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

PMEA Solar Tech Solutions Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pmea-solar-tech-solutions-limited" target="_blank" data-smartkarma-citation="entities:44469:1" rel="noopener">PMEA Solar Tech Solutions Limited (0991151D IN)</a> (PSTSL) is planning to raise about US$116m through its upcoming India IPO. </li>
<li>PSTSL specializes in manufacturing solar equipments, primarily focusing on module mounting assemblies and rolled products. Its other business includes manufacturing automotive components and other products.</li>
<li>The company held an estimated market share of 9% of the overall domestic market for solar tracking and mounting products used in solar trackers, as per CRISIL Report.</li>
</ul>



PMEA Solar Tech Solutions Limited (0991151D IN) (PSTSL) is planning to raise about US$116m through its upcoming India IPO. 
PSTSL specializes in manufacturing solar equipments, primarily focusing on module mounting assemblies and rolled products. Its other business includes manufacturing automotive components and other products.
The company held an estimated market share of 9% of the overall domestic market for solar tracking and mounting products used in solar trackers, as per CRISIL Report.


PMEA Solar Pre-IPO - Strong Revenue Growth Paired With Shrinking Efficiency And High Debt

Akshat Shah

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$238m in its upcoming India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$238m in its upcoming India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
In this note, we talk about the company’s historical performance.


Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bain-capital-specialty-finan" target="_blank" data-smartkarma-citation="entities:28761:1" rel="noopener">Bain Capital Specialty Finan (BCSF US)</a> finalizes $1 billion deal to acquire a controlling stake in Manappuram Finance, India’s second-largest gold loan provider.  </li>
<li>India’s GCC sector sees rapid growth, with 24 centres crossing $1 billion in export revenue, contributing $43.6 billion.  </li>
<li>India bans production and export of drugs containing Tapentadol and Carisoprodol, citing unapproved combinations and regulatory concerns.</li>
</ul>



Bain Capital Specialty Finan (BCSF US) finalizes $1 billion deal to acquire a controlling stake in Manappuram Finance, India’s second-largest gold loan provider.  
India’s GCC sector sees rapid growth, with 24 centres crossing $1 billion in export revenue, contributing $43.6 billion.  
India bans production and export of drugs containing Tapentadol and Carisoprodol, citing unapproved combinations and regulatory concerns.


#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

<ul>
<li>India's retail inflation fell to a 5-month low in January due to easing food prices, while industrial production growth slowed.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindustan-petroleum-corp" target="_blank" data-smartkarma-citation="entities:19342:1" rel="noopener">Hindustan Petroleum (HPCL IN)</a>  has signed an initial agreement with <a href="https://www.smartkarma.com/entities/ntpc-ltd" target="_blank" data-smartkarma-citation="entities:11842:1" rel="noopener">NTPC Ltd (NTPC IN)</a> to explore LNG sourcing, aiming to support India's rising gas-based power generation.</li>
<li>Sebi's regulatory crackdown on risky derivatives trading has caused a major revenue hit for Indian online brokerages, with trading volumes down 70%.</li>
</ul>


India's retail inflation fell to a 5-month low in January due to easing food prices, while industrial production growth slowed.

Hindustan Petroleum (HPCL IN)  has signed an initial agreement with NTPC Ltd (NTPC IN) to explore LNG sourcing, aiming to support India's rising gas-based power generation.
Sebi's regulatory crackdown on risky derivatives trading has caused a major revenue hit for Indian online brokerages, with trading volumes down 70%.


#102 India Insight: India’s Inflation Dips, HPCL-NTPC LNG Deal, SEBI Cracks Down on Brokers

Whirlpool of India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).</li>
<li>In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.</li>
<li>In this note, we talk about the past deal performance and other deal dynamics.</li>
</ul>



Whirlpool Corp (WHR US) is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).
In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.
In this note, we talk about the past deal performance and other deal dynamics.


Whirlpool of India OFS Early Look - Another Large Selldown by Parent

India

NTPC Ltd. owns and operates power generation plants that supply power to state electricity boards throughout India.  The Company is a public sector undertaking of the Government of India and it also undertakes turnkey consulting projects to set up power plants.

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NTPC Ltd (NTPC IN)

PMEA Solar Pre-IPO - Strong Revenue Growth Paired With Shrinking Efficiency And High Debt

PMEA Solar Tech Solutions Limited is set to raise $116m in India IPO, specializing in solar equipment manufacturing with 9% market share in...

Rosita Fernandes

Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

Travel Food Services is looking to raise about US$238m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...

Sudarshan Bhandari

#102 India Insight: India’s Inflation Dips, HPCL-NTPC LNG Deal, SEBI Cracks Down on Brokers

India's retail inflation drops to 5-month low, industrial production growth slows. HPCL partners with NTPC for LNG sourcing. Sebi crackdown on...

Sudarshan Bhandari

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PMEA Solar Pre-IPO - Strong Revenue Growth Paired With Shrinking Efficiency And High Debt

​PMEA Solar Tech Solutions Limited is set to raise $116m in India IPO, specializing in solar equipment manufacturing with 9% market share in...

Rosita Fernandes

Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

Travel Food Services is looking to raise about US$238m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

#109 India Insight: Bain Capital To Buy Stake in Manappuram, India’s GCC Hits $1B, Bans Drug Exports

​Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...

Sudarshan Bhandari

#102 India Insight: India’s Inflation Dips, HPCL-NTPC LNG Deal, SEBI Cracks Down on Brokers

​India's retail inflation drops to 5-month low, industrial production growth slows. HPCL partners with NTPC for LNG sourcing. Sebi crackdown on...

Sudarshan Bhandari

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

PMEA Solar Tech Solutions Limited is set to raise $116m in India IPO, specializing in solar equipment manufacturing with 9% market share in...

Bain Capital Specialty Finan acquires controlling stake in Manappuram Finance, India's second-largest gold loan provider, as India's GCC sector...

India's retail inflation drops to 5-month low, industrial production growth slows. HPCL partners with NTPC for LNG sourcing. Sebi crackdown on...