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/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho Ltd (1546271D IN)</a> is looking to raise around US$607m in its upcoming India IPO. </li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Meesho Ltd (1546271D IN) is looking to raise around US$607m in its upcoming India IPO. 
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In this note, we talk about the company’s historical performance.


Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

<ul>
<li>Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% 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 and Aug 2025 while Singtel had sold US$1bn+ via 0.8% stake sales in Airtel in May 2025 and Nov 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$806m via selling a 0.6% stake in Bharti Airtel (BHARTI IN).
ICI had earlier sold around US$1bn in Feb and Aug 2025 while Singtel had sold US$1bn+ via 0.8% stake sales in Airtel in May 2025 and Nov 2025 as well.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Bharti Airtel Block - Third Selldown by Promoter Entity This Year

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Physicswallah Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/physicswallah-limited" target="_blank" data-smartkarma-citation="entities:45792:1" rel="noopener">Physicswallah</a> raised around US$430m in its India IPO, despite having a decent anchor book.</li>
<li>Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book.
Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Physicswallah IPO Trading - Decent Anchor but Low Demand

Emmvee Photovoltaic Power Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emmvee-photovoltaic-power-limited" target="_blank" data-smartkarma-citation="entities:45501:1" rel="noopener">Emmvee Photovoltaic Power Limited (0198068D IN)</a> (EPPL) raised around US$327m in its India IPO.</li>
<li>EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) raised around US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

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>India’s telecom industry added 4.4 million new subscribers in September 2025, with Jio and Bharti Airtel driving broadband and 5G FWA expansion amid stable overall tele-density of 86.65%.</li>
<li>Strong subscriber growth, rising broadband adoption, and rapid 5G rollout signal a structural shift toward a data-driven, high-speed ecosystem, reinforcing India’s position as the world’s second-largest telecom market.</li>
<li>The sector is entering a mature digital growth phase, led by Jio and Bharti Airtel through broadband and 5G investments, while BSNL and Vifocus on recovery and market stabilization.</li>
</ul>


India’s telecom industry added 4.4 million new subscribers in September 2025, with Jio and Bharti Airtel driving broadband and 5G FWA expansion amid stable overall tele-density of 86.65%.
Strong subscriber growth, rising broadband adoption, and rapid 5G rollout signal a structural shift toward a data-driven, high-speed ecosystem, reinforcing India’s position as the world’s second-largest telecom market.
The sector is entering a mature digital growth phase, led by Jio and Bharti Airtel through broadband and 5G investments, while BSNL and Vifocus on recovery and market stabilization.


Telecom Industry Snapshot- September 2025: Jio and Airtel Drive Data-Led Growth

India

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Reliance Industries (RELIANCE IN)

Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Bharti Airtel Block - Third Selldown by Promoter Entity This Year

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in Airtel.

Akshat Shah

Physicswallah IPO Trading - Decent Anchor but Low Demand

Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

Emmvee Photovoltaic Power Ltd raised around US$327m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Telecom Industry Snapshot- September 2025: Jio and Airtel Drive Data-Led Growth

India's telecom industry sees strong growth with 4.4Mn new subscribers in Sep-25, led by Jio and Bharti Airtel driving broadband and 5G expansion,...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meesho Ltd Pre-IPO - Mass-Market Player Scaling on Low-Cost, High-Frequency Commerce

Meesho Ltd (ML) is looking to raise around US$607m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Bharti Airtel Block - Third Selldown by Promoter Entity This Year

Sunil Mittal-led promoter entity, Indian Continent Investment (ICI) is looking to raise around US$806m via selling a 0.6% stake in Airtel.

Akshat Shah

Physicswallah IPO Trading - Decent Anchor but Low Demand

Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

Emmvee Photovoltaic Power Ltd raised around US$327m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Telecom Industry Snapshot- September 2025: Jio and Airtel Drive Data-Led Growth

​India's telecom industry sees strong growth with 4.4Mn new subscribers in Sep-25, led by Jio and Bharti Airtel driving broadband and 5G expansion,...

Sudarshan Bhandari

India's telecom industry sees strong growth with 4.4Mn new subscribers in Sep-25, led by Jio and Bharti Airtel driving broadband and 5G expansion,...