Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

ICICI Prudential AMC / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



ICICI Prudential AMC is looking to raise about US$1bn in its upcoming India IPO.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
In this note, we look at the company’s past performance.


ICICI Pru AMC Pre-IPO - Ticking All the Right Boxes

Samsung Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, there were a flurry of deal launches across Hong Kong and India.</li>
<li>On the placements front, while the week was rather quiet, we did have a look at the upcoming lockup release.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, there were a flurry of deal launches across Hong Kong and India.
On the placements front, while the week was rather quiet, we did have a look at the upcoming lockup release.


ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> is looking to raise up to US$736m in its upcoming India IPO.</li>
<li>Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Groww (1573648D IN) is looking to raise up to US$736m in its upcoming India IPO.
Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.
In this note, we talk about the company’s historical performance.


Groww Pre-IPO - Scaling Fast in a Competitive Market

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFC</li><li>This has been despite enjoying huge structural advantage (vs peers) like low cost of funds and liquidity backstop</li><li>In recent years, several corporates have either revived/restructured their NBFCs or acquired/set up new ones</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFCThis has been despite enjoying huge structural advantage (vs peers) like low cost of funds and liquidity backstopIn recent years, several corporates have either revived/restructured their NBFCs or acquired/set up new onesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Diversified NBFCs: Corporate sponsored NBFCs: call option at formation lap

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Tata Capital Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited (TATACAP IN)</a> is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$1.7 billion. </li>
<li>I had previously discussed the investment case in <a href="https://www.smartkarma.com/insights/tata-capital-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:197180" rel="noopener">Tata Capital IPO: The Investment Case</a>. </li>
<li>The RHP updates show that the fundamentals remain mixed. Positives include large size, mid-tier growth rates and good asset quality. Negatives include below peer average NIM, interest spread and ROA. </li>
</ul>



Tata Capital Limited (TATACAP IN) is the third-largest non-banking financial company (NBFC) in India. It is seeking to raise US$1.7 billion. 
I had previously discussed the investment case in Tata Capital IPO: The Investment Case. 
The RHP updates show that the fundamentals remain mixed. Positives include large size, mid-tier growth rates and good asset quality. Negatives include below peer average NIM, interest spread and ROA. 


Tata Capital IPO: RHP Update Points to Mixed Fundamentals

India

Aditya Birla Capital Limited (ABCL) provides financial services. The Company offers life and health insurance, private equity, corporate lending, structured finance, asset and wealth management, currency and commodity brokerage, online personal finance management, housing finance, pension funds, and other financial services. ABCL serves customers in India.

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Aditya Birla Capital Ltd (ABCAP IN)

ICICI Pru AMC Pre-IPO - Ticking All the Right Boxes

ICICI Prudential AMC is looking to raise about US$1bn in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Groww Pre-IPO - Scaling Fast in a Competitive Market

Groww is looking to raise up to US$736m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Diversified NBFCs: Corporate sponsored NBFCs: call option at formation lap

Most corporate-sponsored NBFCs have struggled to deliver consistent value creation over the past decade, barring a few exceptions such as BAF and CIFC

HDFC Securities

Tata Capital IPO: RHP Update Points to Mixed Fundamentals

Tata Capital, the third-largest non-banking financial company (NBFC), is seeking to raise US$1.7 billion. In this note, I examine the latest...

Arun George

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