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

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise up to US$400m in its upcoming India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise up to US$400m in its upcoming India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
In this note, we talk about the positive aspects of the deal.


Anthem Biosciences Pre-IPO - The Positives - Portfolio Expansion, Increasing Capacity to Fuel Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a> is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.</li>
<li>The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.</li>
</ul>



Bank Of Baroda (BOB IN) is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).
In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.
The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.


Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Rosita Fernandes

PMEA Solar Tech Solutions Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pmea-solar-tech-solutions-limited" target="_blank" data-smartkarma-citation="entities:44469:1" rel="noopener">PMEA Solar Tech Solutions Limited (0991151D IN)</a> (PSTSL) is planning to raise about US$116m through its upcoming India IPO. </li>
<li>PSTSL specializes in manufacturing solar equipments, primarily focusing on module mounting assemblies and rolled products. Its other business includes manufacturing automotive components and other products.</li>
<li>The company held an estimated market share of 9% of the overall domestic market for solar tracking and mounting products used in solar trackers, as per CRISIL Report.</li>
</ul>



PMEA Solar Tech Solutions Limited (0991151D IN) (PSTSL) is planning to raise about US$116m through its upcoming India IPO. 
PSTSL specializes in manufacturing solar equipments, primarily focusing on module mounting assemblies and rolled products. Its other business includes manufacturing automotive components and other products.
The company held an estimated market share of 9% of the overall domestic market for solar tracking and mounting products used in solar trackers, as per CRISIL Report.


PMEA Solar Pre-IPO - Strong Revenue Growth Paired With Shrinking Efficiency And High Debt

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Premier Energies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies</a> raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.</li>
<li>Premier Energies is a manufacturer of solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Premier Energies raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.
Premier Energies is a manufacturer of solar photovoltaic (PV) cells, and solar modules. It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&amp;M) services
In this note, we will talk about the lockup dynamics and possible placement.


Premier Energies US$825m IPO Lockup - The Largest Seller in the IPO Is Sitting on 48x Gains

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With the review period now complete, there could be 7 changes (including 2 migrations) for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> in March.</li>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> and <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> are a hair's breadth apart on market cap and only one of them could be added to the index.</li>
<li>With quantitative criteria now being used to add stocks to the F&amp;O segment, it is possible there is no change to the index methodology to limit inclusion to F&amp;O members.</li>
</ul>


With the review period now complete, there could be 7 changes (including 2 migrations) for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in March.

Bajaj Housing Finance (BHF IN) and Swiggy (SWIGGY IN) are a hair's breadth apart on market cap and only one of them could be added to the index.
With quantitative criteria now being used to add stocks to the F&amp;O segment, it is possible there is no change to the index methodology to limit inclusion to F&amp;O members.


NIFTY NEXT50 Index Rebalance Preview: Final List of Potential Changes in March

India

Adani Power Ltd is a power project development company. The Company develops, operates and maintains power projects in India.

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Adani Power (ADANI IN)

Anthem Biosciences Pre-IPO - The Positives - Portfolio Expansion, Increasing Capacity to Fuel Growth

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

PMEA Solar Pre-IPO - Strong Revenue Growth Paired With Shrinking Efficiency And High Debt

PMEA Solar Tech Solutions Limited is set to raise $116m in India IPO, specializing in solar equipment manufacturing with 9% market share in...

Rosita Fernandes

Premier Energies US$825m IPO Lockup - The Largest Seller in the IPO Is Sitting on 48x Gains

Premier Energies raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.

Sumeet Singh

NIFTY NEXT50 Index Rebalance Preview: Final List of Potential Changes in March

There could be 7 changes for the NIFTYJR in March. The forecast adds have underperformed since the start of the year as momentum has sold off....

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Anthem Biosciences Pre-IPO - The Positives - Portfolio Expansion, Increasing Capacity to Fuel Growth

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

PMEA Solar Pre-IPO - Strong Revenue Growth Paired With Shrinking Efficiency And High Debt

​PMEA Solar Tech Solutions Limited is set to raise $116m in India IPO, specializing in solar equipment manufacturing with 9% market share in...

Rosita Fernandes

Premier Energies US$825m IPO Lockup - The Largest Seller in the IPO Is Sitting on 48x Gains

Premier Energies raised around US$337m after pricing the deal at the top end of the range in Sep 2024. Its IPO linked lockup is set to expire soon.

Sumeet Singh

NIFTY NEXT50 Index Rebalance Preview: Final List of Potential Changes in March

There could be 7 changes for the NIFTYJR in March. The forecast adds have underperformed since the start of the year as momentum has sold off....

Brian Freitas

PMEA Solar Tech Solutions Limited is set to raise $116m in India IPO, specializing in solar equipment manufacturing with 9% market share in...