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

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the RHP updates.


Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a> raised around US$130m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of users), with 27.52% of India’s truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Blackbuck (1355652D IN) raised around US$130m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of users), with 27.52% of India’s truck operators transacting on its platform in FY24, as per Redseer.
In this note, we will talk about the lockup dynamics and possible placement.


Zinka Logistics IPO Lockup - US$530m Lockup Release; PE Investors Might Look to Book Gains

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
In this note, we talk about the company’s historical performance.


Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.</li>
<li>Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.</li>
<li>Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.</li>
</ul>


Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.
Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.
Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.


JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated

India

Adani Ports and Special Economic Zone operates a shipping port on the west coast of India.  The Company's port provides services for bulk and container cargo, crude oil, and railway and other added services.

Adani Ports & Special Economic Zone (ADSEZ IN)

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Adani Ports & Special Economic Zone (ADSEZ IN)

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Zinka Logistics IPO Lockup - US$530m Lockup Release; PE Investors Might Look to Book Gains

Zinka Logistics (Blackbuck) raised around US$130m in its India IPO in Nov 2024. Its six-month lockup will expire on 18th May 2025.

Akshat Shah

JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated

Strong growth potential through FY27, but challenges remain with bulk cargo dominating revenue and high valuation compared to peers. Promoter...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Schloss Bangalore IPO - Growth Has Softened; Corporate Structure Reorganised

Schloss Bangalore Limited (SBL) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around...

Akshat Shah

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Zinka Logistics IPO Lockup - US$530m Lockup Release; PE Investors Might Look to Book Gains

Zinka Logistics (Blackbuck) raised around US$130m in its India IPO in Nov 2024. Its six-month lockup will expire on 18th May 2025.

Akshat Shah

Belrise Industries Pre-IPO - Expansion Plans and Related Party Risks

Belrise Industries Limited is looking to raise about US$255m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated

Strong growth potential through FY27, but challenges remain with bulk cargo dominating revenue and high valuation compared to peers. Promoter...

Rahul Jain