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

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

Thematic (Sector/Industry)

<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

<ul>
<li>Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.</li>
<li>For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.</li>
<li>The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.</li>
</ul>


Middle East tensions have increased the risk of Brent crude moving toward USD 85-90 per barrel in the near term.
For India, every USD 10 rise in crude can add around 30 bps to inflation and widen the current account deficit.
The impact will vary by sector. Upstream oil companies benefit, while oil-intensive sectors face margin pressure if prices stay elevated.


Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>Post-Holiday liquidity provided the spark, but the decisive catalyst is rising blast furnace ramp-ups, pointing to improving steel demand fundamentals across China.</li>
<li>BHP lifted iron ore output despite CMRG restrictions, with management confident a workable solution will emerge. </li>
<li>Managed money participants turning net short in iron ore reflects growing downside conviction, as investors question whether demand can absorb still-ample supply.</li>
</ul>


Post-Holiday liquidity provided the spark, but the decisive catalyst is rising blast furnace ramp-ups, pointing to improving steel demand fundamentals across China.
BHP lifted iron ore output despite CMRG restrictions, with management confident a workable solution will emerge. 
Managed money participants turning net short in iron ore reflects growing downside conviction, as investors question whether demand can absorb still-ample supply.


Iron Ore Tug-Of-War: China Liquidity Return Vs. Managed Money Short Buildup

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India has committed INR 50,000 crore to inland waterways, with a 48% budget spike in 2026, yet the critical dredging and "pre-dredging" tech layer remains largely ignored by private capital.</li>
<li>Achieving the 2047 goal of doubling waterway freight to 12% is physically impossible without solving chronic siltation and data opacity that currently inflates project costs by over 70%.</li>
<li>This insight explores the disconnect between massive infrastructure outlays and the lack of specialized tech, identifying high-alpha opportunities in autonomous dredging, sediment circularity, and real-time draft monitoring.</li>
</ul>


India has committed INR 50,000 crore to inland waterways, with a 48% budget spike in 2026, yet the critical dredging and "pre-dredging" tech layer remains largely ignored by private capital.
Achieving the 2047 goal of doubling waterway freight to 12% is physically impossible without solving chronic siltation and data opacity that currently inflates project costs by over 70%.
This insight explores the disconnect between massive infrastructure outlays and the lack of specialized tech, identifying high-alpha opportunities in autonomous dredging, sediment circularity, and real-time draft monitoring.


Dredging: Niche Business in India’s Marine Opportunity

India

Adani Ports and Special Economic Zone Limited (APSEZ) is India's largest private port operator and an integrated transport utility. The company develops, operates, and maintains port infrastructure, offering services for various cargo types including dry bulk, liquid, crude, and containers, along with comprehensive logistics solutions. APSEZ is headquartered in Ahmedabad, Gujarat, and was founded in 1998.

Adani Ports & Special Economic Zone (ADSEZ IN)

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Adani Ports & Special Economic Zone (ADSEZ 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

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

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

Iron Ore Tug-Of-War: China Liquidity Return Vs. Managed Money Short Buildup

Iron ore futures slipped by 1.4% last week, then rebounded after blast furnaces ramp up and post-holiday liquidity push. Still, the narrative is...

Mint Finance

Dredging: Niche Business in India’s Marine Opportunity

India's inland waterways receive significant funding, but lack of investment in critical dredging technology hinders achieving freight goals and...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

Event Driven- Middle East Volatility: How Indian Sectors Respond to Higher Crude

​Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

Sudarshan Bhandari

Iron Ore Tug-Of-War: China Liquidity Return Vs. Managed Money Short Buildup

Iron ore futures slipped by 1.4% last week, then rebounded after blast furnaces ramp up and post-holiday liquidity push. Still, the narrative is...

Mint Finance

Dredging: Niche Business in India’s Marine Opportunity

​India's inland waterways receive significant funding, but lack of investment in critical dredging technology hinders achieving freight goals and...

Nimish Maheshwari

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

Middle East tensions may push Brent crude towards $85-90/barrel, posing inflation and current account deficit risks for India, with varying...

India's inland waterways receive significant funding, but lack of investment in critical dredging technology hinders achieving freight goals and...