APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

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

Urban Company operates a technology-driven, full-stack online services marketplace for quality driven services and solutions across various home and beauty categories. Our platform enables consumers to easily order services, including cleaning, pest control, plumbing, carpentry, appliance servicing and repair, painting, skincare, hair grooming and massage therapy. These services are delivered by trained and independent service professionals at the consumers’ convenience. We are focused on enabling delivery of a quality driven, standardized and reliable service experience.

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<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company (URBAN IN)</a>  (UCL) is looking to raise about US$223m in its upcoming India IPO. The bookrunners for the deal are Kotak, Morgan Stanley, Goldman Sachs, JM Fin.</li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>As of Dec 24, it operated in 59 cities across India and overseas.</li>
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Urban Company (URBAN IN)  (UCL) is looking to raise about US$223m in its upcoming India IPO. The bookrunners for the deal are Kotak, Morgan Stanley, Goldman Sachs, JM Fin.
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
As of Dec 24, it operated in 59 cities across India and overseas.


Prestige Hospitality Ventures Ltd / Equity Capital Markets

Prestige Hospitality Ventures Ltd (PHVL) is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India, catering to both business and leisure travellers.

Prestige Hospitality Ventures Ltd (1831338D IN)

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<a href="https://www.smartkarma.com/entities/prestige-hospitality-ventures-ltd" target="_blank" data-smartkarma-citation="entities:45138:1" rel="noopener">Prestige Hospitality Ventures Ltd (1831338D IN)</a> (PHVL) is looking to raise around US$317m in its upcoming India IPO. The bookrunners for the deal are JM Fin, CLSA, JPM, Kotak.</li>
<li>PHVL is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.</li>
<li>As of Dec 24, PHVL’s portfolio includes seven operating hospitality assets with a total of 1,445 keys, including one property under renovation with 190 keys.</li>
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Prestige Hospitality Ventures Ltd (1831338D IN) (PHVL) is looking to raise around US$317m in its upcoming India IPO. The bookrunners for the deal are JM Fin, CLSA, JPM, Kotak.
PHVL is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.
As of Dec 24, PHVL’s portfolio includes seven operating hospitality assets with a total of 1,445 keys, including one property under renovation with 190 keys.


Prestige Hospitality Ventures Ltd Pre-IPO Tearsheet

Gold Plus Glass Industry Ltd / Equity Capital Markets

Gold Plus Glass Industry (GPGI) was established in 2005. It is engaged in the manufacturing of float glass, mirrors, and other value-added types of glass. The company’s products cater to a range of end use industries including construction, automotive, and industrial sectors, with a variety of applications such as exterior and interior spaces of residential and commercial buildings, furniture, infrastructure projects, windshields, sun-roofs, and white goods.

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<a href="https://www.smartkarma.com/entities/gold-plus-glass-industry-ltd" target="_blank" data-smartkarma-citation="entities:45105:1" rel="noopener">Gold Plus Glass Industry Ltd (GPGI IN)</a> is planning to raise about US$200m in its upcoming India IPO. </li>
<li>Gold Plus Glass Industry Ltd (GPGI) is engaged in the manufacturing of float glass, mirrors, and other value-added types of glass.</li>
<li>According to the CRISIL Report, GPGI was India’s second-largest float glass manufacturer, holding a 22% market share as of Sept 2023. </li>
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Gold Plus Glass Industry Ltd (GPGI IN) is planning to raise about US$200m in its upcoming India IPO. 
Gold Plus Glass Industry Ltd (GPGI) is engaged in the manufacturing of float glass, mirrors, and other value-added types of glass.
According to the CRISIL Report, GPGI was India’s second-largest float glass manufacturer, holding a 22% market share as of Sept 2023. 


Gold Plus Glass Industry Pre-IPO - Volatile Margins and Rising Debt

Liuliu Orchard Group / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/liuliu-orchard-group" target="_blank" data-smartkarma-citation="entities:45087:1" rel="noopener">Liuliu Orchard Group (LLO HK)</a> (LOGCL) is planning to raise about US$100m in its upcoming Hong Kong IPO. The lead bookrunners for the deal are Citic and Guoyuan.</li>
<li>The company was established in 1999. It is one of the leading producers of plum-based products in China’s fruit snacks category.</li>
<li>As per F&amp;S Report, LOGCL ranked first in China’s fruit snacks industry by retail sales value, with a market share of 4.9% in 2024.</li>
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Liuliu Orchard Group (LLO HK) (LOGCL) is planning to raise about US$100m in its upcoming Hong Kong IPO. The lead bookrunners for the deal are Citic and Guoyuan.
The company was established in 1999. It is one of the leading producers of plum-based products in China’s fruit snacks category.
As per F&amp;S Report, LOGCL ranked first in China’s fruit snacks industry by retail sales value, with a market share of 4.9% in 2024.


Liuliu Orchard Group Co Ltd Pre-IPO Tearsheet

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<a href="https://www.smartkarma.com/entities/ifbh-pte-ltd" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (IFBH HK)</a>  is planning to raise about US$100m through its upcoming Hong Kong IPO. The lead bookrunner for the deal is Citic.</li>
<li>IFBH specializes in ready-to-consume beverages and food, focusing on coconut water and plant-based products. Its flagship brand, if, introduced natural coconut water to mainland China, becoming the largest market.</li>
<li>As per CIC, IFBH has led mainland China's coconut water market for five years, holding a 34% share in 2024, while dominating Hong Kong with a 60% share since 2016.</li>
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IFBH (IFBH HK)  is planning to raise about US$100m through its upcoming Hong Kong IPO. The lead bookrunner for the deal is Citic.
IFBH specializes in ready-to-consume beverages and food, focusing on coconut water and plant-based products. Its flagship brand, if, introduced natural coconut water to mainland China, becoming the largest market.
As per CIC, IFBH has led mainland China's coconut water market for five years, holding a 34% share in 2024, while dominating Hong Kong with a 60% share since 2016.


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%