Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.</li>
<li>We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.
We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Entero Healthcare Solutions Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/entero-healthcare-solutions-limited" target="_blank" data-smartkarma-citation="entities:40156:1" rel="noopener">Entero Healthcare Solutions Limited (2294842D IN)</a> is looking to raise US$200m in its upcoming India IPO. The IPO will consist of both a primary and secondary component.</li>
<li>Entero Healthcare Solutions (Entero) is a healthcare products distributor in India.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Entero Healthcare Solutions Limited (2294842D IN) is looking to raise US$200m in its upcoming India IPO. The IPO will consist of both a primary and secondary component.
Entero Healthcare Solutions (Entero) is a healthcare products distributor in India.
In this note, we look at the company’s past performance.


Entero Healthcare Pre-IPO - Has Been Scaling up Rapidly Aided by a Flurry of Acquisitions

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Zydus Lifesciences Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zydus-lifesciences-ltd" target="_blank" data-smartkarma-citation="entities:12914:1" rel="noopener">Zydus Lifesciences Ltd (ZYDUSLIF IN)</a> reported stellar performance in Q1FY25, with all key parameters improved sequentially and YoY. The company achieved highest ever operating profit and margin during the quarter.</li>
<li>Sustained growth momentum across all the businesses along with enhanced profitability drove Q1FY25 performance. Execution success of differentiated pipeline in the U.S. and outperformance of India business were particularly noteworthy.</li>
<li>Despite delivering 21% YoY revenue growth in Q1FY25, Zydus reiterated FY25 revenue growth guidance of high teens. The company expects EBITDA margin of 28.5–29.0% for FY25.</li>
</ul>



Zydus Lifesciences Ltd (ZYDUSLIF IN) reported stellar performance in Q1FY25, with all key parameters improved sequentially and YoY. The company achieved highest ever operating profit and margin during the quarter.
Sustained growth momentum across all the businesses along with enhanced profitability drove Q1FY25 performance. Execution success of differentiated pipeline in the U.S. and outperformance of India business were particularly noteworthy.
Despite delivering 21% YoY revenue growth in Q1FY25, Zydus reiterated FY25 revenue growth guidance of high teens. The company expects EBITDA margin of 28.5–29.0% for FY25.


Zydus Lifesciences (ZYDUSLIF IN): Q1FY25 PAT Jumps 31%; Increasing Focus on US To Augur Well

Thematic (Sector/Industry)

<ul>
<li>Q1FY25 results of the leading Indian pharmaceutical companies showed healthy and broad-based growth of the Indian pharmaceutical market, which grew 8.7% in Q1FY25.</li>
<li>Most of the top listed players registered double-digit revenue growth from their respective India formulation segments. Focus on chronic therapies remained major growth driver.</li>
<li>The Nifty Pharma Index has outperformed the benchmark Nifty 50, rising 32% YTD. The benchmark index has gained just 13% over the same period.</li>
</ul>


Q1FY25 results of the leading Indian pharmaceutical companies showed healthy and broad-based growth of the Indian pharmaceutical market, which grew 8.7% in Q1FY25.
Most of the top listed players registered double-digit revenue growth from their respective India formulation segments. Focus on chronic therapies remained major growth driver.
The Nifty Pharma Index has outperformed the benchmark Nifty 50, rising 32% YTD. The benchmark index has gained just 13% over the same period.


Indian Pharmaceutical Market: On A Healthy Growth Path; Momentum to Continue in Rest of the Year

Ethan Aw

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

India

Mankind Pharma Limited develops and delivers pharmaceutical products. The Company distributes antibiotic, antifungal, antiviral, gastrointestinal, cardiovascular, dermal, erectile dysfunction, digestive, gynecological, and therapeutic medical drugs. Mankind Pharma operates in India.

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Mankind Pharma (6596876Z IN)

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

Entero Healthcare Pre-IPO - Has Been Scaling up Rapidly Aided by a Flurry of Acquisitions

Entero Healthcare Solutions Limited (2294842D IN) is looking to raise US$200m in its upcoming India IPO. The IPO will consist of both a primary and...

Clarence Chu

Zydus Lifesciences (ZYDUSLIF IN): Q1FY25 PAT Jumps 31%; Increasing Focus on US To Augur Well

Zydus Lifesciences reports stellar Q1FY25 performance with highest ever operating profit and margin, driven by the US and India. The company...

Tina Banerjee

Indian Pharmaceutical Market: On A Healthy Growth Path; Momentum to Continue in Rest of the Year

Indian pharmaceutical market grew 8.7% in Q1FY25. Most of the top players reported double-digit revenue growth in domestic market. Nifty Pharma...

Tina Banerjee

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

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Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

Entero Healthcare Pre-IPO - Has Been Scaling up Rapidly Aided by a Flurry of Acquisitions

Entero Healthcare Solutions Limited (2294842D IN) is looking to raise US$200m in its upcoming India IPO. The IPO will consist of both a primary and...

Clarence Chu

Zydus Lifesciences (ZYDUSLIF IN): Q1FY25 PAT Jumps 31%; Increasing Focus on US To Augur Well

​Zydus Lifesciences reports stellar Q1FY25 performance with highest ever operating profit and margin, driven by the US and India. The company...

Tina Banerjee

Indian Pharmaceutical Market: On A Healthy Growth Path; Momentum to Continue in Rest of the Year

​Indian pharmaceutical market grew 8.7% in Q1FY25. Most of the top players reported double-digit revenue growth in domestic market. Nifty Pharma...

Tina Banerjee

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

Zydus Lifesciences reports stellar Q1FY25 performance with highest ever operating profit and margin, driven by the US and India. The company...

Indian pharmaceutical market grew 8.7% in Q1FY25. Most of the top players reported double-digit revenue growth in domestic market. Nifty Pharma...