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

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.</li>
<li>In this note, we talk about the firm’s historical performance.</li>
</ul>



Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.
In this note, we talk about the firm’s historical performance.


Knowledge Realty Trust Pre-IPO - The Positives - Premium Market Positioning, Healthy Forecasts

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oswal-pumps" target="_blank" data-smartkarma-citation="entities:43952:1" rel="noopener">Oswal Pumps (1019841D IN)</a> is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.</li>
<li>Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Oswal Pumps (1019841D IN) is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.
Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

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

Thematic (Sector/Industry)

<ul>
<li>India’s automotive sector is facing a new external risk: China’s recent tightening of rare earth element (REE) export restrictions.</li>
<li>While the short-term impact appears contained, particularly for ICE 2Ws/3Ws, passenger vehicles—both ICE and EV—are the most exposed</li>
<li>Indian OEMs are actively engaging with Chinese authorities and India’s Ministry of External Affairs to seek interim solutions, and a resolution is expected within 2–3 weeks.</li>
</ul>


India’s automotive sector is facing a new external risk: China’s recent tightening of rare earth element (REE) export restrictions.
While the short-term impact appears contained, particularly for ICE 2Ws/3Ws, passenger vehicles—both ICE and EV—are the most exposed
Indian OEMs are actively engaging with Chinese authorities and India’s Ministry of External Affairs to seek interim solutions, and a resolution is expected within 2–3 weeks.


Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

Tata Motors Passenger Vehicles / Equity Bottom-Up

<ul>
<li>We continue to reiterate our short call on <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> based on near term challenges.</li>
<li>May sales volume is weak versus peers in industry. This weak performance is seen across segments - India passenger cars, commercial vehicles and UK Retail sales</li>
<li>This insight discusses the whole sale volume in the month of May and compares it with its nearest competitors.</li>
</ul>


We continue to reiterate our short call on Tata Motors Ltd (TTMT IN) based on near term challenges.
May sales volume is weak versus peers in industry. This weak performance is seen across segments - India passenger cars, commercial vehicles and UK Retail sales
This insight discusses the whole sale volume in the month of May and compares it with its nearest competitors.


Reiterate Short Tata Motors - Weak Sales Volume, JLR UK Retails Weak

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>May’25 Wholesale Volumes: The overall domestic 2W industry witnessed a 3% marginal uptick (and 7% YoY without HMSI) in volumes led by outperformance in TVS, RE, Suzuki Motorcycles (Bajaj/ Hero grew by 2% each).</li><li>Domestic PV industry sales volumes were flat YoY. While Toyota, M&amp;M, JSW, MG, and Kia reported strong volumes, this was offset by volume declines in Hyundai, TaMo, and Maruti.</li><li>The domestic CV industry saw a degrowth of 1% YoY, while the domestic tractor industry registered 8% YoY volume growth.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

May’25 Wholesale Volumes: The overall domestic 2W industry witnessed a 3% marginal uptick (and 7% YoY without HMSI) in volumes led by outperformance in TVS, RE, Suzuki Motorcycles (Bajaj/ Hero grew by 2% each).Domestic PV industry sales volumes were flat YoY. While Toyota, M&amp;M, JSW, MG, and Kia reported strong volumes, this was offset by volume declines in Hyundai, TaMo, and Maruti.The domestic CV industry saw a degrowth of 1% YoY, while the domestic tractor industry registered 8% YoY volume growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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Mahindra & Mahindra (MM IN)

Knowledge Realty Trust Pre-IPO - The Positives - Premium Market Positioning, Healthy Forecasts

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier...

Akshat Shah

Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Oswal Pumps is looking to raise about US$162m in its upcoming India IPO. We have looked at the company’s past performance in our previous notes. In...

Akshat Shah

Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry

India's automotive sector faces risk from China's rare earth element export restrictions, with passenger vehicles most exposed.

Nimish Maheshwari

Reiterate Short Tata Motors - Weak Sales Volume, JLR UK Retails Weak

Short call reiterated on Tata Motors Ltd due to weak May sales volume across segments in India and UK, lagging behind industry peers.

Sreemant Dudhoria,CFA

Auto Monthly Sales Volume - May 2025

The overall domestic 2W industry witnessed a 3% marginal uptick (and 7% YoY without HMSI) in volumes led by outperformance in TVS, RE, Suzuki...

Axis Direct

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P/E

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Knowledge Realty Trust Pre-IPO - The Positives - Premium Market Positioning, Healthy Forecasts

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier...

Akshat Shah

Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Oswal Pumps is looking to raise about US$162m in its upcoming India IPO. We have looked at the company’s past performance in our previous notes. In...

Akshat Shah

Rare Earth Export Curbs from China: Assessing the Risk for India’s Auto Industry

​India's automotive sector faces risk from China's rare earth element export restrictions, with passenger vehicles most exposed.

Nimish Maheshwari

Reiterate Short Tata Motors - Weak Sales Volume, JLR UK Retails Weak

​Short call reiterated on Tata Motors Ltd due to weak May sales volume across segments in India and UK, lagging behind industry peers.

Sreemant Dudhoria,CFA

Auto Monthly Sales Volume - May 2025

The overall domestic 2W industry witnessed a 3% marginal uptick (and 7% YoY without HMSI) in volumes led by outperformance in TVS, RE, Suzuki...

Axis Direct

India's automotive sector faces risk from China's rare earth element export restrictions, with passenger vehicles most exposed.

Short call reiterated on Tata Motors Ltd due to weak May sales volume across segments in India and UK, lagging behind industry peers.