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.

Equity Capital Markets

Ircon International / Equity Capital Markets

<ul>
<li>The Government of India (GoI) is looking to raise US$155m from trimming a portion of its stake in <a href="https://www.smartkarma.com/entities/ircon-international" target="_blank" data-smartkarma-citation="entities:40375:1" rel="noopener">Ircon International (IRCON IN)</a>, assuming the deal upsizes.</li>
<li>Assuming the deal upsizes, while it would represent 8% of the firm’s current shares outstanding, it would only represent 3.8 days of its three month ADV, given its strong liquidity.</li>
<li>Given that it isn’t the first time the GoI has sold its stake in IRCON, the selldown here should be expected, in our view.</li>
</ul>


The Government of India (GoI) is looking to raise US$155m from trimming a portion of its stake in Ircon International (IRCON IN), assuming the deal upsizes.
Assuming the deal upsizes, while it would represent 8% of the firm’s current shares outstanding, it would only represent 3.8 days of its three month ADV, given its strong liquidity.
Given that it isn’t the first time the GoI has sold its stake in IRCON, the selldown here should be expected, in our view.


IRCON Placement - Opportunistic Monetisation of a 2.5x YTD Gain

<ul>
<li>The GoI is looking to raise US$199m in trimming a portion of its stake in <a href="https://www.smartkarma.com/entities/nhpc-ltd" target="_blank" data-smartkarma-citation="entities:7826:1" rel="noopener">NHPC (NHPC IN)</a>. There is an upsize option to increase the deal size to US$279m.</li>
<li>Assuming that the deal upsizes, the deal here would be a relatively large one to digest at 11 days of the stock’s ADV.</li>
<li>The deal appears to be well flagged, with the selldown by the GoI appearing to be part of its divestment drive across PSUs in India.</li>
</ul>


The GoI is looking to raise US$199m in trimming a portion of its stake in NHPC (NHPC IN). There is an upsize option to increase the deal size to US$279m.
Assuming that the deal upsizes, the deal here would be a relatively large one to digest at 11 days of the stock’s ADV.
The deal appears to be well flagged, with the selldown by the GoI appearing to be part of its divestment drive across PSUs in India.


NHPC OFS - While the Overhang Remains, Momentum on the Stock Has Been Very Strong

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Ircon International (IRCON IN)

IRCON Placement - Opportunistic Monetisation of a 2.5x YTD Gain

The Government of India (GoI) is looking to raise US$155m from trimming a portion of its stake in IRCON, assuming the deal upsizes.

Clarence Chu

NHPC OFS - While the Overhang Remains, Momentum on the Stock Has Been Very Strong

The GoI is looking to raise US$199m in trimming a portion of its stake in NHPC (NHPC IN). There is an upsize option to increase the deal size to...

Clarence Chu

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