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

CleanMax Enviro Energy Solutions Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) is looking to raise US$586m in its upcoming India IPO.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise US$586m in its upcoming India IPO.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In this note, we talk about the positive aspects of the deal.


CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>We recommend cutting loss on STEG19 with a return of -7.6%, while opening new positions in GOOG80 and POPMART80.</li><li>The average return of the KTX DR Tactical Picks portfolio rose 1.04% from the previous day, driven by a rebound in global equities amid signs of easing trade tensions between the US and China.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend cutting loss on STEG19 with a return of -7.6%, while opening new positions in GOOG80 and POPMART80.The average return of the KTX DR Tactical Picks portfolio rose 1.04% from the previous day, driven by a rebound in global equities amid signs of easing trade tensions between the US and China.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - October 16, 2025 (Eng.)

<ul><li>We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE) listed on Euronext Milan.</li><li>The KTX DR Tactical Picks portfolio delivered an average return of +0.84% from the previous day, supported by a rally in US technology stocks after NVIDIA surged to a new record high.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE) listed on Euronext Milan.The KTX DR Tactical Picks portfolio delivered an average return of +0.84% from the previous day, supported by a rally in US technology stocks after NVIDIA surged to a new record high.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - October 3, 2025 (Eng.)

<ul><li>For KTX Tactical DR Picks today, we recommend closing positions in ESTEE80, MITSU19, and MS06, which delivered returns of +0.8%, –3.3%, and –0.3%, respectively.</li><li>The average return of the underlying securities in the portfolio slipped –0.23% from the previous day, amid concerns over the US government shutdown.</li><li>Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.</li></ul>

For KTX Tactical DR Picks today, we recommend closing positions in ESTEE80, MITSU19, and MS06, which delivered returns of +0.8%, –3.3%, and –0.3%, respectively.The average return of the underlying securities in the portfolio slipped –0.23% from the previous day, amid concerns over the US government shutdown.Our study using the KTX Fundamental USDTHB Tracker shows that the baht is on an appreciating trend, posing FX risks for overseas investments, including DRs.

KTX TACTICAL DR PICKS - October 2, 2025 (Eng.)

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>OpenAI, Samsung &amp; SK Hynix Lock In Memory Pact — Taiwan Next Stop</li>
<li>MediaTek’s Major ASIC Ambitions Face Delays from Some Key Clients</li>
<li>TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node </li>
</ul>


OpenAI, Samsung &amp; SK Hynix Lock In Memory Pact — Taiwan Next Stop
MediaTek’s Major ASIC Ambitions Face Delays from Some Key Clients
TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node 


Taiwan Tech Weekly: OpenAI to Consume Nearly Half of Global DRAM; Why TSMC 2nm Will Be A Blockbuster

United States

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOGL US)

CleanMax Enviro Energy Solutions Pre-IPO- The Positives- Scalable Growth with Strong Market Position

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

KTX Tactical DR Picks - October 16, 2025 (Eng.)

The average return of the KTX DR Tactical Picks portfolio rose 1.04% from the previous day, driven by a rebound in global equities amid signs of...

Krungthai XSpring

KTX TACTICAL DR PICKS - October 3, 2025 (Eng.)

We recommend cutting loss on XIAOMI80 after the holding-period return fell 6.6%, and switching into FERRARI80, a DR referencing Ferrari N.V. (RACE)...

Krungthai XSpring

KTX TACTICAL DR PICKS - October 2, 2025 (Eng.)

For KTX Tactical DR Picks today, we recommend closing positions in ESTEE80, MITSU19, and MS06, which delivered returns of +0.8%, –3.3%, and –0.3%,...

Krungthai XSpring

Taiwan Tech Weekly: OpenAI to Consume Nearly Half of Global DRAM; Why TSMC 2nm Will Be A Blockbuster

OpenAI, Samsung, and SK Hynix are forming alliances in the memory industry, while MediaTek faces delays in its ASIC ambitions and TSMC's N2 node is...

Vincent Fernando, CFA

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