APAC IPOs & Placements, Aequitas Research

Kajal Jain

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

Vishakha Renewables Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishakha-renewables-ltd" target="_blank" data-smartkarma-citation="entities:58843:1" rel="noopener">Vishakha Renewables Ltd (2300287D IN)</a> is looking to raise about US$130m in its upcoming India IPO. The deal will be run by SBI Caps, ICICI and IIFL.</li>
<li>Vishakha Renewables is a manufacturer of critical products across the solar component ecosystem, comprising solar glass, aluminium frames, encapsulants and backsheets for solar panels.</li>
<li>According to CRISIL, it ranked second in solar glass (4.4GW) and EVA/EPE encapsulants (6GW), first in aluminium frames (3.4GW), and among the top 10 in backsheets (3.8GW) as of FY26.</li>
</ul>



Vishakha Renewables Ltd (2300287D IN) is looking to raise about US$130m in its upcoming India IPO. The deal will be run by SBI Caps, ICICI and IIFL.
Vishakha Renewables is a manufacturer of critical products across the solar component ecosystem, comprising solar glass, aluminium frames, encapsulants and backsheets for solar panels.
According to CRISIL, it ranked second in solar glass (4.4GW) and EVA/EPE encapsulants (6GW), first in aluminium frames (3.4GW), and among the top 10 in backsheets (3.8GW) as of FY26.


Aequitas: Vishakha Renewables Pre-IPO Tearsheet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> (JPL) is looking to raise up to US$3.2bn in its upcoming India IPO.</li>
<li>Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.</li>
</ul>



Jio Platforms (JPL) is looking to raise up to US$3.2bn in its upcoming India IPO.
Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.
We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.


Aequitas: Jio Platforms IPO - Recent Updates and Thoughts on Pricing

Akshat Shah

Zetwerk Manufacturing Businesses / Equity Capital Markets

Zetwerk Manufacturing Businesses (1834044D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zetwerk-manufacturing-businesses-limited" target="_blank" data-smartkarma-citation="entities:55492:1" rel="noopener">Zetwerk Manufacturing Businesses (1834044D IN)</a> Zetwerk Manufacturing Businesses Limited (ZMBL) is looking to raise about US$527m in its India IPO.</li>
<li>ZMBL is a technology-led manufacturing platform for industrial and consumer goods in India and globally.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.</li>
</ul>



Zetwerk Manufacturing Businesses (1834044D IN) Zetwerk Manufacturing Businesses Limited (ZMBL) is looking to raise about US$527m in its India IPO.
ZMBL is a technology-led manufacturing platform for industrial and consumer goods in India and globally.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.


Aequitas: Zetwerk Manufacturing Business IPO - Thoughts on Valuation

Global Healthcare Analyst

Tina Banerjee

Bonfiglioli Transmissions Limited / Equity Capital Markets

Bonfiglioli Transmissions Limited (0597322D IN)

<ul>
<li>Bonfiglioli Transmissions will launch its India IPO. The company manufacture a wide range of mission-critical and highly precision engineered gear motors, gearboxes and drive systems used across diverse end-user markets.</li>
<li>In 1H26, Bonfiglioli Transmissions total income increased by 18% to INR 11.4B. The company posted a net profit of INR 1.5B, up 29% YoY. Net margin expanded 160bps to 13.3%. </li>
<li>Valuation sought seems relatively reasonable. Bonfiglioli’s market presence, diversified portfolio, brand recognition, sustained growth and margin strength lends it value for the long term and makes it attractive for investors.</li>
</ul>


Bonfiglioli Transmissions will launch its India IPO. The company manufacture a wide range of mission-critical and highly precision engineered gear motors, gearboxes and drive systems used across diverse end-user markets.
In 1H26, Bonfiglioli Transmissions total income increased by 18% to INR 11.4B. The company posted a net profit of INR 1.5B, up 29% YoY. Net margin expanded 160bps to 13.3%. 
Valuation sought seems relatively reasonable. Bonfiglioli’s market presence, diversified portfolio, brand recognition, sustained growth and margin strength lends it value for the long term and makes it attractive for investors.


Bonfiglioli Transmissions IPO: Gearing Well To Power Up Ahead

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Jio Platforms, a digital connectivity provider, has filed its draft prospectus. Its 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.</li>
<li>Our previous note included the company's business, financials and pre-IPO investor backing.</li>
<li>In this note, we compare the company with its listed peers, forecast earnings and provide our thoughts on valuation.</li>
</ul>


Jio Platforms, a digital connectivity provider, has filed its draft prospectus. Its 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.
Our previous note included the company's business, financials and pre-IPO investor backing.
In this note, we compare the company with its listed peers, forecast earnings and provide our thoughts on valuation.


Jio Platforms Pre-IPO: Peer Comparison and Valuation

India ECM
Coverage of Indian IPOs & Placements

Aequitas: Vishakha Renewables Pre-IPO Tearsheet

Vishakha Renewables Limited is looking to raise about US$130m in its upcoming India IPO. The deal will be run by SBI Caps, ICICI and IIFL.

Kajal Jain

Aequitas: Jio Platforms IPO - Recent Updates and Thoughts on Pricing

Jio Platforms (JPL) is looking to raise up to US$3.2bn in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Aequitas: Zetwerk Manufacturing Business IPO - Thoughts on Valuation

Zetwerk Manufacturing Businesses Limited (ZMBL) is looking to raise about US$527m in its India IPO. In this note, we talk about the peer comp and...

Akshat Shah

Bonfiglioli Transmissions IPO: Gearing Well To Power Up Ahead

Bonfiglioli will launch its India IPO. Valuation seems reasonable. Strong market presence, diversified product portfolio, brand recognition and...

Tina Banerjee

Jio Platforms Pre-IPO: Peer Comparison and Valuation

Jio Platforms has filed its draft prospectus with SEBI for its listing in India. In this note, we compare the company with its listed peers,...

Ke Yan, CFA, FRM