APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Capital Markets

IndoStar Capital Finance Ltd / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/27025" target="_blank" data-smartkarma-citation="entities:27025:1">IndoStar Capital Finance Ltd (0607155D IN)</a> is looking to raise about US$275m in its upcoming IPO and proceeds will be used to increase capital base to meet future capital requirements.</p><p>In this insight, we will examine the company's past performance, analyze the corporate and SME lending industry in which the company is currently operating in, and compare it to other listed NBFC peers. Last, but not least, we will also run the deal through our ECM framework.</p>

IndoStar Capital Finance Ltd (0607155D IN) is looking to raise about US$275m in its upcoming IPO and proceeds will be used to increase capital base to meet future capital requirements.In this insight, we will examine the company's past performance, analyze the corporate and SME lending industry in which the company is currently operating in, and compare it to other listed NBFC peers. Last, but not least, we will also run the deal through our ECM framework.

IndoStar Capital Finance IPO Review - Loans and Advances Growth Stalled in 1H 2018

<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight"><h2>IPOs</h2><p>This week's <a href="https://www.smartkarma.com/entities/27008" target="_blank" data-smartkarma-citation="entities:27008:1">Ping An Healthcare And Tech (1833 HK)</a> IPO had been a disappointment considering the favorable dynamics. The shares opened 4.6% above its IPO price and trading briefly up to a high of 7.1% and subsequently got sold down to close at its IPO price.</p><p>It was not exactly out of expectation considering that we have mentioned in our insight, <a href="https://www.smartkarma.com/insights/ping-an-good-doctor-ipo-review-step-aside-valuation-solving-problems-come-first" target="_blank" data-smartkarma-citation="insights:19614:1">Ping An Good Doctor IPO Review - Step Aside, Valuation. Solving Problems Come First</a>, that the company is offered at an expensive P/S relative to <a href="https://www.smartkarma.com/entities/24388" target="_blank" data-smartkarma-citation="entities:24388:1">China Literature Ltd (772 HK)</a> and <a href="https://www.smartkarma.com/entities/23681" target="_blank" data-smartkarma-citation="entities:23681:1">ZhongAn Online P&amp;C (6060 HK)</a> may result in a smaller first-day pop. But to close just on the IPO price on the first day is admittedly quite disappointing.</p><p>Nevertheless, considering 68m shares have already traded on the first day which is equivalent to 85% of the shares held by institutional investors and HK PO, prices should stabilize around this level with some greenshoe support. </p><p>In terms of activity, we continue to see more filings come through (as shown below) and, of course, the most notable filing this week is <a href="https://www.smartkarma.com/entities/24409" target="_blank" data-smartkarma-citation="entities:24409:1">Xiaomi Corp (XIAOMZ CH)</a> and the team will be following up with early thoughts on the company next week. There will also be more Indian IPOs coming up, starting next week with <a href="https://www.smartkarma.com/entities/27025" target="_blank" data-smartkarma-citation="entities:27025:1">IndoStar Capital Finance Ltd (0607155D IN)</a>.  </p></div><h2>Accuracy Rate:</h2><p>Our overall accuracy rate is<strong> 72% for IPOs </strong>and<strong> 63.4% for Placements.</strong></p><p><em>(Performance measurement criteria is explained at the end of the note)</em></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/051/342/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%282%29.png?1525499069" class="editor-image img-responsive" data-smartkarma-image-id="51342"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/051/343/original/2018-Total-Deals-2018-Accuracy-Rate-_chartbuilder%20%282%29.png?1525499081" class="editor-image img-responsive" data-smartkarma-image-id="51343"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li><strong>Xiaomi (Hong Kong, ~US$10bn)</strong></li><li><strong>E-house</strong> <strong>(Hong Kong, ~US$600m)</strong></li><li><strong><strong>FinUp Fintech (Hong Kong, &gt;US$100m)</strong></strong></li><li><strong>7road (Hong Kong, &gt;US$100m)</strong></li><li><strong>STX Entertainment <strong> (Hong Kong, &gt;US$100m)</strong></strong></li><li><strong><strong>Ingrid Millet (Hong Kong, ~US$100m)</strong></strong></li></ul><p>Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool <a href="https://www.smartkarma.com/tools/ipos" target="_blank">here </a>or through the tools menu.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/051/344/original/upcoming.PNG?1525499418" class="editor-image img-responsive" data-smartkarma-image-id="51344"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.globalcapital.com/article/b17ylb9gj1yrhj/wika-realty-aims-for-%24230m-in-indonesia-flotation" target="_blank">Wika Realty aims for $230m in Indonesia flotation</a></li><li><a href="https://www.latestly.com/india/12-ipos-including-hdfc-asset-management-expected-to-hit-the-market-in-the-next-2-months-to-raise-rs-17000-crore-125873.html" target="_blank">12 IPOs, Including HDFC Asset Management Expected to Hit The Market in the Next 2 Months</a></li><li><a href="https://www.dealstreetasia.com/stories/tencent-music-us-ipo-97077/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=4fd1ee7616-RSS_EMAIL_CAMPAIGN+%2A%7CRSSFEED%3ADATE%3A+F+j%2C+Y%7C%2A&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-4fd1ee7616-239139321&amp;mc_cid=4fd1ee7616&amp;mc_eid=28c8c22a08" target="_blank">Tencent Music said to invite banks to pitch for up to $4b US IPO</a></li><li><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/indostar-capital-finance-sets-ipo-price-band-issue-opens-on-may-9/articleshow/64003276.cms" target="_blank">IndoStar Capital Finance sets IPO price band, issue opens on May 9</a></li><li><a href="https://www.dealstreetasia.com/stories/penna-cement-plans-rs1300-crore-share-sale-97109/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=4fd1ee7616-RSS_EMAIL_CAMPAIGN+%2A%7CRSSFEED%3ADATE%3A+F+j%2C+Y%7C%2A&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-4fd1ee7616-239139321&amp;mc_cid=4fd1ee7616&amp;mc_eid=28c8c22a08" target="_blank">Penna Cement plans to raise $195m in IPO</a></li></ul><h2><strong>Smartkarma Community's Analyses on Upcoming IPOs<br></strong></h2><ul><li><a href="https://www.smartkarma.com/insights/sk-siltron-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:19898">SK Siltron IPO Preview (Part 1)</a></li><li><a href="https://www.smartkarma.com/insights/huya-ipo-valuation-better-off-buying-yy-s-shares" target="_blank" data-smartkarma-citation="insights:19916">Huya IPO Valuation: Better off Buying YY's Shares</a></li><li><a href="https://www.smartkarma.com/insights/ipo-radar-go-get-that-tiger" target="_blank" data-smartkarma-citation="insights:19794">IPO Radar: Go Get that TIGER!</a></li><li><a href="https://www.smartkarma.com/insights/genoray-ipo-preview-part-1-better-than-sejong-medical-ipo" target="_blank" data-smartkarma-citation="insights:19741">Genoray IPO Preview (Part 1) - Better than Sejong Medical IPO?</a></li><li><a href="https://www.smartkarma.com/insights/china-chunlai-education-ipo-preview-are-vocational-programmes-the-future-growth-engine" target="_blank" data-smartkarma-citation="insights:19577">China Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?</a></li></ul><h2>List of pre-IPO Coverage on Smartkarma</h2><div><table class="table table-striped"><tbody><tr><td>Name</td><td>Insight</td></tr><tr><td colspan="2"><strong>Hong Kong</strong></td></tr><tr><td>Cenmintang</td><td><a href="https://www.smartkarma.com/insights/cenmintang-ipo-preview-a-beverage-and-snack-play-whose-growth-is-hard-to-grasp" target="_blank" data-smartkarma-citation="insights:9282">Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp</a></td></tr><tr><td>China Feihe</td><td><a href="https://www.smartkarma.com/insights/china-feihe-ipo-preview-goat-bless-infant-formula-milk" target="_blank" data-smartkarma-citation="insights:12751">China Feihe IPO Preview: Goat Bless Infant Formula Milk?</a></td></tr><tr><td>Chunlai Edu</td><td><p><a href="https://www.smartkarma.com/insights/china-chunlai-education-ipo-preview-are-vocational-programmes-the-future-growth-engine" target="_blank" data-smartkarma-citation="insights:19577">China Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?</a></p></td></tr><tr><td>Bank of Jiujiang</td><td><a href="https://www.smartkarma.com/insights/scraping-the-bottom-of-the-barrel-bank-of-jiujiang" target="_blank">Scraping the Bottom of the Barrel: Bank of JiuJiang</a></td></tr><tr><td>Ganfeng Lithium</td><td><a href="https://www.smartkarma.com/insights/ganfeng-lithium-ipo-present-perfect-future-tense" target="_blank" data-smartkarma-citation="insights:18250">Ganfeng Lithium IPO: Present Perfect, Future Tense</a></td></tr><tr><td>Jiangxi Bank</td><td><a href="https://www.smartkarma.com/insights/jiangxi-bank-ipo-preview-strong-growth-offset-by-weak-asset-quality" target="_blank" data-smartkarma-citation="insights:18006">Jiangxi Bank IPO Preview: Strong Growth Offset by Weak Asset Quality</a></td></tr><tr><td>Shandong Gold</td><td><a href="https://www.smartkarma.com/insights/shandong-gold-mining-ipo-preview-largest-pure-play-gold-miner-to-be-listed-in-hong-kong" target="_blank" data-smartkarma-citation="insights:17456">Shandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong Kong</a></td></tr><tr><td>Shandong Gold</td><td><a href="https://www.smartkarma.com/insights/shandong-gold-ipo-buyers-beware" target="_blank" data-smartkarma-citation="insights:17689">Shandong Gold IPO: Buyers Beware</a></td></tr><tr><td>Qilu Express</td><td><a href="https://www.smartkarma.com/insights/qilu-expressway-ipo-preview-concentration-risk-and-recent-news-may-mean-discount-to-peers" target="_blank" data-smartkarma-citation="insights:18624">Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers</a></td></tr><tr><td colspan="2"><strong>South Korea</strong></td></tr><tr><td>Bodyfriend</td><td><a href="https://www.smartkarma.com/insights/bodyfriend-ipo-preview-part-i-goodbye-osim-hello-bodyfriend" target="_blank">Bodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) </a></td></tr><tr><td>CJ OliveNetworks</td><td><a href="https://www.smartkarma.com/insights/cj-olivenetworks-on-a-fast-track-to-an-ipo-in-2017" target="_blank">CJ OliveNetworks - On A Fast Track to an IPO in 2017? </a></td></tr><tr><td>Data Solution</td><td><a href="https://www.smartkarma.com/insights/datasolution-ipo-summary-questions-remain-on-growth-but-market-seems-excited" target="_blank" data-smartkarma-citation="insights:12519">Datasolution IPO Summary - Questions Remain on Growth, but Market Seems Excited</a></td></tr><tr><td>Gentle Monster</td><td><a href="https://www.smartkarma.com/insights/gentle-monster-ipo-a-monster-growth" target="_blank" data-smartkarma-citation="insights:8630">Gentle Monster IPO - A Monster Growth</a></td></tr><tr><td>Korea Exchange</td><td><a href="https://www.smartkarma.com/insights/korea-exchange-ipo-question-is-when-not-if" target="_blank">Korea Exchange IPO - Question Is When, Not If</a></td></tr><tr><td>Outin Futures</td><td><a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:11212">Outin Futures Corp IPO Preview (Part 1)</a>,  <a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-valuations-part-2" target="_blank" data-smartkarma-citation="insights:11736">Valuations (Part 2)</a></td></tr><tr><td>Woowa Bro</td><td><a href="https://www.smartkarma.com/insights/woowa-brothers-corp-ipo-preview-part-1-the-most-popular-food-delivery-service-in-korea" target="_blank" data-smartkarma-citation="insights:11104">Woowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in Korea</a></td></tr><tr><td>V-One Tech</td><td><a href="https://www.smartkarma.com/insights/v-one-tech-ipo-summary-another-oled-stock-ipo" target="_blank" data-smartkarma-citation="insights:11689">V-One Tech IPO Summary - Another OLED Stock IPO</a>,  <a href="https://www.smartkarma.com/insights/v-one-tech-ipo-part-2-ipo-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:11806">IPO Bookbuilding Results</a></td></tr><tr><td>Zinus</td><td><a href="https://www.smartkarma.com/insights/zinus-ipo-preview-part-1-an-amazing-comeback-story-1-mattress-brand-on-amazon" target="_blank" data-smartkarma-citation="insights:13698">Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)</a></td></tr><tr><td colspan="2"><strong>India</strong></td></tr><tr><td>CMS Info</td><td><a href="https://www.smartkarma.com/insights/cms-info-systems-pre-ipo-review-when-a-pe-sells-to-another-pe-only-one-gets-the-timing-right" target="_blank" data-smartkarma-citation="insights:15987">CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right</a></td></tr><tr><td>CreditAccess Gram</td><td><a href="https://www.smartkarma.com/insights/creditaccess-grameen-pre-ipo-review-lowest-opex-ratio-amongst-mfi-peers" target="_blank" data-smartkarma-citation="insights:17719">CreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI Peers</a></td></tr><tr><td>CreditAccess Gram</td><td><a href="https://www.smartkarma.com/insights/creditaccess-grameen-ipo-preview-good-but-not-the-best" target="_blank" data-smartkarma-citation="insights:17878">CreditAccess Grameen IPO Preview: Good but Not the Best</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/national-stock-exchange-pre-ipo-review-bigger-better-stronger-but-a-little-too-fast-for-some" target="_blank">National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/nse-ipo-preview-not-only-fast-its-risky-and-expensive" target="_blank">NSE IPO Preview- Not Only Fast..its Risky and Expensive</a></td></tr></tbody></table></div>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.IPOsThis week's Ping An Healthcare And Tech (1833 HK) IPO had been a disappointment considering the favorable dynamics. The shares opened 4.6% above its IPO price and trading briefly up to a high of 7.1% and subsequently got sold down to close at its IPO price.It was not exactly out of expectation considering that we have mentioned in our insight, Ping An Good Doctor IPO Review - Step Aside, Valuation. Solving Problems Come First, that the company is offered at an expensive P/S relative to China Literature Ltd (772 HK) and ZhongAn Online P&amp;C (6060 HK) may result in a smaller first-day pop. But to close just on the IPO price on the first day is admittedly quite disappointing.Nevertheless, considering 68m shares have already traded on the first day which is equivalent to 85% of the shares held by institutional investors and HK PO, prices should stabilize around this level with some greenshoe support. In terms of activity, we continue to see more filings come through (as shown below) and, of course, the most notable filing this week is Xiaomi Corp (XIAOMZ CH) and the team will be following up with early thoughts on the company next week. There will also be more Indian IPOs coming up, starting next week with IndoStar Capital Finance Ltd (0607155D IN).  Accuracy Rate:Our overall accuracy rate is 72% for IPOs and 63.4% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  Xiaomi (Hong Kong, ~US$10bn)E-house (Hong Kong, ~US$600m)FinUp Fintech (Hong Kong, &gt;US$100m)7road (Hong Kong, &gt;US$100m)STX Entertainment  (Hong Kong, &gt;US$100m)Ingrid Millet (Hong Kong, ~US$100m)Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: SmartkarmaNews on Upcoming IPOs  Wika Realty aims for $230m in Indonesia flotation12 IPOs, Including HDFC Asset Management Expected to Hit The Market in the Next 2 MonthsTencent Music said to invite banks to pitch for up to $4b US IPOIndoStar Capital Finance sets IPO price band, issue opens on May 9Penna Cement plans to raise $195m in IPOSmartkarma Community's Analyses on Upcoming IPOs SK Siltron IPO Preview (Part 1)Huya IPO Valuation: Better off Buying YY's SharesIPO Radar: Go Get that TIGER!Genoray IPO Preview (Part 1) - Better than Sejong Medical IPO?China Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?List of pre-IPO Coverage on SmartkarmaNameInsightHong KongCenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to GraspChina FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?Chunlai EduChina Chunlai Education IPO Preview: Are Vocational Programmes the Future Growth Engine?Bank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangGanfeng LithiumGanfeng Lithium IPO: Present Perfect, Future TenseJiangxi BankJiangxi Bank IPO Preview: Strong Growth Offset by Weak Asset QualityShandong GoldShandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong KongShandong GoldShandong Gold IPO: Buyers BewareQilu ExpressQilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to PeersSouth KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? Data SolutionDatasolution IPO Summary - Questions Remain on Growth, but Market Seems ExcitedGentle MonsterGentle Monster IPO - A Monster GrowthKorea ExchangeKorea Exchange IPO - Question Is When, Not IfOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)Woowa BroWoowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in KoreaV-One TechV-One Tech IPO Summary - Another OLED Stock IPO,  IPO Bookbuilding ResultsZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)IndiaCMS InfoCMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing RightCreditAccess GramCreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI PeersCreditAccess GramCreditAccess Grameen IPO Preview: Good but Not the BestNSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for SomeNSENSE IPO Preview- Not Only Fast..its Risky and Expensive

Smartkarma: ECM Coverage Weekly Update (5 May 2018)

India

Indostar Capital Finance Limited operates as non-banking finance company. The Company offers corporate and SME lending, as well as provides vehicle and housing finance services. Indostar Capital Finance serves customers in India.

IndoStar Capital Finance Ltd (INDOSTAR IN)

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IndoStar Capital Finance Ltd (INDOSTAR IN)

IndoStar Capital Finance IPO Review - Loans and Advances Growth Stalled in 1H 2018

IndoStar Capital Finance Ltd (0607155D IN) is looking to raise about US$275m in its upcoming IPO and proceeds will be used to increase capital base...

Zhen Zhou, Toh

Smartkarma: ECM Coverage Weekly Update (5 May 2018)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. IPOs This week's Ping...

Zhen Zhou, Toh

Price Gauge

52-week Range

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