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

Adani Enterprises / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> is looking to raise around US$1.05bn in its qualified institutional placement (QIP). </li>
<li>The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Adani Enterprises (ADE IN) is looking to raise around US$1.05bn in its qualified institutional placement (QIP). 
The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: Adani Enterprises Ltd QIP - Well Flagged US$1bn+ QIP; Rich Valuations

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 22 changes for the Nifty200 Momentum 30 Index and 1 change for the Nifty100 Low Volatility 30 Index that will be implemented at the close on 29 June.</li>
<li>The round-trip trade across both indices is estimated at just over US$2bn and there are 18 stocks that have over 1x ADV to trade from passives.</li>
<li>A number of the inclusions will have inflows from global and local passive trackers over the next few months.</li>
</ul>


There are 22 changes for the Nifty200 Momentum 30 Index and 1 change for the Nifty100 Low Volatility 30 Index that will be implemented at the close on 29 June.
The round-trip trade across both indices is estimated at just over US$2bn and there are 18 stocks that have over 1x ADV to trade from passives.
A number of the inclusions will have inflows from global and local passive trackers over the next few months.


NIFTY200 Momentum30 / Nifty100 LowVol30 Index Rebalance: Over US$2bn to Trade in June

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

Equity Bottom-Up

<ul>
<li>Adani Group’s 34th AGM outlined INR 2 lakh crore power-sector capex, 10 GW nuclear ambition by 2035, a 1 GW Google data center agreement, and Navi Mumbai Airport commissioning.</li>
<li>Record FY26 EBITDA of INR 94,834 crore and leverage below management’s stated ceiling give the group balance-sheet capacity to pursue multiple large-scale expansion tracks.</li>
<li>The strategic direction is clear. The next test is execution across EPC capacity, nuclear approvals, data center delivery, airport ramp-up and timelines for simultaneous capex-heavy projects.</li>
</ul>


Adani Group’s 34th AGM outlined INR 2 lakh crore power-sector capex, 10 GW nuclear ambition by 2035, a 1 GW Google data center agreement, and Navi Mumbai Airport commissioning.
Record FY26 EBITDA of INR 94,834 crore and leverage below management’s stated ceiling give the group balance-sheet capacity to pursue multiple large-scale expansion tracks.
The strategic direction is clear. The next test is execution across EPC capacity, nuclear approvals, data center delivery, airport ramp-up and timelines for simultaneous capex-heavy projects.


Adani AGM 2026: The Next Capex Wave Across Power, Data Centers and Airports

<ul>
<li>FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr (+45% YoY).</li>
<li>Order backlog hit a record INR 21,456 Cr, up 49% YoY, anchored by a landmark HVDC VSC win from Adani Energy Solutions.</li>
<li>India's Rs 9.15 lakh crore grid modernization plan through 2032 is structural, not cyclical. GE Vernova is one of only 2-3 credible end-to-end HVDC players globally available to India's grid.</li>
</ul>


FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr (+45% YoY).
Order backlog hit a record INR 21,456 Cr, up 49% YoY, anchored by a landmark HVDC VSC win from Adani Energy Solutions.
India's Rs 9.15 lakh crore grid modernization plan through 2032 is structural, not cyclical. GE Vernova is one of only 2-3 credible end-to-end HVDC players globally available to India's grid.


GE Vernova T&D India:The Grid Supercycle Has a Listed Proxy with Data Center Export Opportunity

<ul>
<li>There could be 22 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 29 June.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 74.6% and that will result in a round-trip trade of INR 180bn (US$1.9bn).</li>
<li>There is a huge sector mismatch with Industrials and Utilities stocks expected to net gain 4 spots each while Financials are expected to lose 9 index spots.</li>
</ul>


There could be 22 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 29 June.
If all changes are on expected lines, one-way turnover is estimated at 74.6% and that will result in a round-trip trade of INR 180bn (US$1.9bn).
There is a huge sector mismatch with Industrials and Utilities stocks expected to net gain 4 spots each while Financials are expected to lose 9 index spots.


NIFTY200 Momentum30 Index Rebalance Preview: 75% One-Way Turnover & US$1.9bn Trade

India

Adani Energy Solutions Limited is a major Indian electric power transmission and distribution company. It develops, operates, and maintains power transmission systems, distributes electricity to over 12 million consumers, and provides smart metering and cooling solutions. The company is headquartered in Ahmedabad, India, and was founded on December 9, 2013.

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Adani Energy Solutions (ADANIENS IN)

Aequitas: Adani Enterprises Ltd QIP - Well Flagged US$1bn+ QIP; Rich Valuations

Adani Enterprises Ltd (ADE IN) is looking to raise around US$1.05bn in its qualified institutional placement. In this note, we run the deal through...

Akshat Shah

NIFTY200 Momentum30 / Nifty100 LowVol30 Index Rebalance: Over US$2bn to Trade in June

The deletes have outperformed the adds by 4.7% since the announcement of the changes. The passives trade at the close today and those flows could...

Brian Freitas

Adani AGM 2026: The Next Capex Wave Across Power, Data Centers and Airports

Adani Group's AGM highlights ambitious power-sector capex, nuclear goals, data center deal, and airport commissioning, backed by strong financial...

Sudarshan Bhandari

GE Vernova T&D India:The Grid Supercycle Has a Listed Proxy with Data Center Export Opportunity

FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr, with record order backlog and India's grid modernization plan...

Sudarshan Bhandari

NIFTY200 Momentum30 Index Rebalance Preview: 75% One-Way Turnover & US$1.9bn Trade

We forecast 22 changes for the index in Dec. One-way turnover is estimated at 74.6% resulting in a round-trip trade of INR 180bn (US$1.9bn). The...

Brian Freitas

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52-week Range

Market Cap (USDm)

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Aequitas: Adani Enterprises Ltd QIP - Well Flagged US$1bn+ QIP; Rich Valuations

Adani Enterprises Ltd (ADE IN) is looking to raise around US$1.05bn in its qualified institutional placement. In this note, we run the deal through...

Akshat Shah

NIFTY200 Momentum30 / Nifty100 LowVol30 Index Rebalance: Over US$2bn to Trade in June

The deletes have outperformed the adds by 4.7% since the announcement of the changes. The passives trade at the close today and those flows could...

Brian Freitas

Adani AGM 2026: The Next Capex Wave Across Power, Data Centers and Airports

​Adani Group's AGM highlights ambitious power-sector capex, nuclear goals, data center deal, and airport commissioning, backed by strong financial...

Sudarshan Bhandari

GE Vernova T&D India:The Grid Supercycle Has a Listed Proxy with Data Center Export Opportunity

​FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr, with record order backlog and India's grid modernization plan...

Sudarshan Bhandari

NIFTY200 Momentum30 Index Rebalance Preview: 75% One-Way Turnover & US$1.9bn Trade

We forecast 22 changes for the index in Dec. One-way turnover is estimated at 74.6% resulting in a round-trip trade of INR 180bn (US$1.9bn). The...

Brian Freitas

Adani Group's AGM highlights ambitious power-sector capex, nuclear goals, data center deal, and airport commissioning, backed by strong financial...

FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr, with record order backlog and India's grid modernization plan...