APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Akums Drugs and Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals (0200361D IN)</a> raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679/share.</li>
<li>Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.</li>
</ul>



Akums Drugs and Pharmaceuticals (0200361D IN) raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679/share.
Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.


Akums Drugs and Pharmaceuticals IPO Trading - Strong Demand and a Decent Margin of Safety

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals (0200361D IN)</a> is looking to raise up to US$222m in its upcoming India IPO.</li>
<li>Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we talk about its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$222m in its upcoming India IPO.
Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
In our previous note, we talked about the company’s historical performance. In this note, we talk about its RHP updates and share our quick thoughts on peer comparison and valuation.


Akums Drugs and Pharmaceuticals IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals (0200361D IN)</a> is looking to raise up to US$239m in its upcoming India IPO. </li>
<li>Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$239m in its upcoming India IPO. 
Akums Drugs and Pharmaceuticals (ADP) is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
In this note, we talk about the company’s historical performance.


Akums Drugs and Pharmaceuticals Pre-IPO - Profitable but Needs to Scale up More

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>Domestic Business: The domestic business growth should be driven by new launches, price increase (6%) and volume growth.</li></ul><div><div><div><ul><li>US Business: Indoco’s solid oral dosage portfolio has not seen much price erosion.</li></ul><div><div><div><div><ul><li>Inflationary pressures are easing, but still not fully normalised: The company acts as a contract manufacturer for several of its products in Europe and it has been able to pass on the cost increases in these products.</li></ul></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>

Domestic Business: The domestic business growth should be driven by new launches, price increase (6%) and volume growth.US Business: Indoco’s solid oral dosage portfolio has not seen much price erosion.Inflationary pressures are easing, but still not fully normalised: The company acts as a contract manufacturer for several of its products in Europe and it has been able to pass on the cost increases in these products.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.

<div><ul><li>The company expects to launch 6-7 ophthalmic products in the US. We expect IRL to be the third generic player to launch gCombigan, which has a market size of ~US$400mn in the US market.</li><li>IRL has enough API and excipients inventory to last for the next two month.</li><li>Launched 6 new products in the Indian market in FY22, including Subitral, which was the fastest brand to reach Rs10mn sales within just 40 days of its launch</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></div>

The company expects to launch 6-7 ophthalmic products in the US. We expect IRL to be the third generic player to launch gCombigan, which has a market size of ~US$400mn in the US market.IRL has enough API and excipients inventory to last for the next two month.Launched 6 new products in the Indian market in FY22, including Subitral, which was the fastest brand to reach Rs10mn sales within just 40 days of its launchContent 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.

Indoco Remedies - Strong Growth in Regulated Markets

India

Indoco Remedies Limited researches and develops, manufactures, markets, and distributes pharmaceuticals. The Company's products include Analgesics/Antipyretics, Antacids, Anthelmintics, and Antiamoebics.

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Indoco Remedies (INDR IN)

Akums Drugs and Pharmaceuticals IPO Trading - Strong Demand and a Decent Margin of Safety

Akums Drugs and Pharmaceuticals (0200361D IN) raised around US$222m in its India IPO, after pricing the deal at the top end of the range at INR679...

Ethan Aw

Akums Drugs and Pharmaceuticals IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Akums Drugs and Pharmaceuticals is looking to raise up to US$222m in its upcoming India IPO. In this note, we talk about its RHP updates and share...

Ethan Aw

Akums Drugs and Pharmaceuticals Pre-IPO - Profitable but Needs to Scale up More

Akums Drugs and Pharmaceuticals (0200361D IN) is looking to raise up to US$239m in its upcoming India IPO. In this note, we talk about the...

Ethan Aw

Indoco Remedies- Management Meet Update

We hosted the Indoco Remedies management at our Annual Investor Conference to discuss the business outlook. Indoco Remedies expects the US market...

Nirmal Bang

Indoco Remedies - Strong Growth in Regulated Markets

Indoco Remedies’ (IRL) sales were in-line with estimate, growing by 34% YoY. Gross margin dipped by 178bps QoQ due to cost inflation in...

Nirmal Bang

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