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

Juniper Green Energy Ltd / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/juniper-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:45455:1" rel="noopener">Juniper Green Energy Ltd (1831458D IN)</a> is looking to raise about US$187m in its India IPO. The deal has been downsized from its earlier estimated size of over US$310m.</li>
<li>Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Juniper Green Energy Ltd (1831458D IN) is looking to raise about US$187m in its India IPO. The deal has been downsized from its earlier estimated size of over US$310m.
Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: Juniper Green Energy IPO - RHP Updates, Peer Comp and Thoughts on Valuation

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<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> is looking to raise about US$395m in its India IPO. The deal has been downsized from its earlier estimated size of US$750m.</li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Indo-MIM Ltd (1666551D IN) is looking to raise about US$395m in its India IPO. The deal has been downsized from its earlier estimated size of US$750m.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: Indo-MIM IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO.</li>
<li>Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO.
Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.
In this note, we talk about the positive aspects of the deal.


Aequitas: Jio Platforms Pre-IPO - The Positives - The Long Planned Disruption

Bharat Coking Coal Limited (BCCL) / Equity Capital Markets

Bharat Coking Coal Limited (BCCL) (7535956Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> raised about US$119m in its India IPO in Jan 2026. The lockup on its promoter, Coal India is set to expire soon.</li>
<li>BCCL is a Coal India subsidiary engaged in mining of coking coal, producing grades of coking coal, non-coking coal, and washed coal, primarily for use in steel and power sectors.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Bharat Coking Coal Limited (BCCL) (7535956Z IN) raised about US$119m in its India IPO in Jan 2026. The lockup on its promoter, Coal India is set to expire soon.
BCCL is a Coal India subsidiary engaged in mining of coking coal, producing grades of coking coal, non-coking coal, and washed coal, primarily for use in steel and power sectors.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Bharat Coking Coal Ltd IPO Lockup - US$1.3bn Lockup Release; Near-Term Selldown Unlikely

Adani Enterprises / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> is looking to raise around US$1.05bn in its qualified institutional placement (QIP). </li>
<li>The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Adani Enterprises (ADE IN) is looking to raise around US$1.05bn in its qualified institutional placement (QIP). 
The deal is well flagged, having gone through rounds of board/shareholder approvals. The QIP has also been covered by domestic media reports.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: Adani Enterprises Ltd QIP - Well Flagged US$1bn+ QIP; Rich Valuations

India

Adani Power Limited is an Indian multinational power and energy company, and a subsidiary of Adani Group. It is India's largest private thermal power producer, generating electricity through thermal and solar power plants and engaging in power trading and coal trading. The company's headquarters are in Ahmedabad, Gujarat, India, and it was founded on August 22, 1996.

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Adani Power (ADANI IN)

Aequitas: Juniper Green Energy IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Juniper Green Energy is looking to raise about US$187m in its downsized India IPO. In this note, we talk about the RHP updates and implied...

Akshat Shah

Aequitas: Indo-MIM IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Indo-MIM Ltd (IML) is looking to raise about US$395m in its India IPO, downsized from its earlier estimated size of US$750m. In this note, we talk...

Akshat Shah

Aequitas: Jio Platforms Pre-IPO - The Positives - The Long Planned Disruption

Jio Platforms (JPL) is looking to raise up to US$3.75bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Aequitas: Bharat Coking Coal Ltd IPO Lockup - US$1.3bn Lockup Release; Near-Term Selldown Unlikely

Bharat Coking Coal Ltd (BCCL) raised about US$119m in its India IPO in Jan 2026. The lockup on its promoter, Coal India is set to expire soon.

Akshat Shah

Aequitas: Adani Enterprises Ltd QIP - Well Flagged US$1bn+ QIP; Rich Valuations

Adani Enterprises Ltd (ADE IN) is looking to raise around US$1.05bn in its qualified institutional placement. In this note, we run the deal through...

Akshat Shah

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