Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of IPO & Placements for Aequitas Research. At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%. 
Prior to Aequitas. I was heading Content Strategy for Smartkarma, along with covering IPOs & Placement. In an earlier life I have covered ASEAN property and the banking space in India.

Head of Research, IPOs & Placements

Indian Railway Finance IPO - Low Risk, Low Margin, Low Returns

Indian Railway Finance IPO Trading - Not a Bad Subscription Result

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

Indian Railway Finance Corporation / Equity Capital Markets

Indian Railway Finance Corporation (IRFC IN)

Indian Railway Finance Corporation (IRFC) aims to raise around US$500m via selling new and existing shares in its Indian IPO.IRFC is the dedicated financing arm of the Indian Railways for mobilizing funds from domestic as well as overseas capital markets. Its primary business is financing the acquisition of rolling stock assets and project assets of the Indian railways and lending to other entities under the Ministry of Railways.IRFC’s AUM has grown by 25-30% over FY18-FY19, while disbursements have been growing at 34-43%. Although earnings growth has lagged AUM growth in FY19, after posting a strong FY18. Although, its net interest margin has been under pressure due to the rising cost of funds and lower margin set by the Ministry of Railways.  Furthermore, a higher proportion of financing of project assets in the future will probably continue to pressurise margins.Due to its government linked financing, the company has no non-performing assets and high capital adequacy.

Indian Railway Finance Corporation (IRFC) aims to raise around US$500m via selling new and existing shares in its Indian IPO.IRFC is the dedicated financing arm of the Indian Railways for mobilizing funds from domestic as well as overseas capital markets. Its primary business is financing the acquisition of rolling stock assets and project assets of the Indian railways and lending to other entities under the Ministry of Railways.IRFC’s AUM has grown by 25-30% over FY18-FY19, while disbursements have been growing at 34-43%. Although earnings growth has lagged AUM growth in FY19, after posting a strong FY18. Although, its net interest margin has been under pressure due to the rising cost of funds and lower margin set by the Ministry of Railways.  Furthermore, a higher proportion of financing of project assets in the future will probably continue to pressurise margins.Due to its government linked financing, the company has no non-performing assets and high capital adequacy. 

Indian Railway Finance Pre-IPO - Low Risk, Low Margin Business