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.

Equity Capital Markets

Jio Platforms Ltd / Equity Capital Markets

<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

<ul>
<li>Jio Platforms, a digital connectivity provider, has filed its draft prospectus. The 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.</li>
<li>We look at the company's two core businesses, mobile connectivity and fixed broadband.</li>
<li>We then look at the company's financial profile, cash generation, leverage and pre-IPO investor backing.</li>
</ul>


Jio Platforms, a digital connectivity provider, has filed its draft prospectus. The 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.
We look at the company's two core businesses, mobile connectivity and fixed broadband.
We then look at the company's financial profile, cash generation, leverage and pre-IPO investor backing.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms Ltd (1797135D IN)</a>, India’s largest digital connectivity player, is set to launch its IPO to raise about US$3.4 billion.</li>
<li>I previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/jio-platforms-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:243953" rel="noopener">Jio Platforms IPO: The Investment Case</a></em></strong>. </li>
<li>My DCF valuation, which leans towards bullish assumptions, is 4.8% below the rumoured US$114 billion valuation. Therefore, Jio is fairly valued at the rumoured IPO valuation.</li>
</ul>



Jio Platforms Ltd (1797135D IN), India’s largest digital connectivity player, is set to launch its IPO to raise about US$3.4 billion.
I previously discussed the IPO in Jio Platforms IPO: The Investment Case. 
My DCF valuation, which leans towards bullish assumptions, is 4.8% below the rumoured US$114 billion valuation. Therefore, Jio is fairly valued at the rumoured IPO valuation.


Index Rebalance

<ul>
<li>NIFTY 50 rebalance will be effective on 30 Sep 2026 before market open, with one ADD and one DELETE.</li>
<li>BSE fell 13.9% and Wipro fell 12.9% over the bridge window to 28 Sep 2026, with one session left before implementation.</li>
<li>Historically, ADDs and DELETEs with a negative bridge mostly gained in the first implementation week.</li>
</ul>


NIFTY 50 rebalance will be effective on 30 Sep 2026 before market open, with one ADD and one DELETE.
BSE fell 13.9% and Wipro fell 12.9% over the bridge window to 28 Sep 2026, with one session left before implementation.
Historically, ADDs and DELETEs with a negative bridge mostly gained in the first implementation week.


NIFTY 50 Sep 2026 Rebalance: Pre-Implementation Update

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There could be 1 constituent change for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> and 5 changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> in September.</li>
<li>The review period for the September rebalance ended 31 July, the announcement of the changes will take place later today and implemented at the close of trading on 29 September.</li>
<li>The adds outperformed the deletes in April and May but there has been a narrowing of the spread since then. The spread could widen following the announcement of the changes.</li>
</ul>


There could be 1 constituent change for the NIFTY Index (NIFTY INDEX) and 5 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
The review period for the September rebalance ended 31 July, the announcement of the changes will take place later today and implemented at the close of trading on 29 September.
The adds outperformed the deletes in April and May but there has been a narrowing of the spread since then. The spread could widen following the announcement of the changes.


NIFTY50/ NEXT50 Index Rebalance Preview: Announcement Today After Market Close

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)

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

Jio Platforms Pre-IPO: Tearsheet

Jio Platforms has filed its draft prospectus with SEBI. In this tearsheet, we look at the company's business and operating profile, its industry,...

Ke Yan, CFA, FRM

Jio Platforms IPO: Valuation First-Look

Jio Platforms, India’s largest digital connectivity player, is set to launch its IPO to raise about US$3.4 billion. In this note, I take a first...

Arun George

NIFTY 50 Sep 2026 Rebalance: Pre-Implementation Update

NIFTY 50 enters implementation on 30 Sep 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

NIFTY50/ NEXT50 Index Rebalance Preview: Announcement Today After Market Close

The Nifty family of indices rebalances at the close today. BSE is down 30% from its high in May and down 14% since the announcement of the NIFTY50...

Brian Freitas

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