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

<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, A/H lsitings show no signs of slowing down, despite CNY fast approaching.</li>
<li>On the placement front, Japan deals accounted for the bulk of the flows this week</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, A/H lsitings show no signs of slowing down, despite CNY fast approaching.
On the placement front, Japan deals accounted for the bulk of the flows this week


Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

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>We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.
From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.


AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

<ul>
<li>We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.


AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Aditya Infotech Ltd / Equity Capital Markets

<ul>
<li>Company operates home grown CCTV brand 'CP PLUS'. Also the sole distributor for <a href="https://www.smartkarma.com/entities/zhejiang-dahua-technology-a" target="_blank" data-smartkarma-citation="entities:1588:1" rel="noopener">Zhejiang Dahua Technology A (002236 CH)</a> in India. Dahua is also its primary components supplier.</li>
<li>Expect 15-25% revenue growth vs 16% for industry with operating margins gradually improving to 10% translating to FY26E earnings range of 20-24.</li>
<li>Company is raising 1,300cr (500cr fresh and 800cr OFS) at implied multiple of ~30x in line with valuation paid by <a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a> for its 6.5% stake.</li>
</ul>


Company operates home grown CCTV brand 'CP PLUS'. Also the sole distributor for Zhejiang Dahua Technology A (002236 CH) in India. Dahua is also its primary components supplier.
Expect 15-25% revenue growth vs 16% for industry with operating margins gradually improving to 10% translating to FY26E earnings range of 20-24.
Company is raising 1,300cr (500cr fresh and 800cr OFS) at implied multiple of ~30x in line with valuation paid by Dixon Technologies India Ltd (DIXON IN) for its 6.5% stake.


Aditya Infotech: Niche Opportunity at Fair Valuations but Concerns Lurk

Bluestone Jewellery and Lifestyle Ltd (BJL) / Equity Capital Markets

Bluestone Jewellery and Lifestyle Ltd (BJL) (0124165D IN)

Bluestone Jewellery and Lifestyle Ltd (BJL)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bluestone-jewellery-and-lifestyle-ltd-bjl" target="_blank" data-smartkarma-citation="entities:44176:1" rel="noopener">Bluestone Jewellery and Lifestyle Ltd (BJL)</a> raised around US$176m in its India IPO.</li>
<li>BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Bluestone Jewellery and Lifestyle Ltd (BJL) raised around US$176m in its India IPO.
BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Bluestone Jewellery IPO Trading - Tepid Demand

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Aditya Infotech Ltd (6596564Z IN)

Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

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

AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

36 stocks could see size reclassification in Jan. 12 new stocks could be added to Large and Mid-cap. REITs will be added to the AMFI classification...

Brian Freitas

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

Aditya Infotech: Niche Opportunity at Fair Valuations but Concerns Lurk

AIL reported 1Q26 results in line with our estimates and is on track to report FY26/27 EPS of 22/28. Mgt highlighted that the quality-related...

Himanshu Dugar

Bluestone Jewellery IPO Trading - Tepid Demand

Bluestone Jewellery and Lifestyle Ltd (BJL) raised around US$176m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

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