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

Hexaware Technologies / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a> raised US$1bn from its India IPO in Feb 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Hexaware Technologies (HEXW IN) raised US$1bn from its India IPO in Feb 2025. The lockup on its pre-IPO investors is set to expire soon.
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
In this note, we will talk about the lockup dynamics and possible placement.


Hexaware Technologies IPO Lockup Expiry - US$2.89bn Lockup Release with Carlyle in the Money

Knowledge Realty Trust / Equity Capital Markets

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<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

JSW Cement Limited / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a>  is looking to raise about US$480m in its upcoming India IPO.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



JSW Cement Limited (9858514Z IN)  is looking to raise about US$480m in its upcoming India IPO.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
In this note, we talk about the company’s historical performance.


JSW Cement Pre-IPO - Leveraging Synergies of the JSW Group but Has High Debt

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

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<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

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)

Hexaware Technologies IPO Lockup Expiry - US$2.89bn Lockup Release with Carlyle in the Money

Hexaware Technologies raised US$1bn from its India IPO in Feb 2025. The lockup on its pre-IPO investors is set to expire soon.

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

JSW Cement Pre-IPO - Leveraging Synergies of the JSW Group but Has High Debt

JSW Cement has launched a smaller IPO of up to INR 36bn (US$412m) in a INR139–147 range, with the primary component cut down to INR 16bn from INR...

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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