APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Sedemac Mechatronics Ltd / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/sedemac-mechatronics-ltd" target="_blank" data-smartkarma-citation="entities:46076:1" rel="noopener">Sedemac Mechatronics Ltd (1560389D IN)</a> (SML) is looking to raise about US$100m in its upcoming India IPO. The deal will be run by Axis, Avendus and ICICI.</li>
<li>SML is a designer and supplier of critical, control-intensive electronic control units to major vehicle and industrial equipment manufacturers in India, the United States, and Europe.</li>
<li>SML held an approximate 30% market share of the domestic ISG ECU market, in terms of volume and are amongst the top four players for FY25, as per CRISIL.</li>
</ul>



Sedemac Mechatronics Ltd (1560389D IN) (SML) is looking to raise about US$100m in its upcoming India IPO. The deal will be run by Axis, Avendus and ICICI.
SML is a designer and supplier of critical, control-intensive electronic control units to major vehicle and industrial equipment manufacturers in India, the United States, and Europe.
SML held an approximate 30% market share of the domestic ISG ECU market, in terms of volume and are amongst the top four players for FY25, as per CRISIL.


Sedemac Mechatronics Ltd Pre-IPO Tearsheet

Milestone Gears Ltd / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/milestone-gears-ltd" target="_blank" data-smartkarma-citation="entities:46075:1" rel="noopener">Milestone Gears Ltd (1049966D IN)</a> (MGL) is looking to raise about US$124m in its upcoming India IPO. The deal will be run by Axis, JM Fin and Motilal Oswal.</li>
<li>MGL is a manufacturer of high-precision, complex engineered transmission components that have applications across multiple sectors, including tractors, construction equipment, electric vehicles, locomotives, windmills and other heavy industries.</li>
<li>According to 1Lattice, between April 1, 2022 and June 30, 2025, MGL had supplied products to over 50 customers, including all the top nine OEMs in the Indian tractor sector.</li>
</ul>



Milestone Gears Ltd (1049966D IN) (MGL) is looking to raise about US$124m in its upcoming India IPO. The deal will be run by Axis, JM Fin and Motilal Oswal.
MGL is a manufacturer of high-precision, complex engineered transmission components that have applications across multiple sectors, including tractors, construction equipment, electric vehicles, locomotives, windmills and other heavy industries.
According to 1Lattice, between April 1, 2022 and June 30, 2025, MGL had supplied products to over 50 customers, including all the top nine OEMs in the Indian tractor sector.


Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Meesho operates as a software development company. The Company provides a platform for online resellers. Meesho offers timely and secure payments, low returns, and shipping services. Meesho serves customers in India.

<ul>
<li>In this insight, we highlight why <a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a> is a data science workhorse masquerading as an E-Commerce Platform</li>
<li>We discuss about the various advancements made by the company towards AL/ML models which are difficult to replicate.</li>
<li>Finally, we discuss our view on future prospects and valuation of the company.</li>
</ul>


In this insight, we highlight why Meesho (1546271D IN) is a data science workhorse masquerading as an E-Commerce Platform
We discuss about the various advancements made by the company towards AL/ML models which are difficult to replicate.
Finally, we discuss our view on future prospects and valuation of the company.


Meesho:Data Science Workhorse;Fast Evolving—Venturing into Financial Services & Other AI Investments

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

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<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a>'s INR 52.4 bn IPO is currently open for subscription. It consists of fresh issue worth INR 42.5 bn and OFS component worth INR 11.7 bn </li>
<li>The company is India’s largest E-Com platforms in terms of placed orders and user base, and make its mark in the value segment, offering mostly unbranded and regional branded products. </li>
<li>While KPIs signal growth and operational efficiencies, Meesho is still a loss maker. It has high litigation risk and seeing rapid increase in impairments and write offs with receivables</li>
</ul>



Meesho (1546271D IN)'s INR 52.4 bn IPO is currently open for subscription. It consists of fresh issue worth INR 42.5 bn and OFS component worth INR 11.7 bn 
The company is India’s largest E-Com platforms in terms of placed orders and user base, and make its mark in the value segment, offering mostly unbranded and regional branded products. 
While KPIs signal growth and operational efficiencies, Meesho is still a loss maker. It has high litigation risk and seeing rapid increase in impairments and write offs with receivables


Meesho Ltd IPO- Watch Out for Impairment Allowance

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<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN) </a>is looking to raise around US$607m in its upcoming India IPO.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.</li>
</ul>



Meesho (1546271D IN) is looking to raise around US$607m in its upcoming India IPO.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.


Meesho Ltd IPO - Value-Led Play, Moderately Priced