-citation="entities:36266:1" rel="noopener">Go Digit General Insurance</a> raised around US$315m in its India IPO.</li>
<li>Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.</li>
<li>We have looked at the company’s performance in our past note. In this note, we talk about the trading dynamics.</li>
</ul>



Go Digit General Insurance raised around US$315m in its India IPO.
Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
We have looked at the company’s performance in our past note. In this note, we talk about the trading dynamics.


Go Digit IPO Trading - Low Subscription Rate, Not All Shares Are Locked Up

Aadhar Housing Finance Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aadhar-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:32152:1" rel="noopener">Aadhar Housing Finance</a>(AHF) raised around US$360m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>We have looked at the company’s performance and valuation in our past notes. In this note, we talk about the trading dynamics.</li>
</ul>



Aadhar Housing Finance(AHF) raised around US$360m in its India IPO, via selling a mix of primary and secondary shares.
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
We have looked at the company’s performance and valuation in our past notes. In this note, we talk about the trading dynamics.


Aadhar Housing Finance IPO Trading - More Loved by Institutional Investors than Retail

<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-digit-general-insurance-l" target="_blank" data-smartkarma-citation="entities:36266:1" rel="noopener">Go Digit General Insurance </a>is looking to raise around US$315m in its India IPO.</li>
<li>Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.</li>
<li>We have looked at the company’s performance in our past note. In this note, we talk about the refiling updates and valuations.</li>
</ul>



Go Digit General Insurance is looking to raise around US$315m in its India IPO.
Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
We have looked at the company’s performance in our past note. In this note, we talk about the refiling updates and valuations.


Go Digit General Insurance IPO - Growth Remains Strong, Valuation Isn’t Cheap

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

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.

Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers a wide range of products and services such as personal, commercial, and corporate banking services, including deposit accounts, loans, and investments. Kotak Mahindra Bank serves customers in India.

Axis Bank Limited provides a full range of banking services throughout India. The Group's activities include retail banking, investment management, merchant banking, treasury and NRI services, cash and credit management services, and ATM facilities.

Punjab National Bank provides financial services such as corporate and personal banking, industrial finance, agricultural finance, financing of trade and international banking. The Company provides services to domestic conglomerates, medium and small industrial units, exporters, non-resident Indians and multinational companies.

Bank of Baroda owns and operates commercial banks in India.  The Group's banks provide the traditional forms of banking services, including CD's, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services.  The Group also owns IBU International Finance Limited, an international banking company in Hong Kong.

IndusInd Bank Limited is a Mumbai-based Indian new generation bank established in 1994. The Bank provides a range of banking and financial services including  wholesale banking, credit monitoring, risk management, tele-banking, investment banking and commercial lending. IndusInd Bank operates branches throughout India as well as an office in Dubai and London.

Indian Overseas Bank operates some 1,429 banking branches in India, as well as six branches in overseas locations.  The Group's banks provide loan and deposit schemes, Internet banking, and a full range of banking services.

Canara Bank Ltd. provides a full range of banking services throughout India. The Group's activities include retail banking, commercial and personal banking, investment management, treasury & NRI services, cash management and assorted ATM facilities.

Commonwealth Bank of Australia provides banking, life insurance, and related services for individuals, small businesses and medium sized commercial enterprises. The Bank provides corporate and general banking, international financing, institutional banking and stock broking and funds management such as superannuation product.

National Australia Bank Limited is an international banking group which operates in Australia, New Zealand, Europe, Asia and the United States.  The Group offers banking services, credit and access card facilities, leasing, housing and general finance, international and investment banking, wealth and funds management, life insurance and custodian, trustee and nominee services.

DBS Group Holdings Limited and its subsidiaries provide a variety of financial services.  The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage .  DBS Group also acts as the primary dealer in Singapore government securities.

China Construction Bank Corporation provides a comprehensive range of commercial banking products and services to individuals and corporate customers. The Bank's business consists of three principal business segments: corporate banking, personal banking, and treasury operations. China Construction Bank also services infrastructure loans, residential mortgage, and bank cards.

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services.  The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

Sumitomo Mitsui Financial Group, Inc. manages financial operations for its subsidiaries. The Company provides commercial banking and a variety of financial services.

Sumitomo Mitsui Financial Group (8316 JP)

Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a financial group, the Company provides a variety of financial and investment services including commercial banking, trust banking, international finance, and assets management services.

Mitsubishi UFJ Financial (MUFG) (8306 JP)

Mizuho Financial Group, Inc. provides comprehensive financial services through its subsidiaries. The Group provides variety of financial services such as general banking, securities brokerage, trust banking, and assets management.

Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, leasing, credit cards, and consumer finance.  The Company operates through physical stores, the Internet and other distribution channels across North America and elsewhere internationally.

PNC Financial Services Group, Inc. is a diversified financial services organization.  The Company provides regional banking, wholesale banking, and asset management services nationally and in the Company's primary regional markets.

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HDFC Bank (ADR) (HDB US)

India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their...

Clarence Chu

Banking Sector - 1Q24 Update and Outlook - Acceptable Shortfall

The subdued credit growth in 1Q24 reflects broader economic trends, indicating one of the lowest levels in nearly a decade, with a YTD increase of...

Mirae Asset Securities

Go Digit IPO Trading - Low Subscription Rate, Not All Shares Are Locked Up

Go Digit General Insurance raised around US$315m in its India IPO. In this note, we talk about the subscription rate and other trading dynamics.

Sumeet Singh

Aadhar Housing Finance IPO Trading - More Loved by Institutional Investors than Retail

Aadhar Housing Finance(AHF) raised around US$360m in its India IPO, via selling a mix of primary and secondary shares. In this note, we talk about...

Sumeet Singh

Go Digit General Insurance IPO - Growth Remains Strong, Valuation Isn’t Cheap

Go Digit General Insurance is looking to raise around US$315m in its India IPO. We have looked at the company's past performance in our earlier...

Sumeet Singh

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