Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO.</li>
<li>Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO.
Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.
In this note, we talk about the positive aspects of the deal.


Aequitas: Jio Platforms Pre-IPO - The Positives - The Long Planned Disruption

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Bharat Coking Coal Limited (BCCL) / Equity Capital Markets

Bharat Coking Coal Limited (BCCL) (7535956Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> raised about US$119m in its India IPO in Jan 2026. The lockup on its promoter, Coal India is set to expire soon.</li>
<li>BCCL is a Coal India subsidiary engaged in mining of coking coal, producing grades of coking coal, non-coking coal, and washed coal, primarily for use in steel and power sectors.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Bharat Coking Coal Limited (BCCL) (7535956Z IN) raised about US$119m in its India IPO in Jan 2026. The lockup on its promoter, Coal India is set to expire soon.
BCCL is a Coal India subsidiary engaged in mining of coking coal, producing grades of coking coal, non-coking coal, and washed coal, primarily for use in steel and power sectors.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Bharat Coking Coal Ltd IPO Lockup - US$1.3bn Lockup Release; Near-Term Selldown Unlikely

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> is looking to raise upto US$2.5bn in its India IPO. </li>
<li>NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.</li>
<li>In this note, we look at the company’s past performance and other deal dynamics.</li>
</ul>



National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO. 
NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
In this note, we look at the company’s past performance and other deal dynamics.


Aequitas: NSE Pre-IPO - Dominance Has Only Grown

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Thematic (Sector/Industry)

<p>The global market sentiments are in agony lately due to the vicious Covid-19 which is yet to loom in many geographies. Moreover, the fact that the Indian indices are burning coupled with lack of a stern banking system simply aids in the macroeconomic woes of the country. Through this insight, we try to figure out reasons some of the Indian heavyweight entities that could be exposed naked to the risk of bankruptcy in the wake of upcoming recession which has more chances of 'mights' than 'might nots'.</p>

The global market sentiments are in agony lately due to the vicious Covid-19 which is yet to loom in many geographies. Moreover, the fact that the Indian indices are burning coupled with lack of a stern banking system simply aids in the macroeconomic woes of the country. Through this insight, we try to figure out reasons some of the Indian heavyweight entities that could be exposed naked to the risk of bankruptcy in the wake of upcoming recession which has more chances of 'mights' than 'might nots'.

High Distress Levels: Indian Companies Caught Off-Guard

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>HCL has formally inaugurated mining operations at Kendadih copper-mine in Jharkhand and launched expansion of ICC concentrator plant from 0.4 to 0.9 MTPA, targeting 2.25 lakh tonnes of annual output.</li>
<li>India imports over 90% of its copper concentrate. Domestic ore revival at Kendadih, Surda, and potentially Rakha and Chapri could partially reduce structural import dependence by FY30.</li>
<li>The mine restart is real and regulatory hurdles are clearing fast. Execution pace at the concentrator and Stage-I forest clearance for 413.5 hectares remain the near-term swing factors.</li>
</ul>


HCL has formally inaugurated mining operations at Kendadih copper-mine in Jharkhand and launched expansion of ICC concentrator plant from 0.4 to 0.9 MTPA, targeting 2.25 lakh tonnes of annual output.
India imports over 90% of its copper concentrate. Domestic ore revival at Kendadih, Surda, and potentially Rakha and Chapri could partially reduce structural import dependence by FY30.
The mine restart is real and regulatory hurdles are clearing fast. Execution pace at the concentrator and Stage-I forest clearance for 413.5 hectares remain the near-term swing factors.


All You Need to Know About Hindustan Copper: Key Triggers & Risk Ahead

India

Adani Enterprises is an Indian multinational publicly listed holding company and the flagship entity of the Adani Group. It acts as an incubator for new businesses in core sectors such as energy, logistics, and mining, which are often transitioned into independent listed entities. The company's current portfolio includes interests in airports, roads, solar manufacturing, green hydrogen, and data centers. Adani Enterprises is headquartered in Ahmedabad, India, and was founded on March 2, 1993.

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Adani Enterprises (ADE IN)

Aequitas: Jio Platforms Pre-IPO - The Positives - The Long Planned Disruption

Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Aequitas: Bharat Coking Coal Ltd IPO Lockup - US$1.3bn Lockup Release; Near-Term Selldown Unlikely

Bharat Coking Coal Ltd (BCCL) raised about US$119m in its India IPO in Jan 2026. The lockup on its promoter, Coal India is set to expire soon.

Akshat Shah

Aequitas: NSE Pre-IPO - Dominance Has Only Grown

National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO. In this note, we look at the company's past performance.

Sumeet Singh

High Distress Levels: Indian Companies Caught Off-Guard

The global market sentiments are in agony lately due to the vicious Covid-19 which is yet to loom in many geographies. Moreover, the fact that the...

Nitin Mangal

All You Need to Know About Hindustan Copper: Key Triggers & Risk Ahead

HCL launches mining operations at Kendadih copper-mine in Jharkhand, aiming to reduce India's copper import dependence by reviving domestic ore...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Jio Platforms Pre-IPO - The Positives - The Long Planned Disruption

Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Aequitas: Bharat Coking Coal Ltd IPO Lockup - US$1.3bn Lockup Release; Near-Term Selldown Unlikely

Bharat Coking Coal Ltd (BCCL) raised about US$119m in its India IPO in Jan 2026. The lockup on its promoter, Coal India is set to expire soon.

Akshat Shah

Aequitas: NSE Pre-IPO - Dominance Has Only Grown

National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO. In this note, we look at the company's past performance.

Sumeet Singh

High Distress Levels: Indian Companies Caught Off-Guard

The global market sentiments are in agony lately due to the vicious Covid-19 which is yet to loom in many geographies. Moreover, the fact that the...

Nitin Mangal

All You Need to Know About Hindustan Copper: Key Triggers & Risk Ahead

​HCL launches mining operations at Kendadih copper-mine in Jharkhand, aiming to reduce India's copper import dependence by reviving domestic ore...

Sudarshan Bhandari

HCL launches mining operations at Kendadih copper-mine in Jharkhand, aiming to reduce India's copper import dependence by reviving domestic ore...