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

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> raised about US$338m in its 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>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>



WeWork India Management Ltd (1690124D IN) raised about US$338m in its 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.
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.


WeWork India IPO Trading - Muted Demand, Likely to Trade Weak

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$155m in its India IPO.</li>
<li>RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$155m in its India IPO.
RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>The India Pharma and Healthcare sector is expected to see steady revenue growth but EBITDA margins to remain flat</li><li>We project sales/EBITDA growth of 11%/12% YoY for our coverage universe</li><li>Our assumptions are: (1) pharma coverage will see 11% YoY sales growth, as moderate 10% YoY increase in the India business due to new GST related disruption in Sep-25 month</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>

The India Pharma and Healthcare sector is expected to see steady revenue growth but EBITDA margins to remain flatWe project sales/EBITDA growth of 11%/12% YoY for our coverage universeOur assumptions are: (1) pharma coverage will see 11% YoY sales growth, as moderate 10% YoY increase in the India business due to new GST related disruption in Sep-25 monthContent 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.

Pharma and Healthcare (Q2FY26E Results Preview): Q2FY26: Steady sales growth, margin to remain flat

<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$338m in its 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 our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its 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 our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.


WeWork India IPO - Thoughts on Peer Comp and Valuation

<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$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.</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 our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.</li>
</ul>



WeWork India Management Ltd (1690124D IN)  is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.
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 our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.


WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

India

Sun Pharmaceutical Industries Limited manufactures and markets pharmaceuticals for domestic and international distribution. The Company's pharmaceutical portfolio includes drugs in the areas of diabetes, cardiology, neurology, psychiatry and  gastroenterology.

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Sun Pharmaceutical Industries (SUNP IN)

WeWork India IPO Trading - Muted Demand, Likely to Trade Weak

WeWork India raised about US$338m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

Pharma and Healthcare (Q2FY26E Results Preview): Q2FY26: Steady sales growth, margin to remain flat

The India Pharma and Healthcare sector is expected to see steady revenue growth but EBITDA margins to remain flatWe project sales/EBITDA growth of...

HDFC Securities

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

WeWork India is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about...

Akshat Shah

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