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

<ul>
<li>
<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

<ul>
<li>
<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.


Nicholas Tan

Guangdong Tianyu Semiconductor / Equity Capital Markets

Guangdong Tianyu (GT) was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024. It specializes in the design, research and development, and manufacture of various types of silicon carbide (SiC) epitaxial wafers. Its core product is the SiC epitaxial wafer, which serves as the key raw material for the production of power semiconductor devices. As a third-generation semiconductor material, SiC offers significant performance advantages over traditional silicon, making it highly suitable for applications operating in high-voltage, high-temperature, and high-frequency environments. Silicon carbide epitaxial wafers are used to produce high-efficiency power semiconductors for electric vehicles, renewable energy and industrial applications.

Guangdong Tianyu Semiconductor (2223725D CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-tianyu-semiconductor" target="_blank" data-smartkarma-citation="entities:46068:1" rel="noopener">Guangdong Tianyu Semiconductor (2223725D CH)</a> raised around US$224m in its HK IPO.</li>
<li>It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Guangdong Tianyu Semiconductor (2223725D CH) raised around US$224m in its HK IPO.
It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Guangdong Tianyu IPO Trading: Weak Insti and Retail Demand

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 28th (reported today). The aggregated short interest was USD27.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Lynas Rare Earths, James Hardie Industries, Transurban, CAR, Macquarie.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 28th (reported today). The aggregated short interest was USD27.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lynas Rare Earths, James Hardie Industries, Transurban, CAR, Macquarie.


ASX Short Interest Weekly (Nov 28th): Lynas Rare Earths, James Hardie Industries, Transurban, CAR

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. manufactures and distributes medical equipment. The Company produces life information supporting, in vitro diagnostic, and medical imaging equipment equipment. Shenzhen Mindray Bio-Medical Electronics also produces supporting reagents.

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO</li>
<li>SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO
SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately