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

Balaji Speciality Chemicals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/balaji-speciality-chemicals" target="_blank" data-smartkarma-citation="entities:36270:1" rel="noopener">Balaji Speciality Chemicals (1742663D IN)</a> is looking to raise about US$126m in its upcoming India IPO. </li>
<li>Balaji Speciality Chemicals (BSC) is the sole manufacturer in India of niche chemicals such as Ethylenediamine, Piperazine (Anhydrous), Diethylenetriamine, Amino Ethyl Ethanol Amines and Amino Ethyl Piperazine, according to CRISIL.</li>
<li>BSC’s profitability growth has been stupendous, given its quick production ramp up. However, its growth is very likely to normalize. </li>
</ul>



Balaji Speciality Chemicals (1742663D IN) is looking to raise about US$126m in its upcoming India IPO. 
Balaji Speciality Chemicals (BSC) is the sole manufacturer in India of niche chemicals such as Ethylenediamine, Piperazine (Anhydrous), Diethylenetriamine, Amino Ethyl Ethanol Amines and Amino Ethyl Piperazine, according to CRISIL.
BSC’s profitability growth has been stupendous, given its quick production ramp up. However, its growth is very likely to normalize. 


Balaji Speciality Chemicals Pre-IPO - Stupendous Growth but Likely to Normalize

Archean Chemical Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/archean-chemical-industries" target="_blank" data-smartkarma-citation="entities:36520:1" rel="noopener">Archean Chemical Industries (0810406D IN)</a> has raised about US$178m in its India IPO. </li>
<li>Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. </li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.</li>
</ul>



Archean Chemical Industries (0810406D IN) has raised about US$178m in its India IPO. 
Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. 
We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.


Archean Chemical Industries IPO Trading - One of the Highest Subscriptions for the Year

<ul>
<li>
<a href="https://www.smartkarma.com/entities/archean-chemical-industries" target="_blank" data-smartkarma-citation="entities:36520:1" rel="noopener">Archean Chemical Industries (0810406D IN)</a> is looking to raise about US$178m in its India IPO. </li>
<li>Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. </li>
<li>We have looked at the background of the deal in our earlier notes. In this note, we will talk about the peer comparison and valuations.</li>
</ul>



Archean Chemical Industries (0810406D IN) is looking to raise about US$178m in its India IPO. 
Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world. 
We have looked at the background of the deal in our earlier notes. In this note, we will talk about the peer comparison and valuations.


Archean Chemical Industries IPO - Strong Growth Makes It Worth a Shot

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

Equity Bottom-Up

<div><div><div><div><ul><li>Earnings beat our estimates -  Consolidated EBITDA exceeded our estimate, with a strong operating performance across key geographies, primarily driven by India, the US, Africa, and the UK. Volume growth was steady.</li></ul></div></div></div></div><div><ul><li>Favorable Soda Ash demand-supply scenario drives performance - <span style="font-size: var(--content-font-size);">TTCH reported revenue of INR34.8b (est. INR32.9) in 4QFY22, up 32% YoY.</span></li></ul></div><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">Market dynamics in Soda Ash: Demand for Soda Ash is expected to stay robust over the next 18 months.</span></li></ul></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>

Earnings beat our estimates -  Consolidated EBITDA exceeded our estimate, with a strong operating performance across key geographies, primarily driven by India, the US, Africa, and the UK. Volume growth was steady.Favorable Soda Ash demand-supply scenario drives performance - TTCH reported revenue of INR34.8b (est. INR32.9) in 4QFY22, up 32% YoY.Highlights from the management commentary - Market dynamics in Soda Ash: Demand for Soda Ash is expected to stay robust over the next 18 months.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.

Tata Chemicals - Robust Operating Performance Across Key Geographies

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<ul>
<li>Commencing operations in 1944, Tata Chemicals has come a long way to become one of the top five players in the global soda ash market.</li>
<li>Under basic chemical, TCL offers soda ash, sodium bicarbonate, cement, salt, marine chemicals and crushed refined soda.</li>
<li>Basic chemical forms 75% of overall revenue while the rest comes from speciality products</li>
</ul>
<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>


Commencing operations in 1944, Tata Chemicals has come a long way to become one of the top five players in the global soda ash market.
Under basic chemical, TCL offers soda ash, sodium bicarbonate, cement, salt, marine chemicals and crushed refined soda.
Basic chemical forms 75% of overall revenue while the rest comes from speciality products

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.

Tata Chemicals: Better Soda Ash Prices to Support Growth Ahead

India

Tata Chemicals Ltd. manufactures salt and salt by-products, alkalies and heavy chemicals, pharmaceuticals, fertilizers and agro-chemicals. The Company's salt products include common salt, pure salt and gypsum salt.  Heavy chemicals include soda ash, caustic soda and hydrochloric acid. Tata Chemicals' pharmaceuticals include bromides of ammonium, sodium, potassium and ethyl.

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Tata Chemicals (TTCH IN)

Balaji Speciality Chemicals Pre-IPO - Stupendous Growth but Likely to Normalize

Balaji Speciality Chemicals (1742663D IN) is looking to raise about US$126m in its upcoming India IPO. BSC’s profitability growth has been...

Ethan Aw

Archean Chemical Industries IPO Trading - One of the Highest Subscriptions for the Year

Archean Chemical Industries (0810406D IN) has raised about US$178m in its India IPO. In this note, we talk about the demand for the deal and the...

Ethan Aw

Archean Chemical Industries IPO - Strong Growth Makes It Worth a Shot

Archean Chemical Industries (0810406D IN) is looking to raise about US$178m in its India IPO. In this note, we will talk about the peer comparison...

Ethan Aw

Tata Chemicals - Robust Operating Performance Across Key Geographies

Consolidated EBITDA exceeded our estimate, with a strong operating performance across key geographies, primarily driven by India, the US, Africa,...

Motilal Oswal

Tata Chemicals: Better Soda Ash Prices to Support Growth Ahead

Commencing operations in 1944, Tata Chemicals has come a long way to become one of the top five players in the global soda ash market.

ICICI Securities Limited

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