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>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a> raised around US$130m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of users), with 27.52% of India’s truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Blackbuck (1355652D IN) raised around US$130m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of users), with 27.52% of India’s truck operators transacting on its platform in FY24, as per Redseer.
In this note, we will talk about the lockup dynamics and possible placement.


Zinka Logistics IPO Lockup - US$530m Lockup Release; PE Investors Might Look to Book Gains

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smpp-ltd" target="_blank" data-smartkarma-citation="entities:44073:1" rel="noopener">SMPP Ltd</a> is planning to raise about US$476m through its upcoming IPO in India.</li>
<li>SMPP Ltd. designs and manufactures defence equipment, specialising in ammunition components and personal protection products for the Indian armed forces, police, and security agencies.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India.
SMPP Ltd. designs and manufactures defence equipment, specialising in ammunition components and personal protection products for the Indian armed forces, police, and security agencies.
In this note, we look at the company’s past performance.


SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

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>SMBC, a major Japanese bank, is buying a 20% stake in Yes Bank for INR 13,483 crore, marking a significant move towards strengthening Yes Bank's recovery and future growth.</li>
<li>It provides SMBC direct access to India's growing banking sector and potential for strategic collaboration.</li>
<li>The partnership enhances Yes Bank's stability, governance, and access to global markets, positioning it for further growth. SMBC’s involvement could pave the way for future capital support and operational improvements.</li>
</ul>


SMBC, a major Japanese bank, is buying a 20% stake in Yes Bank for INR 13,483 crore, marking a significant move towards strengthening Yes Bank's recovery and future growth.
It provides SMBC direct access to India's growing banking sector and potential for strategic collaboration.
The partnership enhances Yes Bank's stability, governance, and access to global markets, positioning it for further growth. SMBC’s involvement could pave the way for future capital support and operational improvements.


SMBC's Strategic Entry into Yes Bank: A Look at the Backstory and Future

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aadhar-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:32152:1" rel="noopener">Aadhar Housing Finance</a> raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we will talk about the lockup dynamics and possible placement.


Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

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SBI (State Bank of India) (SBIN IN)

Zinka Logistics IPO Lockup - US$530m Lockup Release; PE Investors Might Look to Book Gains

Zinka Logistics (Blackbuck) raised around US$130m in its India IPO in Nov 2024. Its six-month lockup will expire on 18th May 2025.

Akshat Shah

SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India. In this note, we look at the company's past performance.

Sumeet Singh

SMBC's Strategic Entry into Yes Bank: A Look at the Backstory and Future

Japanese bank SMBC's 20% stake purchase in Yes Bank for INR 13,483 crore strengthens the Indian bank's recovery and growth prospects, while...

Nimish Maheshwari

Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zinka Logistics IPO Lockup - US$530m Lockup Release; PE Investors Might Look to Book Gains

Zinka Logistics (Blackbuck) raised around US$130m in its India IPO in Nov 2024. Its six-month lockup will expire on 18th May 2025.

Akshat Shah

SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India. In this note, we look at the company's past performance.

Sumeet Singh

SMBC's Strategic Entry into Yes Bank: A Look at the Backstory and Future

​Japanese bank SMBC's 20% stake purchase in Yes Bank for INR 13,483 crore strengthens the Indian bank's recovery and growth prospects, while...

Nimish Maheshwari

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

Japanese bank SMBC's 20% stake purchase in Yes Bank for INR 13,483 crore strengthens the Indian bank's recovery and growth prospects, while...