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

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul>
<li>NextDC in Australia has announced a significant $1.6 billion capital plan, with La Caisse increasing its investment stake.</li>
<li>In Singapore, SingHaiyi acquired a condo site for $692 million after its tender received no bids, indicating market challenges.</li>
<li>Dexus has paused its $780 million Melbourne tower project due to a sluggish office market, reflecting broader issues in the APAC real estate sector.</li>
</ul>


NextDC in Australia has announced a significant $1.6 billion capital plan, with La Caisse increasing its investment stake.
In Singapore, SingHaiyi acquired a condo site for $692 million after its tender received no bids, indicating market challenges.
Dexus has paused its $780 million Melbourne tower project due to a sluggish office market, reflecting broader issues in the APAC real estate sector.


Asia Real Estate Tracker (21-Apr-2026): Australia's NextDC announces $1.6B capital plan.

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

<ul>
<li>An individual alleged the Adani Group engaged in bid rigging and abused market dominance to win a massive 2019 SECI solar tender. </li>
<li>The CCI completely dismissed the case since Adani lacks market dominance, procuring agencies can set rules, and there was zero cartelisation evidence.</li>
<li>This clear regulatory dismissal immediately triggered a surge in their stock prices, removing institutional anxiety and allowing focus on future execution.
</li>
</ul>


An individual alleged the Adani Group engaged in bid rigging and abused market dominance to win a massive 2019 SECI solar tender. 
The CCI completely dismissed the case since Adani lacks market dominance, procuring agencies can set rules, and there was zero cartelisation evidence.
This clear regulatory dismissal immediately triggered a surge in their stock prices, removing institutional anxiety and allowing focus on future execution.



The Adani Group Clearance: Deconstructing the CCI Verdict and What It Means for the Conglomerate

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India's PFBR at Kalpakkam achieved first criticality on April 6, 2026, marking the formal entry into Stage 2 of its three-stage nuclear programme.</li>
<li>India becomes only the second country after Russia to operate a commercial-scale fast breeder reactor, unlocking a pathway to its 508,000-tonne thorium reserve.</li>
<li>With the SHANTI Act, a Rs 20,000 crore SMR mission, and 100 GW nuclear ambitions by 2047, this milestone triggers a multi-decade capital deployment cycle.</li>
</ul>


India's PFBR at Kalpakkam achieved first criticality on April 6, 2026, marking the formal entry into Stage 2 of its three-stage nuclear programme.
India becomes only the second country after Russia to operate a commercial-scale fast breeder reactor, unlocking a pathway to its 508,000-tonne thorium reserve.
With the SHANTI Act, a Rs 20,000 crore SMR mission, and 100 GW nuclear ambitions by 2047, this milestone triggers a multi-decade capital deployment cycle.


India's Nuclear Sector: PFBR Achieved Criticality in Stage-2

<ul><li>Caisse has invested $693 million in Australia's NextDC, marking its first foray into the Asia-Pacific data center sector.</li><li>Blackstone has raised $10 billion for a global credit fund, reflecting strong demand for private debt in the market.</li><li>In Greater Seoul, Qube has started building a new warehouse, while a joint venture has bid $476 million for a site in Singapore.</li></ul>

Caisse has invested $693 million in Australia's NextDC, marking its first foray into the Asia-Pacific data center sector.Blackstone has raised $10 billion for a global credit fund, reflecting strong demand for private debt in the market.In Greater Seoul, Qube has started building a new warehouse, while a joint venture has bid $476 million for a site in Singapore.

Asia Real Estate Tracker (08-Apr-2026): Caisse invests $693M in Australia’s NextDC data center.

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: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Asia Real Estate Tracker (21-Apr-2026): Australia's NextDC announces $1.6B capital plan.

Australia's NextDC announces a $1.6B capital plan, while SingHaiyi acquires a condo site for $692M; Dexus pauses a $780M project amid market...

Asia Real Estate Tracker

The Adani Group Clearance: Deconstructing the CCI Verdict and What It Means for the Conglomerate

Allegations of bid rigging against Adani Group dismissed by CCI, leading to surge in stock prices and renewed focus on future execution.

Sudarshan Bhandari

India's Nuclear Sector: PFBR Achieved Criticality in Stage-2

India's PFBR achieves first criticality, marking entry into Stage 2 of nuclear programme, unlocking pathway to thorium reserve and triggering...

Nimish Maheshwari

Asia Real Estate Tracker (08-Apr-2026): Caisse invests $693M in Australia’s NextDC data center.

Caisse invests $693 million in Australia's NextDC, Blackstone raises $10 billion for a credit fund, and notable real estate deals unfold across the...

Asia Real Estate Tracker

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Market Cap (USDm)

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Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Asia Real Estate Tracker (21-Apr-2026): Australia's NextDC announces $1.6B capital plan.

Australia's NextDC announces a $1.6B capital plan, while SingHaiyi acquires a condo site for $692M; Dexus pauses a $780M project amid market...

Asia Real Estate Tracker

The Adani Group Clearance: Deconstructing the CCI Verdict and What It Means for the Conglomerate

​Allegations of bid rigging against Adani Group dismissed by CCI, leading to surge in stock prices and renewed focus on future execution.

Sudarshan Bhandari

India's Nuclear Sector: PFBR Achieved Criticality in Stage-2

​India's PFBR achieves first criticality, marking entry into Stage 2 of nuclear programme, unlocking pathway to thorium reserve and triggering...

Nimish Maheshwari

Asia Real Estate Tracker (08-Apr-2026): Caisse invests $693M in Australia’s NextDC data center.

Caisse invests $693 million in Australia's NextDC, Blackstone raises $10 billion for a credit fund, and notable real estate deals unfold across the...

Asia Real Estate Tracker

Allegations of bid rigging against Adani Group dismissed by CCI, leading to surge in stock prices and renewed focus on future execution.

India's PFBR achieves first criticality, marking entry into Stage 2 of nuclear programme, unlocking pathway to thorium reserve and triggering...