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.

Equity Capital Markets

Premier Energies Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies Limited (0377949D IN)</a> raised around US$337m after pricing the deal at the top end of the range at INR450 / share.</li>
<li>It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services.</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>



Premier Energies Limited (0377949D IN) raised around US$337m after pricing the deal at the top end of the range at INR450 / share.
It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services.
We have looked at various aspects of the deal in our previous notes. In this note,  we talk about demand and trading dynamics. 


Premier Energies IPO Trading - Very Strong Insti Demand, Looks Ready to Pop

<ul>
<li>
<a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies Limited (0377949D IN)</a> is looking to raise up to US$337m in its India IPO, after upsizing from an earlier reported float of US$300m.</li>
<li>The firm manufactures solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services.</li>
<li>Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



Premier Energies Limited (0377949D IN) is looking to raise up to US$337m in its India IPO, after upsizing from an earlier reported float of US$300m.
The firm manufactures solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services.
Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


Premier Energies IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Axis New Year Picks: We are proud to announce our exclusive report: Axis New Year Picks 2023 – Focus on 6 Golden Themes.</li><li>The report contains deeply-researched 9 stocks that are best-placed to deliver excellent performance in 2023 and thereby strengthen your investment portfolio.</li><li>Axis Alpha: Axis Alpha reported an excellent monthly strike rate of 78% in Dec’22. It continued to deliver robust returns with absolute profits of over 5.4 Lc since its inception in May’20.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Axis New Year Picks: We are proud to announce our exclusive report: Axis New Year Picks 2023 – Focus on 6 Golden Themes.The report contains deeply-researched 9 stocks that are best-placed to deliver excellent performance in 2023 and thereby strengthen your investment portfolio.Axis Alpha: Axis Alpha reported an excellent monthly strike rate of 78% in Dec’22. It continued to deliver robust returns with absolute profits of over 5.4 Lc since its inception in May’20.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Bottom-Up

Solara Active Pharma Sciences / Equity Bottom-Up

<div><ul><li>Merger with Aurore has been cancelled - <span style="font-size: var(--content-font-size);">The company’s board has decided not to go ahead with the proposed merger with Aurore and instead intends to continue focusing on its core competency and organic growth.</span></li></ul><div><ul><li>Debt levels rise due to working capital loans - <span style="font-size: var(--content-font-size);">The company’s Net Debt to EBITDA ratio stands at ~10x in FY22. It increased to Rs 9,27 Cr in FY22 from Rs 4,08 Cr in FY21, primarily due to 1.) </span><span style="font-size: var(--content-font-size);">Fresh Term loan to support Capex across the locations 2.) Increased inventory build-up planned for Covid-19 related business 3.) Increase in KSMs and raw material inventories to offset the current market volatility.</span></li></ul><div><div><div><div><ul><li>However, the company is taking actions to structurally optimize inventory and right-size the working capital underway.</li></ul></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Merger with Aurore has been cancelled - The company’s board has decided not to go ahead with the proposed merger with Aurore and instead intends to continue focusing on its core competency and organic growth.Debt levels rise due to working capital loans - The company’s Net Debt to EBITDA ratio stands at ~10x in FY22. It increased to Rs 9,27 Cr in FY22 from Rs 4,08 Cr in FY21, primarily due to 1.) Fresh Term loan to support Capex across the locations 2.) Increased inventory build-up planned for Covid-19 related business 3.) Increase in KSMs and raw material inventories to offset the current market volatility.However, the company is taking actions to structurally optimize inventory and right-size the working capital underway.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Result Update - Solara Active Pharma Sciences Ltd

<p>We expect Gross Margins to be impacted due to an increase in revenue share from non-regulated markets and an increase in raw material prices going onwards. Hence, we recommend a HOLD rating on the stock with a target price of INR 1,670 (PE 20x for FY23EPS).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We expect Gross Margins to be impacted due to an increase in revenue share from non-regulated markets and an increase in raw material prices going onwards. Hence, we recommend a HOLD rating on the stock with a target price of INR 1,670 (PE 20x for FY23EPS).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Solara Active Pharma Sciences: Gross Margins Impacted

India

Solara Active Pharma Sciences Limited manufactures pharmaceutical products. The Company focuses on production, processing, formulating, merchandising, distributing, and trading of active pharmaceutical ingredients. Solara Active Pharma Sciences serves patients in India.

Solara Active Pharma Sciences (SOLARA IN)

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Solara Active Pharma Sciences (SOLARA IN)

Premier Energies IPO Trading - Very Strong Insti Demand, Looks Ready to Pop

Premier Energies Limited (0377949D IN) raised around US$337m after pricing the deal at the top end of the range at INR450 / share.

Ethan Aw

Premier Energies IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Premier Energies Limited (0377949D IN) is looking to raise up to US$337m in its India IPO, after upsizing from an earlier reported float of US$300m.

Ethan Aw

Axis Research Scorecard Report - Dec 22

Axis New Year Picks: We are proud to announce our exclusive report: Axis New Year Picks 2023 – Focus on 6 Golden Themes.

Axis Direct

Result Update - Solara Active Pharma Sciences Ltd

Solara Active Pharma Sciences (Solara) reported subdued performance in Q4FY22 with revenue at Rs 361 Cr, registering notable de-growth of 18.8% YoY

Axis Direct

Solara Active Pharma Sciences: Gross Margins Impacted

We expect Gross Margins to be impacted due to an increase in revenue share from non-regulated markets and an increase in raw material prices going...

Axis Direct

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