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/crizac" target="_blank" data-smartkarma-citation="entities:41120:1" rel="noopener">Crizac (CRIZAC IN)</a> is looking to raise US$120m in its upcoming India IPO.</li>
<li>Crizac is an education platform offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Crizac (CRIZAC IN) is looking to raise US$120m in its upcoming India IPO.
Crizac is an education platform offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).
In this note, we talk about the company’s historical performance.


Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, following up with a look at India after having looked at Hong Kong earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, following up with a look at India after having looked at Hong Kong earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


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>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a>  reported strong Q3 FY25 growth, with a 28% rise in AUM, 22% increase in loans issued, and a 19% rise in deposits. </li>
<li>India aims to reach $500 billion in electronics production by 2030, focusing on mobile phones, IT hardware, and wearables. The PLI scheme will support supply chain growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a>  has received RBI approval to acquire up to 9.5% stakes in Kotak Mahindra, AU Small Finance, and Capital Small Finance Banks through its subsidiaries</li>
</ul>



Bajaj Finance Ltd (BAF IN)  reported strong Q3 FY25 growth, with a 28% rise in AUM, 22% increase in loans issued, and a 19% rise in deposits. 
India aims to reach $500 billion in electronics production by 2030, focusing on mobile phones, IT hardware, and wearables. The PLI scheme will support supply chain growth.

HDFC Bank (HDFCB IN)  has received RBI approval to acquire up to 9.5% stakes in Kotak Mahindra, AU Small Finance, and Capital Small Finance Banks through its subsidiaries


#80 India Insight: Bajaj Finance Adds 5M Users, Electronics Production Aim $500B, HDFC Gains RBI Nod

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Forensic Accounting

<ul>
<li>SEBI uncovered insider trading during the HDFC-HDFC Bank merger, implicating a Deloitte employee and his associate, who profited Rs. 8.19 lakh using call options and confidential merger details.</li>
<li>This case highlights the increasing sophistication of insider trading tactics and reinforces the critical need for stricter compliance to protect investor trust and ensure market transparency.</li>
<li>The case demonstrates SEBI’s growing reliance on advanced analytics to identify market anomalies, ensuring accountability even in complex trading schemes involving proxy accounts and derivative instruments.</li>
</ul>


SEBI uncovered insider trading during the HDFC-HDFC Bank merger, implicating a Deloitte employee and his associate, who profited Rs. 8.19 lakh using call options and confidential merger details.
This case highlights the increasing sophistication of insider trading tactics and reinforces the critical need for stricter compliance to protect investor trust and ensure market transparency.
The case demonstrates SEBI’s growing reliance on advanced analytics to identify market anomalies, ensuring accountability even in complex trading schemes involving proxy accounts and derivative instruments.


SEBI's Crackdown on Insider Trading in the HDFC-HDFC Bank Merger

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>2025 could be thorny for Asian equities. The main themes - "Trump turmoil", a slower Fed and a "stronger for longer" Dollar and continued AI boom - have mixed implications.</li>
<li>China's policy articulation to support consumption departing from earlier supply-side measures, would be an important investment driver. India, though expensive, has a few "unloved" sectors that investors should focus on.</li>
<li>Based on our five investment themes, we identify five high quality liquid top picks in Asia - two listed in Hong Kong and one each in Taiwan, India and Korea. </li>
</ul>


2025 could be thorny for Asian equities. The main themes - "Trump turmoil", a slower Fed and a "stronger for longer" Dollar and continued AI boom - have mixed implications.
China's policy articulation to support consumption departing from earlier supply-side measures, would be an important investment driver. India, though expensive, has a few "unloved" sectors that investors should focus on.
Based on our five investment themes, we identify five high quality liquid top picks in Asia - two listed in Hong Kong and one each in Taiwan, India and Korea. 


Asian Equities: 2025 High Conviction – Five Themes, Five Top Picks

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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HDFC Bank (HDFCB IN)

Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

Crizac is looking to raise US$120m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Aequitas 2025 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, following up with a look at India after having looked at Hong Kong...

Sumeet Singh

#80 India Insight: Bajaj Finance Adds 5M Users, Electronics Production Aim $500B, HDFC Gains RBI Nod

Bajaj Finance sees strong Q3 growth, India targets $500 billion in electronics production by 2030, HDFC Bank gets RBI approval for stake...

Sudarshan Bhandari

SEBI's Crackdown on Insider Trading in the HDFC-HDFC Bank Merger

SEBI uncovers insider trading in HDFC-HDFC Bank merger, emphasizing need for stricter compliance and showcasing reliance on advanced analytics for...

Nimish Maheshwari

Asian Equities: 2025 High Conviction – Five Themes, Five Top Picks

2025 may be tricky for Asian equity with "Trump turmoil", slower Fed, strong Dollar. AI boom would help. Ditto China's consumption focus & India's...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

Crizac is looking to raise US$120m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Aequitas 2025 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, following up with a look at India after having looked at Hong Kong...

Sumeet Singh

#80 India Insight: Bajaj Finance Adds 5M Users, Electronics Production Aim $500B, HDFC Gains RBI Nod

​Bajaj Finance sees strong Q3 growth, India targets $500 billion in electronics production by 2030, HDFC Bank gets RBI approval for stake...

Sudarshan Bhandari

SEBI's Crackdown on Insider Trading in the HDFC-HDFC Bank Merger

​SEBI uncovers insider trading in HDFC-HDFC Bank merger, emphasizing need for stricter compliance and showcasing reliance on advanced analytics for...

Nimish Maheshwari

Asian Equities: 2025 High Conviction – Five Themes, Five Top Picks

​2025 may be tricky for Asian equity with "Trump turmoil", slower Fed, strong Dollar. AI boom would help. Ditto China's consumption focus & India's...

Manishi Raychaudhuri

Bajaj Finance sees strong Q3 growth, India targets $500 billion in electronics production by 2030, HDFC Bank gets RBI approval for stake...

SEBI uncovers insider trading in HDFC-HDFC Bank merger, emphasizing need for stricter compliance and showcasing reliance on advanced analytics for...

2025 may be tricky for Asian equity with "Trump turmoil", slower Fed, strong Dollar. AI boom would help. Ditto China's consumption focus & India's...