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

<ul>
<li>Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>.</li>
<li>There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Bharti Airtel Placement - Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year

<ul>
<li>Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>.</li>
<li>ICI had earlier sold around US$1bn in Feb 2025 while Singtel had sold around US$1bn via a 0.8% stake sale in Airtel in May 2025 as well.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
ICI had earlier sold around US$1bn in Feb 2025 while Singtel had sold around US$1bn via a 0.8% stake sale in Airtel in May 2025 as well.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Bharti Airtel Placement - Third US$1bn Deal in the Year, Stock Up a Lot

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> faces severe financial distress due to INR 83,400 crore in mounting Adjusted Gross Revenue (AGR) dues and substantial deferred payment obligations. </li>
<li>Management warns <strong>Vi cannot operate beyond Financial Year 2026</strong> without timely government support for AGR dues, halting crucial bank funding.  market.</li>
<li>Vi proposes payment plans and seeks substantial funding, while ARPU is growing, and the government supports a three-player</li>
</ul>



Vodafone Idea (IDEA IN) faces severe financial distress due to INR 83,400 crore in mounting Adjusted Gross Revenue (AGR) dues and substantial deferred payment obligations. 
Management warns Vi cannot operate beyond Financial Year 2026 without timely government support for AGR dues, halting crucial bank funding.  market.
Vi proposes payment plans and seeks substantial funding, while ARPU is growing, and the government supports a three-player


VIL’s Revival Impossible or a State-Backed Turnaround Feasible?

Kalpataru Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalpataru-limited" target="_blank" data-smartkarma-citation="entities:43866:1" rel="noopener">Kalpataru Limited (KTARU IN)</a> is looking to raise about US$184m in its upcoming India IPO.</li>
<li>Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.</li>
<li>In this note, we take a quick look at the company’s past performance and the IPO valuations.</li>
</ul>



Kalpataru Limited (KTARU IN) is looking to raise about US$184m in its upcoming India IPO.
Kalpataru (KL) is an integrated real estate developer involved in identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
In this note, we take a quick look at the company’s past performance and the IPO valuations.


Kalpataru Ltd IPO - Cemented by Debt Repayment

<ul>
<li>Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1bn via selling a 0.8% stake in Bharti Airtel Limited.</li>
<li>Singtel had sold a 0.8% stake (US$950m then) to GQG Partners in Mar 2024.  Singtel had a total stake of around 29.3% in the firm, as of the last close.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1bn via selling a 0.8% stake in Bharti Airtel Limited.
Singtel had sold a 0.8% stake (US$950m then) to GQG Partners in Mar 2024.  Singtel had a total stake of around 29.3% in the firm, as of the last close.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Bharti Airtel Block - Another Singtel Selldown Worth US$1bn

India

Vodafone Idea Limited, branded as Vi, is an Indian telecommunications company providing pan-India voice and data services across 2G, 3G, 4G, and steadily expanding 5G platforms. It offers mobile telephony, wireless broadband, internet, and a range of digital and enterprise solutions including IoT and cloud services. The company is headquartered in Gandhinagar, India, and was formed on August 31, 2018, through the merger of Vodafone India and Idea Cellular.

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Vodafone Idea (IDEA IN)

Bharti Airtel Placement - Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year

Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Airtel.

Akshat Shah

Bharti Airtel Placement - Third US$1bn Deal in the Year, Stock Up a Lot

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel...

Akshat Shah

VIL’s Revival Impossible or a State-Backed Turnaround Feasible?

Vodafone Idea (IDEA IN) in dire financial straits with mounting AGR dues, warns of viability beyond FY2026 without government support. ARPU...

Nimish Maheshwari

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Bharti Airtel Block - Another Singtel Selldown Worth US$1bn

Singapore Telecommunications (Singtel), via its subsidiary, Pastel Ltd is looking to raise up to US$1bn via selling a 0.8% stake in Bharti Airtel...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bharti Airtel Placement - Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year

Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Airtel.

Akshat Shah

Bharti Airtel Placement - Third US$1bn Deal in the Year, Stock Up a Lot

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$1bn via selling a 0.8% stake in Bharti Airtel...

Akshat Shah

VIL’s Revival Impossible or a State-Backed Turnaround Feasible?

​Vodafone Idea (IDEA IN) in dire financial straits with mounting AGR dues, warns of viability beyond FY2026 without government support. ARPU...

Nimish Maheshwari

Kalpataru Ltd IPO - Cemented by Debt Repayment

Kalpataru Limited (KL) is looking to raise about US$184m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Bharti Airtel Block - Another Singtel Selldown Worth US$1bn

Singapore Telecommunications (Singtel), via its subsidiary, Pastel Ltd is looking to raise up to US$1bn via selling a 0.8% stake in Bharti Airtel...

Akshat Shah

Vodafone Idea (IDEA IN) in dire financial straits with mounting AGR dues, warns of viability beyond FY2026 without government support. ARPU...