APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a> is looking to raise around US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Blackbuck (1355652D IN) is looking to raise around US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
In this note, we talk about the company’s historical performance.


Zinka Logistics Pre-IPO - Continued Financial Underperformance in a Highly Fragmented Market

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<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> raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.</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>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.
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.
In this note, we will talk about the lockup dynamics and possible placement.


Aadhar Housing Finance IPO Lockup -PE Owner Is up 5x, with US$500m Lockup Expiry Soon

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.</li>
<li>For this edition we focus on select Banking names like <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>; <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN); </a><a href="https://www.smartkarma.com/entities/rbl-bank-ltd" target="_blank" data-smartkarma-citation="entities:22856:1" rel="noopener">RBL Bank Ltd (RBK IN)</a>.</li>
<li>We are bearish on most names except <a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" data-smartkarma-citation="entities:768:1" rel="noopener">Axis Bank Ltd (AXSB IN)</a> and <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a>. </li>
</ul>


We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.
For this edition we focus on select Banking names like HDFC Bank (HDFCB IN); Kotak Mahindra Bank (KMB IN); RBL Bank Ltd (RBK IN).
We are bearish on most names except Axis Bank Ltd (AXSB IN) and Bandhan Bank Ltd (BANDHAN IN). 


Namaste India 🙏 | Earnings Edition - Banking Special

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> is planning to raise around US$1.25bn through its upcoming India IPO.</li>
<li>Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we undertake a peer comparison.</li>
</ul>



Swiggy is planning to raise around US$1.25bn through its upcoming India IPO.
Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
We have looked at the company’s past performance in our earlier notes. In this note, we undertake a peer comparison.


Swiggy Pre-IPO - Peer Comparison - Smaller, Slower and Less Profitable

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were below our estimates, largely due to higher-than-expected credit costs (65 bps) and lower other income</li><li>While the loan growth moderated to ~15% YoY, the deposit traction remained steady</li><li>NIMs continued to remain under pressure (-11bps QoQ) due to reducing share of unsecured retail and rising cost of funds (+5 bps QoQ) and are likely to moderate further during FY25</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>

Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were below our estimates, largely due to higher-than-expected credit costs (65 bps) and lower other incomeWhile the loan growth moderated to ~15% YoY, the deposit traction remained steadyNIMs continued to remain under pressure (-11bps QoQ) due to reducing share of unsecured retail and rising cost of funds (+5 bps QoQ) and are likely to moderate further during FY25Content 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.

HSIE Results Daily: Kotak Mahindra Bank, Tech Mahindra, IndiaMART InterMESH, RBL Bank, Mastek

India

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.

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Kotak Mahindra Bank (KMB IN)

Zinka Logistics Pre-IPO - Continued Financial Underperformance in a Highly Fragmented Market

Zinka Logistics (Blackbuck) is looking to raise around US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Aadhar Housing Finance IPO Lockup -PE Owner Is up 5x, with US$500m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

Namaste India 🙏 | Earnings Edition - Banking Special

We cover key earnings and conference call highlights for select Banking names, with a bearish outlook on most except for Axis Bank Ltd and Bandhan...

Pranav Bhavsar

Swiggy Pre-IPO - Peer Comparison - Smaller, Slower and Less Profitable

Swiggy is planning to raise around US$1.25bn through its upcoming India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

HSIE Results Daily: Kotak Mahindra Bank, Tech Mahindra, IndiaMART InterMESH, RBL Bank, Mastek

Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were below our estimates, largely due to higher-than-expected credit costs (65 bps) and...

HDFC Securities

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