Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>In Nov 2021, Sapphire Foods Limited (SFL), one of Yum Brand’s franchisees in the Indian subcontinent, raised around US$280m in its Indian IPO. </li>
<li>The lock-up on its shareholders will expire soon, with a number of PE funds on its register</li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Nov 2021, Sapphire Foods Limited (SFL), one of Yum Brand’s franchisees in the Indian subcontinent, raised around US$280m in its Indian IPO. 
The lock-up on its shareholders will expire soon, with a number of PE funds on its register
In this note, we will talk about the upcoming lockup expiry.


Sapphire Foods IPO - Smallish Stock with Big (US$550m) Multiple PE Lockup Expiry

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front,  Indian IPOs continue to trickle in, while other regions appear to be waking up from their slumber.</li>
<li>There were a few GDR issuances this week, along with another placement in <a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" data-smartkarma-citation="entities:768:1" rel="noopener">Axis Bank Ltd (AXSB IN)</a> and a number of lock-up expiries. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front,  Indian IPOs continue to trickle in, while other regions appear to be waking up from their slumber.
There were a few GDR issuances this week, along with another placement in Axis Bank Ltd (AXSB IN) and a number of lock-up expiries. 


ECM Weekly (13th Nov 2022) - I-Tail, Blibli, Nykaa, PB Fin, Five Star, Archean, GDRs, Axis Bank

<ul>
<li>The Government of India (GoI) aims to raise around US$500m via selling a 1.4% stake in <a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" data-smartkarma-citation="entities:768:1" rel="noopener">Axis Bank Ltd (AXSB IN)</a>. </li>
<li>This won’t be the first selldown by GoI as it has been reducing its stake since 2019. We have covered a number of the past deals in the name.</li>
<li>In this note, we will run the deal through our ECM framework and comment on other deal dynamics.</li>
</ul>


The Government of India (GoI) aims to raise around US$500m via selling a 1.4% stake in Axis Bank Ltd (AXSB IN). 
This won’t be the first selldown by GoI as it has been reducing its stake since 2019. We have covered a number of the past deals in the name.
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.


Axis Bank Placement - Second Deal for the Month but This Is Very Well Flagged

<ul>
<li>In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares.  The lock-up on its pre-IPO shareholder will expire soon.</li>
<li>The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. </li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares.  The lock-up on its pre-IPO shareholder will expire soon.
The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. 
In this note, we will talk about the upcoming lockup expiry.


PB Fintech (Policy Bazaar) Lockup Expiry - US$1bn+, Stock Down 60% but Everyone Is in the Money

Five Star Business Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (0958461D IN)</a> is looking to raise around US$250m in its upcoming India IPO. </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>We have looked at various aspects of the deal in our previous note, in this note, we talk about valuations.</li>
</ul>



Five Star Business Finance (0958461D IN) is looking to raise around US$250m in its upcoming India IPO. 
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
We have looked at various aspects of the deal in our previous note, in this note, we talk about valuations.


Five-Star Business IPO - Thoughts on Valuation

India

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

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Tata Consultancy Svcs (TCS IN)

Sapphire Foods IPO - Smallish Stock with Big (US$550m) Multiple PE Lockup Expiry

In Nov 2021, Sapphire Foods Limited, one of Yum Brand’s franchisees in the Indian subcontinent, raised around US$280m in its Indian IPO. In this...

Sumeet Singh

ECM Weekly (13th Nov 2022) - I-Tail, Blibli, Nykaa, PB Fin, Five Star, Archean, GDRs, Axis Bank

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

Sumeet Singh

Axis Bank Placement - Second Deal for the Month but This Is Very Well Flagged

The Government of India (GoI) aims to raise around US$500m via selling a 1.4% stake in Axis Bank Ltd (AXSB IN). This isn't the first selldown by...

Sumeet Singh

PB Fintech (Policy Bazaar) Lockup Expiry - US$1bn+, Stock Down 60% but Everyone Is in the Money

In Nov 2021, PB Fintech raised around US$793m in its India IPO, via selling a mix of primary and secondary shares. The lock-up on its pre-IPO...

Sumeet Singh

Five-Star Business IPO - Thoughts on Valuation

Five Star Business Finance is looking to raise around US$250m in its upcoming India IPO. In this note, we'll talk about valuations.

Sumeet Singh

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