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

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the not-so-positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Thematic (Sector/Industry)

<ul>
<li>
Project completions rose to Rs.1.5 trillion in March 2025, surpassing Rs.1.3 trillion in December 2024, but yearly performance lags behind 2023-24 and 2022-23.</li>
<li>
Private sector led with Rs.675 billion, while central government completed Rs.463 billion, boosted by the Rs.257 billion P-75 Submarines Project finalized in January 2025.</li>
<li>
Renewable energy dominated completions at Rs.326 billion, with Adani Green’s Rs.65 billion solar projects in Rajasthan enhancing India’s green energy capacity.</li>
</ul>



Project completions rose to Rs.1.5 trillion in March 2025, surpassing Rs.1.3 trillion in December 2024, but yearly performance lags behind 2023-24 and 2022-23.

Private sector led with Rs.675 billion, while central government completed Rs.463 billion, boosted by the Rs.257 billion P-75 Submarines Project finalized in January 2025.

Renewable energy dominated completions at Rs.326 billion, with Adani Green’s Rs.65 billion solar projects in Rajasthan enhancing India’s green energy capacity.


India’s Rs.1.5T Q4 2025 Boost: Private Sector & Renewables Lead, Yearly Lag Persists

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be two ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be two ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Some Names Are Still Close to the Border

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>India boosts PLI outlay for steel sector to Rs. 305 cr to drive innovation, exports, and counter US import tariffs.</li>
<li>
<a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> explores spinning off and listing its India arm locally to align with regulations and strengthen its position in the market.</li>
<li>UBS and HSBC expand wealth operations in India, leveraging the IPO boom to capture rising investor demand and economic momentum.</li>
</ul>


India boosts PLI outlay for steel sector to Rs. 305 cr to drive innovation, exports, and counter US import tariffs.

Amazon.com Inc (AMZN US) explores spinning off and listing its India arm locally to align with regulations and strengthen its position in the market.
UBS and HSBC expand wealth operations in India, leveraging the IPO boom to capture rising investor demand and economic momentum.


#122 India Insight: India Ups Steel PLI, Amazon Mulls Local IPO, UBS & HSBC Eye Wealth Boom

India

Adani Green Energy Limited operates as a producer of renewable energy. The Company builds, owns, and operates power plants for solar and wind energy. Adani Green Energy serves customers worldwide.


Price Gauge
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Adani Green Energy (ADANIGR IN)

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

India’s Rs.1.5T Q4 2025 Boost: Private Sector & Renewables Lead, Yearly Lag Persists

Project completions in March 2025 reached Rs.1.5 trillion, with private sector leading at Rs.675 billion and renewable energy projects dominating...

Viral Kishorchandra Shah

Quiddity Leaderboard BSE/SENSEX Jun25: Some Names Are Still Close to the Border

We expect ~US$560mn one-way flows collectively for Sensex, BSE 100, and BSE 200. Although there is only one month left in the reference period, the...

Janaghan Jeyakumar, CFA

#122 India Insight: India Ups Steel PLI, Amazon Mulls Local IPO, UBS & HSBC Eye Wealth Boom

India boosts steel sector, Amazon considers local listing in India, UBS and HSBC expand wealth operations to capitalize on IPO boom and investor...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

India’s Rs.1.5T Q4 2025 Boost: Private Sector & Renewables Lead, Yearly Lag Persists

​Project completions in March 2025 reached Rs.1.5 trillion, with private sector leading at Rs.675 billion and renewable energy projects dominating...

Viral Kishorchandra Shah

Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Some Names Are Still Close to the Border

We expect ~US$560mn one-way flows collectively for Sensex, BSE 100, and BSE 200. Although there is only one month left in the reference period, the...

Janaghan Jeyakumar, CFA

#122 India Insight: India Ups Steel PLI, Amazon Mulls Local IPO, UBS & HSBC Eye Wealth Boom

​India boosts steel sector, Amazon considers local listing in India, UBS and HSBC expand wealth operations to capitalize on IPO boom and investor...

Sudarshan Bhandari

Project completions in March 2025 reached Rs.1.5 trillion, with private sector leading at Rs.675 billion and renewable energy projects dominating...

Quiddity Leaderboard BSE/SENSEX Jun25: Some Names Are Still Close to the Border

India boosts steel sector, Amazon considers local listing in India, UBS and HSBC expand wealth operations to capitalize on IPO boom and investor...