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

SAI Life Sciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
In this note, we will talk about the lockup dynamics and possible placement.


Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

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> raised around US$551m in its India IPO. The trust undertook a pre-IPO placement round of around INR14bn (US$160m) in June 2025 as well.</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 CY16-1QCY25, as per the CBRE report.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Knowledge Realty Trust (258259D IN) raised around US$551m in its India IPO. The trust undertook a pre-IPO placement round of around INR14bn (US$160m) in June 2025 as well.
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 CY16-1QCY25, as per the CBRE report.
In this note, we will talk about the trading dynamics.


Knowledge Realty Trust IPO Trading - Decent Demand; Leads Past REIT Listings

<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 looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.</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 CY16-1QCY25, as per the CBRE report.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



Knowledge Realty Trust (258259D IN) is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.
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 CY16-1QCY25, as per the CBRE report.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Aditya Infotech Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aditya-infotech-ltd" target="_blank" data-smartkarma-citation="entities:43994:1" rel="noopener">Aditya Infotech Ltd (6596564Z IN)</a> raised about US$151m in its India IPO. </li>
<li>Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.</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>



Aditya Infotech Ltd (6596564Z IN) raised about US$151m in its India IPO. 
Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
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.


Aditya Infotech IPO Trading - Strong Overall Demand with Decent Anchor

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$407m in its upcoming India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the not-so-positive aspects of the deal.


WeWork India Pre-IPO - Lease Mismatch and Structural Strains

India

Coal India Limited produces and markets coal and coal products, as well as provides related consulting services.

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Coal India Ltd (COAL IN)

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

TPG Asia has launched an INR26.4bn (US$302m) cleanup block (14.7% stake) in Sai Life Sciences at a floor price of INR860/share, a 5.2% discount to...

Akshat Shah

Knowledge Realty Trust IPO Trading - Decent Demand; Leads Past REIT Listings

Knowledge Realty Trust (KRT) raised around US$551m in its India IPO. The market value of its assets stood at INR584.5bn (US$6.7bn), as of Mar'25....

Akshat Shah

Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (KRT) is looking to raise around US$551m in its India IPO. The trust undertook a pre-IPO round of around INR14bn (US$160m)...

Akshat Shah

Aditya Infotech IPO Trading - Strong Overall Demand with Decent Anchor

Aditya Infotech raised about US$151m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

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