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

RateGain Travel Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rategain-travel-technologies" target="_blank" data-smartkarma-citation="entities:35265:1" rel="noopener">RateGain Travel Technologies (1920810D IN)</a> is looking to raise up to US$177m in its upcoming India IPO.</li>
<li>The deal will comprise a mix of primary and secondary shares, where the Promoters and a Pre-IPO investor, Wagner, are looking to pare down their stakes. </li>
<li>In our view, this listing being the first SaaS firm out of India, could garner investor interest which would aid listing sentiment as well.</li>
</ul>



RateGain Travel Technologies (1920810D IN) is looking to raise up to US$177m in its upcoming India IPO.
The deal will comprise a mix of primary and secondary shares, where the Promoters and a Pre-IPO investor, Wagner, are looking to pare down their stakes. 
In our view, this listing being the first SaaS firm out of India, could garner investor interest which would aid listing sentiment as well.


RateGain Travel Technologies IPO - First SaaS Listing in India and Could Be a Recovery Play

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Apollo Hospitals Enterprise / Event-Driven

<ul>
<li>Nearly three-quarters of the way through the review period, we see <a href="https://www.smartkarma.com/entities/apollo-hospitals-enterprise" target="_blank" data-smartkarma-citation="entities:880:1" rel="noopener">Apollo Hospitals (APHS)</a> and <a href="https://www.smartkarma.com/entities/info-edge-india-ltd" target="_blank" data-smartkarma-citation="entities:14461:1" rel="noopener">Info Edge (INFOE)</a> replacing <a href="https://www.smartkarma.com/entities/indian-oil-corp-ltd" target="_blank" data-smartkarma-citation="entities:7781:1" rel="noopener">Indian Oil (IOCL)</a> and <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India (COAL)</a> in the NIFTY50.</li>
<li>The inclusion of Apollo Hospitals and deletion of IOC is a high probability event, while the inclusion of Info Edge and deletion of Coal India is a lower probability event.</li>
<li>The impact in terms of ADV to trade on the stocks is quite large and that increases further once we consider the impact in terms of delivery volumes.</li>
</ul>


Nearly three-quarters of the way through the review period, we see Apollo Hospitals (APHS) and Info Edge (INFOE) replacing Indian Oil (IOCL) and Coal India (COAL) in the NIFTY50.
The inclusion of Apollo Hospitals and deletion of IOC is a high probability event, while the inclusion of Info Edge and deletion of Coal India is a lower probability event.
The impact in terms of ADV to trade on the stocks is quite large and that increases further once we consider the impact in terms of delivery volumes.


NIFTY50 Index Rebalance Preview: Apollo Hospitals & Info Edge in the Zone to Replace IOC and COAL

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rategain-travel-technologies" target="_blank" data-smartkarma-citation="entities:35265:1" rel="noopener">RateGain Travel Technologies (1920810D IN)</a> is looking to raise up to US$178m in its India IPO. </li>
<li>RateGain Travel Technologies is the largest SaaS company in the hospitality and travel industry in India. The deal will comprise a mix of primary and secondary shares.</li>
<li>As of Sept 2021, the firm serves 1,462 customers including eight Global Fortune 500 companies, and has offices in six countries. </li>
</ul>



RateGain Travel Technologies (1920810D IN) is looking to raise up to US$178m in its India IPO. 
RateGain Travel Technologies is the largest SaaS company in the hospitality and travel industry in India. The deal will comprise a mix of primary and secondary shares.
As of Sept 2021, the firm serves 1,462 customers including eight Global Fortune 500 companies, and has offices in six countries. 


RateGain Travel Technologies IPO - Battered by the Pandemic, However, Operating Metrics Recovering

Five Star Business Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/five-star-business" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business (0958461D IN)</a> is looking to raise around US$370m in its upcoming India IPO. The deal will be run by ICICI Securities, Edelweiss, Kotak, and Nomura.</li>
<li>Five Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals. </li>
<li>As of Sept 2021, the firm had a network of 268 branches, spread across approximately 126 districts, eight states and one union territory.  </li>
</ul>



Five Star Business (0958461D IN) is looking to raise around US$370m in its upcoming India IPO. The deal will be run by ICICI Securities, Edelweiss, Kotak, and Nomura.
Five Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals. 
As of Sept 2021, the firm had a network of 268 branches, spread across approximately 126 districts, eight states and one union territory.  


Equity Bottom-Up

FSN E-Commerce Ventures (Nykaa) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa) (NYKAA IN)</a>, is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products.</li>
<li>As of March 21, it had 43.7m cumulative downloads across all its mobile applications. Its offline channel comprises 73 physical stores across 38 cities in India.</li>
<li>Post its successful listing, the stock is now by far the most expensive e-commerce stock in India and probably globally.</li>
</ul>



FSN E-Commerce Ventures (Nykaa) (NYKAA IN), is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and fashion products, including its own branded products.
As of March 21, it had 43.7m cumulative downloads across all its mobile applications. Its offline channel comprises 73 physical stores across 38 cities in India.
Post its successful listing, the stock is now by far the most expensive e-commerce stock in India and probably globally.


2022 High Conviction - FSN (Nykaa) - Marketplace and Inventory Mix Make It a Very Expensive Stock

India

One 97 Communications Limited provides payment solutions. The Company provides online services such as hotel booking, top ups, data processing, games, mobile content, and bill payments. One 97 Communications Limited serves customers worldwide.

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Paytm (PAYTM IN)

RateGain Travel Technologies IPO - First SaaS Listing in India and Could Be a Recovery Play

RateGain Travel Technologies (1920810D IN) is looking to raise up to US$177m in its India IPO. The listing will be the first SaaS listing in India.

Clarence Chu

NIFTY50 Index Rebalance Preview: Apollo Hospitals & Info Edge in the Zone to Replace IOC and COAL

High probability changes are inclusion of Apollo Hospitals & deletion of IOCL, while there is a lower probability of Info Edge being added & COAL...

Brian Freitas

RateGain Travel Technologies IPO - Battered by the Pandemic, However, Operating Metrics Recovering

RateGain Travel Technologies (1920810D IN) is looking to raise up to US$178m in its India IPO. RateGain Travel Technologies is the largest SaaS...

Clarence Chu

Five Star Business Pre-IPO Tearsheet

Five Star Business (0958461D IN) is looking to raise around US$370m in its upcoming India IPO. The deal will be run by ICICI Securities, Edelweiss,...

Clarence Chu

2022 High Conviction - FSN (Nykaa) - Marketplace and Inventory Mix Make It a Very Expensive Stock

FSN E-Commerce Ventures (Nykaa), is a lifestyle focussed e-commerce platform and consumer brand offering a portfolio of beauty, personal care and...

Clarence Chu

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