Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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

Future Supply Chain Solutions / Equity Capital Markets

<p>Future Supply Chain Solutions (FSC) plans to raise around US$100m through a mix of primary and secondary offering in its IPO.</p><p>While we wait for the deal to be formally launched, in this insight we look at the company's growing reliance on its parent and its growth trends. While also analysing the sustainability of its faster Bottom-line growth versus EBITDA and Revenue.  </p>

Future Supply Chain Solutions (FSC) plans to raise around US$100m through a mix of primary and secondary offering in its IPO.While we wait for the deal to be formally launched, in this insight we look at the company's growing reliance on its parent and its growth trends. While also analysing the sustainability of its faster Bottom-line growth versus EBITDA and Revenue.  

Future Supply Chain Pre-IPO Review - Becoming More Dependent on the Parent

APAC IPOs & Placements

Zhen Zhou, Toh

<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><p></p><div data-postid="6224057" data-share-method="host" data-width="100%" data-aspect-ratio="2.5408163265306123" data-processed="true"><div><iframe src="https://tenor.com/embed/6224057?canonicalurl=https://www.smartkarma.com/lab/compose/15026/edit" frameborder="0" allowtransparency="true" allowfullscreen="allowfullscreen" scrolling="no" style="width: 100%; height: 100%;"></iframe></div></div><p></p><div class="content-highlight"><p>Just one week away from the office and the Q4 IPO frenzy has already heated up with more exciting IPOs coming soon!!</p><p>I was dead wrong on the US IPO momentum fizzling out because there are more Chinese companies getting listed in the US, namely, <a href="https://www.smartkarma.com/entities/26006" target="_blank" data-smartkarma-citation="entities:26006:1">PPDAI Group</a> (<a href="https://www.smartkarma.com/companies/742" target="_blank" data-smartkarma-citation="companies:742">JL Warren Capital</a> just <a href="https://www.smartkarma.com/insights/ipo-coverage-ppdai-group-inc-nyse-ppdf-achilles-heel-of-p2p-lending" target="_blank">covered it in detail</a>) , <a href="https://www.smartkarma.com/entities/25996" target="_blank" data-smartkarma-citation="entities:25996:1">Sogou Inc (SOGO US)</a> , and most recently <a href="https://www.smartkarma.com/entities/26007" target="_blank" data-smartkarma-citation="entities:26007:1">Jianpu Technology Inc (1547825D US)</a>.</p><p>In Hong Kong, <a href="https://www.smartkarma.com/entities/24388" target="_blank" data-smartkarma-citation="entities:24388:1">China Literature Ltd (772 HK)</a> 's IPO next week on the 8th November will likely going to set the tone and momentum of HK IPOs for the remaining of Q4. This week, <a href="https://www.smartkarma.com/entities/25979" target="_blank" data-smartkarma-citation="entities:25979:1">Crystal International Group (2232 HK)</a> got listed on Friday and held up well, closing just 5% above IPO price. </p><p>In the placement space, there have been a couple of sell-downs by existing shareholders, such as <a href="https://www.smartkarma.com/entities/15640" target="_blank" data-smartkarma-citation="entities:15640:1">Sapura Energy (SAPE MK)</a> , <a href="https://www.smartkarma.com/entities/377" target="_blank" data-smartkarma-citation="entities:377:1">New China Life Insurance Co Ltd (1336 HK)</a> , and <a href="https://www.smartkarma.com/entities/15061" target="_blank" data-smartkarma-citation="entities:15061:1">ASM Pacific Technology (522 HK)</a> . Perhaps shareholders feel like they should be locking in some profits on the back of record rally in the US, bolstering investors' confidence.</p></div><h2>Accuracy Rate:</h2><p>Our overall accuracy rate is<strong> 73.5% for IPOs </strong>and <strong>63.5% 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/000/037/269/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%282%29.png?1509768283" class="editor-image img-responsive" data-smartkarma-image-id="37269"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/037/270/original/2017-Total-Deals-2017-Accuracy-Rate-_chartbuilder.png?1509768295" class="editor-image img-responsive" data-smartkarma-image-id="37270"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li><strong>China Xinhua Education (Hong Kong, ~US$100m)</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/000/037/272/original/upcoming.PNG?1509769946" class="editor-image img-responsive" data-smartkarma-image-id="37272"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://economictimes.indiatimes.com/markets/stocks/news/mahindra-logistics-ipo-subscribed-1-70-times-on-day-3/articleshow/61444943.cms" target="_blank">Mahindra Logistics oversubscribed 7.9 times</a></li><li><a href="http://www.businesstimes.com.sg/technology/tencents-red-hot-e-book-ipo-sets-stage-for-music-arms-debut" target="_blank">Tencent's red-hot e-book IPO sets stage for music arm's debut</a></li><li><a href="https://www.dealstreetasia.com/stories/thai-power-producer-gulf-to-raise-fund-via-ipo-in-q4-85583/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=04b73f6126-RSS_EMAIL_CAMPAIGN+%2A%7CRSSFEED%3ADATE%3A+F+j%2C+Y%7C%2A&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-04b73f6126-239139321&amp;mc_cid=04b73f6126&amp;mc_eid=28c8c22a08" target="_blank">Thai power producer GULF to tap IPO market to raise funds in Q4</a></li><li><a href="https://www.dealstreetasia.com/stories/85410-85410/" target="_blank">PP Energi aims $369m via 2018 IPO, secondary offering</a></li><li><a href="http://www.nasdaq.com/article/chinas-financial-planning-platform-jianpu-technology-sets-terms-for-214-million-us-ipo-cm871708" target="_blank">China's financial planning platform: Jianpu Technology sets terms for $214 million US IPO</a></li></ul><h2><strong>Smartkarma Community's Analyses on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.smartkarma.com/insights/ipo-coverage-ppdai-group-inc-nyse-ppdf-achilles-heel-of-p2p-lending" target="_blank" data-smartkarma-citation="insights:15023">IPO Coverage - PPDAI Group Inc (NYSE: PPDF) - Achilles’ Heel of P2P Lending</a></li><li><a href="https://www.smartkarma.com/insights/mecaro-ipo-part-1-ipo-prospectus-summary" target="_blank" data-smartkarma-citation="insights:14767">Mecaro IPO Part 1 - IPO Prospectus Summary</a></li></ul><div><h2>List of pre-IPO Coverage on Smartkarma</h2></div><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>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>Shandong Int'l Trust</td><td><a href="https://www.smartkarma.com/insights/shandong-international-trust-pre-ipo-faltering-growth-and-profitability-despite-aid-from-prop-book" target="_blank">Shandong Int'l Trust Pre-IPO - Faltering Growth and Profitability Despite Aid from Prop Book</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>Cafe24</td><td><a href="https://www.smartkarma.com/insights/cafe-24-ipo-preview-part-1-korea-s-shopify-leading-contender-for-tesla-requirements-based-ipo" target="_blank" data-smartkarma-citation="insights:13665">Cafe 24 IPO Preview (Part 1): Korea’s Shopify - Leading Contender For “Tesla” Requirements Based IPO</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>Mecaro</td><td><a href="https://www.smartkarma.com/insights/mecaro-ipo-part-1-ipo-prospectus-summary" target="_blank" data-smartkarma-citation="insights:14767">Mecaro IPO Part 1 - IPO Prospectus Summary</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>Studio Drag</td><td><a href="https://www.smartkarma.com/insights/studio-dragon-ipo-preview-part-1-beneficiary-of-the-addictive-korean-dramas" target="_blank" data-smartkarma-citation="insights:12300">Studio Dragon IPO Preview (Part 1) - Beneficiary of the Addictive Korean Dramas</a></td></tr><tr><td>Studio Drag</td><td><a href="https://www.smartkarma.com/insights/studio-dragon-ipo-preview-part-2-biggest-korean-entertainment-ipo-in-2017" target="_blank" data-smartkarma-citation="insights:14525">Studio Dragon IPO Preview (Part 2) - Biggest Korean Entertainment IPO in 2017</a></td></tr><tr><td>Tapex</td><td><a href="https://www.smartkarma.com/insights/tapex-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:13543">Tapex IPO Preview (Part 1)</a></td></tr><tr><td>Tapex</td><td><a href="https://www.smartkarma.com/insights/tapex-ipo-valuation-analysis-a-market-leader-in-rechargeable-batteries-tapes" target="_blank" data-smartkarma-citation="insights:14486">Tapex IPO (Valuation Analysis) - A Market Leader in Rechargeable Batteries Tapes</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>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><tr><td colspan="2"><strong>US</strong></td></tr><tr><td>Four Seasons Ed</td><td><a href="https://www.smartkarma.com/insights/four-seasons-education-ipo-early-thoughts-a-small-player-in-a-highly-fragmented-market" target="_blank" data-smartkarma-citation="insights:14488">Four Seasons Education IPO Early Thoughts: A Small Player in a Highly Fragmented Market</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.Just one week away from the office and the Q4 IPO frenzy has already heated up with more exciting IPOs coming soon!!I was dead wrong on the US IPO momentum fizzling out because there are more Chinese companies getting listed in the US, namely, PPDAI Group (JL Warren Capital just covered it in detail) , Sogou Inc (SOGO US) , and most recently Jianpu Technology Inc (1547825D US).In Hong Kong, China Literature Ltd (772 HK) 's IPO next week on the 8th November will likely going to set the tone and momentum of HK IPOs for the remaining of Q4. This week, Crystal International Group (2232 HK) got listed on Friday and held up well, closing just 5% above IPO price. In the placement space, there have been a couple of sell-downs by existing shareholders, such as Sapura Energy (SAPE MK) , New China Life Insurance Co Ltd (1336 HK) , and ASM Pacific Technology (522 HK) . Perhaps shareholders feel like they should be locking in some profits on the back of record rally in the US, bolstering investors' confidence.Accuracy Rate:Our overall accuracy rate is 73.5% for IPOs and 63.5% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  China Xinhua Education (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  Mahindra Logistics oversubscribed 7.9 timesTencent's red-hot e-book IPO sets stage for music arm's debutThai power producer GULF to tap IPO market to raise funds in Q4PP Energi aims $369m via 2018 IPO, secondary offeringChina's financial planning platform: Jianpu Technology sets terms for $214 million US IPOSmartkarma Community's Analyses on Upcoming IPOs  IPO Coverage - PPDAI Group Inc (NYSE: PPDF) - Achilles’ Heel of P2P LendingMecaro IPO Part 1 - IPO Prospectus SummaryList 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?Bank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangShandong Int'l TrustShandong Int'l Trust Pre-IPO - Faltering Growth and Profitability Despite Aid from Prop BookSouth KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? Cafe24Cafe 24 IPO Preview (Part 1): Korea’s Shopify - Leading Contender For “Tesla” Requirements Based IPOData SolutionDatasolution IPO Summary - Questions Remain on Growth, but Market Seems ExcitedGentle MonsterGentle Monster IPO - A Monster GrowthKorea ExchangeKorea Exchange IPO - Question Is When, Not IfMecaroMecaro IPO Part 1 - IPO Prospectus SummaryOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)Studio DragStudio Dragon IPO Preview (Part 1) - Beneficiary of the Addictive Korean DramasStudio DragStudio Dragon IPO Preview (Part 2) - Biggest Korean Entertainment IPO in 2017TapexTapex IPO Preview (Part 1)TapexTapex IPO (Valuation Analysis) - A Market Leader in Rechargeable Batteries TapesWoowa 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)IndiaNSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for SomeNSENSE IPO Preview- Not Only Fast..its Risky and ExpensiveUSFour Seasons EdFour Seasons Education IPO Early Thoughts: A Small Player in a Highly Fragmented Market

Smartkarma: ECM Coverage Weekly Update (04 November 2017)

India

Mahindra Logistics Limited provides logistic services. The Company offers people transportation, warehousing, distribution, brokerage, supply chain management, freight forwarding, e-commerce, engineering, auto outbound, transport management systems, and technology services. Mahindra Logistics serves customers in India.

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Mahindra Logistics Ltd (MAHLOG IN)

Future Supply Chain Pre-IPO Review - Becoming More Dependent on the Parent

Future Supply Chain Solutions (FSC) plans to raise around US$100m through a mix of primary and secondary offering in its IPO.While we wait for the...

Sumeet Singh

Smartkarma: ECM Coverage Weekly Update (04 November 2017)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. Just one week away...

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)