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

Amagi Media Labs / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amagi-media-labs" target="_blank" data-smartkarma-citation="entities:45644:1" rel="noopener">Amagi Media Labs (1232899D IN)</a> raised around US$189m in its India IPO. AML provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.</li>
<li>AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.</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>



Amagi Media Labs (1232899D IN) raised around US$189m in its India IPO. AML provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.
AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Amagi Media Labs IPO Trading - Healthy Demand with Decent Anchor

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Amber Enterprises India / Equity Bottom-Up

<ul>
<li>Amber Group’s electronics arm, ILJIN Electronics, has raised Rs 1,200 crore in its first-ever institutional fundraise, led by private equity firm ChrysCapital and supported by InCred Growth Partners.</li>
<li>This capital infusion accelerates ILJIN’s organic expansion &amp; supports its strategic inorganic growth ambitions, positioning the company as key beneficiary of India’s push for self-reliance under PLI and ECMS schemes.</li>
<li>The fundraise is a powerful validation of Amber’s strategic pivot towards high-growth EMS sector, paving the way for sustained, multi-year growth and a potential re-rating of the consolidated entity.</li>
</ul>


Amber Group’s electronics arm, ILJIN Electronics, has raised Rs 1,200 crore in its first-ever institutional fundraise, led by private equity firm ChrysCapital and supported by InCred Growth Partners.
This capital infusion accelerates ILJIN’s organic expansion &amp; supports its strategic inorganic growth ambitions, positioning the company as key beneficiary of India’s push for self-reliance under PLI and ECMS schemes.
The fundraise is a powerful validation of Amber’s strategic pivot towards high-growth EMS sector, paving the way for sustained, multi-year growth and a potential re-rating of the consolidated entity.


Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE

Kaynes Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.</li>
<li>The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.</li>
</ul>



Kaynes Technology India (KAYNES IN) is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).
In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.
The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.


Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>While the earnings season continues, this will be the final dedicated earnings edition.</li>
<li>For reference, the previous earnings editions are <a href="https://www.smartkarma.com/insights/week-8-namaste-india-earnings-edition-part-i" target="_blank" data-smartkarma-citation="insights:115688" rel="noopener">[Week 8] Namaste India 🙏 | Earnings Edition - Part I</a> &amp; <a href="https://www.smartkarma.com/insights/week-9-namaste-india-earnings-edition-part-ii" target="_blank" data-smartkarma-citation="insights:116224" rel="noopener">[Week 9] Namaste India 🙏 | Earnings Edition - Part II</a> </li>
<li>At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.</li>
</ul>


While the earnings season continues, this will be the final dedicated earnings edition.
For reference, the previous earnings editions are [Week 8] Namaste India 🙏 | Earnings Edition - Part I &amp; [Week 9] Namaste India 🙏 | Earnings Edition - Part II 
At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.


[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

<ul>
<li>Our earnings coverage continues for the second edition and is expected to continue for one more week.</li>
<li>At the bottom, we provide a consolidated view of all earnings tracked so far (Bullish / Bearish) and would be happy to engage on any of them.</li>
<li>We also highlight the earnings of some of the global companies that have significant operations or growth in India.</li>
</ul>


Our earnings coverage continues for the second edition and is expected to continue for one more week.
At the bottom, we provide a consolidated view of all earnings tracked so far (Bullish / Bearish) and would be happy to engage on any of them.
We also highlight the earnings of some of the global companies that have significant operations or growth in India.


[Week 9] Namaste India 🙏 | Earnings Edition - Part II

India

Amber Enterprises India is a prominent solution provider in the consumer durables and electronics manufacturing services (EMS) sectors, operating as a key Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) for the Room Air Conditioner (RAC) industry in India. The company produces both components and finished goods for the heating, ventilation, and air conditioning (HVAC) industry, and has diversified into railway subsystems, defense, and various electronics components. Its product portfolio includes RACs, commercial air conditioners, and components for other consumer durables and automobiles. The company was founded in 1990 and is headquartered in Gurugram, India.

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Amber Enterprises India (AMBER IN)

Aequitas: Amagi Media Labs IPO Trading - Healthy Demand with Decent Anchor

Amagi Media Labs (AML) raised around US$189m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE

ILJIN Electronics, part of Amber Group, secures Rs 1,200 crore in funding led by ChrysCapital, supporting its growth plans in India's electronics...

Nimish Maheshwari

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

[Week 9] Namaste India 🙏 | Earnings Edition - Part II

Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Amagi Media Labs IPO Trading - Healthy Demand with Decent Anchor

Amagi Media Labs (AML) raised around US$189m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE

​ILJIN Electronics, part of Amber Group, secures Rs 1,200 crore in funding led by ChrysCapital, supporting its growth plans in India's electronics...

Nimish Maheshwari

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

​This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

[Week 9] Namaste India 🙏 | Earnings Edition - Part II

​Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...

Pranav Bhavsar

ILJIN Electronics, part of Amber Group, secures Rs 1,200 crore in funding led by ChrysCapital, supporting its growth plans in India's electronics...

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...