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$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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

China Tourism Group Duty Free Corp Ltd / Equity Capital Markets

<ul>
<li><strong>Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. </strong></li>
<li>Hong Kong ECM took another blow this week with Weilong Delicious Global (WDG HK) and Biel Crystal (0924581D HK) delaying their US$1bn IPOs.</li>
<li>The silver lining is that H-shares secondary/additional listing will likely still proceed. Weibo Corp (WB US) HK and China Tourism Group Duty Free Corp Ltd (601888 CH) were approved.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. 
Hong Kong ECM took another blow this week with Weilong Delicious Global (WDG HK) and Biel Crystal (0924581D HK) delaying their US$1bn IPOs.
The silver lining is that H-shares secondary/additional listing will likely still proceed. Weibo Corp (WB US) HK and China Tourism Group Duty Free Corp Ltd (601888 CH) were approved.


ECM Weekly (28st Nov 2021) - Weibo HK, China Tourism HK, SenseTime, Gushengtang, Digital Core REIT

Droom Technology Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/droom-technology-limited" target="_blank" data-smartkarma-citation="entities:35163:1" rel="noopener">Droom Technology Limited (1306539D IN)</a> is looking to raise up to US$270m in its upcoming India IPO. The deal will be run by ICICI Securities, Axis, Edelweiss, HSBC, and Nomura. </li>
<li>Droom Technology is an Indian automobile e-commerce firm that provides a platform connecting buyers and sellers for automobile transactions and related services. </li>
<li>As of Sept 2021, the firm had over 1.15m listed vehicles, ranging from used and new cars to two-wheelers and other vehicles.</li>
</ul>



Droom Technology Limited (1306539D IN) is looking to raise up to US$270m in its upcoming India IPO. The deal will be run by ICICI Securities, Axis, Edelweiss, HSBC, and Nomura. 
Droom Technology is an Indian automobile e-commerce firm that provides a platform connecting buyers and sellers for automobile transactions and related services. 
As of Sept 2021, the firm had over 1.15m listed vehicles, ranging from used and new cars to two-wheelers and other vehicles.


Droom Technology Limited Pre-IPO Tearsheet

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 - 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

ECM Weekly (28st Nov 2021) - Weibo HK, China Tourism HK, SenseTime, Gushengtang, Digital Core REIT

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Droom Technology Limited Pre-IPO Tearsheet

Droom Technology Limited (1306539D IN) is looking to raise up to US$270m in its upcoming India IPO. The deal will be run by ICICI Securities, Axis,...

Clarence Chu

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