APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

Event-Driven

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<a href="https://www.smartkarma.com/entities/global-health-medanta" target="_blank" data-smartkarma-citation="entities:34649:1" rel="noopener">Global Health (Medanta) (MEDANTA IN)</a> raised around US$268m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire on 11th May 2023.</li>
<li>Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Global Health (Medanta) (MEDANTA IN) raised around US$268m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire on 11th May 2023.
Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Global Health (Medanta) Lockup - Good Name but Seems Fairly Valued

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Max Healthcare Institute / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/max-healthcare-institute-ltd" target="_blank" data-smartkarma-citation="entities:35275:1" rel="noopener">Max Healthcare Institute (MAXHEALT IN)</a> reported improved occupancies, revenues, EBITDA and other operating and financial parameters in Q3FY23 versus year-ago period.   </li>
<li>The company recorded highest-ever EBITDA – both in terms of absolute value and margins, EBITDA per bed, ARPOB, and ROCE for the third consecutive quarter in FY23.</li>
<li>During the last three-year, Max had revenue and EBITDA CAGR of 12% and 59%, respectively. Consensus expects the company to report double-digit revenue and EPS growth through FY25.</li>
</ul>



Max Healthcare Institute (MAXHEALT IN) reported improved occupancies, revenues, EBITDA and other operating and financial parameters in Q3FY23 versus year-ago period.   
The company recorded highest-ever EBITDA – both in terms of absolute value and margins, EBITDA per bed, ARPOB, and ROCE for the third consecutive quarter in FY23.
During the last three-year, Max had revenue and EBITDA CAGR of 12% and 59%, respectively. Consensus expects the company to report double-digit revenue and EPS growth through FY25.


Max Healthcare (MAXHEALTH IN): Improving Operating Parameters; Well-Positioned for Long-Term Growth

Equity Capital Markets

Pharmaessentia Corp / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> aims to raise around US$412m (TWD12.6bn) via a GDS issuance. The issuance will be a large one to digest, representing 17.6 days of three month ADV.</li>
<li>The proceeds will be used to accelerate the commercialization, further global clinical trials of BesREMi and conduct R&amp;D in the US for the expansion of the company's product portfolio. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Pharmaessentia Corp (6446 TT) aims to raise around US$412m (TWD12.6bn) via a GDS issuance. The issuance will be a large one to digest, representing 17.6 days of three month ADV.
The proceeds will be used to accelerate the commercialization, further global clinical trials of BesREMi and conduct R&amp;D in the US for the expansion of the company's product portfolio. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


PharmaEssentia GDS Issuance - Strong Revenue Growth and Narrowing Losses

Global Health (Medanta) / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/global-health-medanta" target="_blank" data-smartkarma-citation="entities:34649:1" rel="noopener">Global Health (Medanta) (MEDANTA IN)</a> reported double-digit growth in revenue, EBITDA, and net profit during Q3 and 9MFY23, driven by increasing footfalls, rising ARPOB, and faster-than-expected ramp-up of new hospitals.</li>
<li>The company plans to add 1,000–1,500 beds in next 2–3 years, with ~70% of the planned bed addition being at existing hospitals, thereby entailing lower capex per bed.</li>
<li>Recently, Medanta has announced a new asset light partnership to launch a 300-bed hospital in Indore under operations and management arrangement. The hospital is expected to commence operation in FY27.  </li>
</ul>



Global Health (Medanta) (MEDANTA IN) reported double-digit growth in revenue, EBITDA, and net profit during Q3 and 9MFY23, driven by increasing footfalls, rising ARPOB, and faster-than-expected ramp-up of new hospitals.
The company plans to add 1,000–1,500 beds in next 2–3 years, with ~70% of the planned bed addition being at existing hospitals, thereby entailing lower capex per bed.
Recently, Medanta has announced a new asset light partnership to launch a 300-bed hospital in Indore under operations and management arrangement. The hospital is expected to commence operation in FY27.  


Global Health (MEDANTA IN): Solid 3Q and 9M Results; Continued Expansion to Drive Growth

Krishna Institute of Medical Sciences / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/krishna-institute-of-medical-sciences-limited" target="_blank" data-smartkarma-citation="entities:34717:1" rel="noopener">Krishna Institute of Medical Sciences (KIMS IN)</a> is seeing a continued business recovery reflected in improving operating metrics. In Q2FY23, KIMS reported record high quarterly sales, EBITDA, and footfall.</li>
<li>KIMS is following a disciplined growth strategy and plans to grow into markets that are adjacent to the current core markets of Andhra Pradesh and Telangana.   </li>
<li>KIMS has set foot in a new market of Maharashtra, outside of its core market. With lower margins from acquired assets than matured hospitals, KIMS has scope for margin improvement.</li>
</ul>



Krishna Institute of Medical Sciences (KIMS IN) is seeing a continued business recovery reflected in improving operating metrics. In Q2FY23, KIMS reported record high quarterly sales, EBITDA, and footfall.
KIMS is following a disciplined growth strategy and plans to grow into markets that are adjacent to the current core markets of Andhra Pradesh and Telangana.   
KIMS has set foot in a new market of Maharashtra, outside of its core market. With lower margins from acquired assets than matured hospitals, KIMS has scope for margin improvement.


Krishna Institute of Medical Sciences (KIMS IN): Improving Operations; Expansion to Drive Growth

India

Max Healthcare Institute Limited operates a chain of hospitals. The Hospital offers urology, oncology, orthopaedics, eye care, dermatology, lung transplant, nutrition and dietetics, dental care, ganstroenterology, and rehabilitation services. Max Healthcare Institute serves patients in India.

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Max Healthcare Institute (MAXHEALT IN)

Global Health (Medanta) Lockup - Good Name but Seems Fairly Valued

Global Health (Medanta) (MEDANTA IN) raised around US$268m in its India IPO. In this note, we will talk about the lock-up dynamics and updates...

Ethan Aw

Max Healthcare (MAXHEALTH IN): Improving Operating Parameters; Well-Positioned for Long-Term Growth

Max Health is poised for double-digit revenue growth, driven by improving occupancy, patient footfall, ARPOB, and bed expansion. Due to its metro...

Tina Banerjee

PharmaEssentia GDS Issuance - Strong Revenue Growth and Narrowing Losses

Pharmaessentia Corp (6446 TT) aims to raise around US$412m (TWD12.6bn) via a GDS issuance. In this note, we will talk about the deal dynamics and...

Ethan Aw

Global Health (MEDANTA IN): Solid 3Q and 9M Results; Continued Expansion to Drive Growth

Medanta reported highest ever quarterly revenue of INR7B, up 19% in Q3. All the key performance indicators recorded solid growth. The company plans...

Tina Banerjee

Krishna Institute of Medical Sciences (KIMS IN): Improving Operations; Expansion to Drive Growth

KIMS is seeing continued improvement in operating metrics. The company is expanding into new markets adjacent to its core market of operation...

Tina Banerjee

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