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

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (KRT IN)</a> raised about US$550m in its India IPO in Aug 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>KRT is India's largest office REIT by gross asset value, owning and operating a portfolio of premium Grade-A office parks leased primarily to multinational tenants across key Indian office markets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Knowledge Realty Trust (KRT IN) raised about US$550m in its India IPO in Aug 2025. The lockup on its pre-IPO investors is set to expire soon.
KRT is India's largest office REIT by gross asset value, owning and operating a portfolio of premium Grade-A office parks leased primarily to multinational tenants across key Indian office markets.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Knowledge Realty Trust IPO Lockup Expiry - US$4bn+ Lockup Release

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

ICICI Prudential Asset Management Company / Equity Bottom-Up

ICICI Prudential Asset Management Company (ICICIAMC IN)

ICICI Prudential Asset Management Company

<ul>
<li>Despite the broad-based weakness in Indian equity market, insider buying in December 2025 was very strong and broad-based esp in Mid/Small cap category.</li>
<li>We highlight 60 large, mid and small cap companies that experienced insider buying during December 2025 with total transaction value of USD 95 million, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
</ul>


Despite the broad-based weakness in Indian equity market, insider buying in December 2025 was very strong and broad-based esp in Mid/Small cap category.
We highlight 60 large, mid and small cap companies that experienced insider buying during December 2025 with total transaction value of USD 95 million, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.


Insider Activity: Who Bought Their Own Stock in December?

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Housing and Urban Development Corporation / Equity Bottom-Up

Housing and Urban Development Corporation (HUDCO IN)

Housing and Urban Development Corporation

<ul>
<li>The headline Indian mid cap indices are still expensive, despite a sharp decline since late September. However, when adjusted for growth, many fundamentally attractive mid-caps are cheap.</li>
<li>We screen mid-caps with PEG&lt;1.3x, consensus Buy recommendations and increasing consensus EPS estimates over the past six months. We choose well-covered stocks so that the consensus estimates are meaningful.</li>
<li>Our basket of 20 contains six financial stocks, five materials, four industrials and three consumer discretionaries. Many pertain to the themes of renewable energy, data centers, healthcare, tourism and infrastructure.</li>
</ul>


The headline Indian mid cap indices are still expensive, despite a sharp decline since late September. However, when adjusted for growth, many fundamentally attractive mid-caps are cheap.
We screen mid-caps with PEG&lt;1.3x, consensus Buy recommendations and increasing consensus EPS estimates over the past six months. We choose well-covered stocks so that the consensus estimates are meaningful.
Our basket of 20 contains six financial stocks, five materials, four industrials and three consumer discretionaries. Many pertain to the themes of renewable energy, data centers, healthcare, tourism and infrastructure.


Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sify-technologies-ltd" target="_blank" data-smartkarma-citation="entities:37436:1" rel="noopener">Sify Technologies (SIFY US)</a> is planning a Rs. 3,000 crore IPO for its data centre subsidiary, Sify Infinite Spaces, aiming to unlock significant hidden value and realign its market valuation.</li>
<li>The IPO underscores rapid growth in India's data centre market, driven by Digital India and 5G, offering a strategic edge with lower capital costs versus global peers.</li>
<li>Investors can capitalize on a notable valuation arbitrage, as Sify’s data centre arm is vastly undervalued compared to the parent’s market cap, promising long-term upside.</li>
</ul>



Sify Technologies (SIFY US) is planning a Rs. 3,000 crore IPO for its data centre subsidiary, Sify Infinite Spaces, aiming to unlock significant hidden value and realign its market valuation.
The IPO underscores rapid growth in India's data centre market, driven by Digital India and 5G, offering a strategic edge with lower capital costs versus global peers.
Investors can capitalize on a notable valuation arbitrage, as Sify’s data centre arm is vastly undervalued compared to the parent’s market cap, promising long-term upside.


Sify Technologies: Unlocking Value with Data Centre IPO

India

Anant Raj Ltd. is a prominent Indian real estate development company engaged in the development and construction of residential townships, commercial complexes, hospitality, and affordable housing. The company has diversified into high-growth sectors such as data centers and cloud services through its subsidiary, Anant Raj Cloud Pvt. Ltd., offering colocation and sovereign cloud services. Anant Raj Ltd. was founded in 1969 and is headquartered in New Delhi, India.

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Anant Raj (ARCP IN)

Aequitas: Knowledge Realty Trust IPO Lockup Expiry - US$4bn+ Lockup Release

Blackstone is offering to sell part of its stake in KRT, up to 25.03% for ~INR119.88bn (~US$1.26bn), at a floor price of INR108/unit. The deal...

Akshat Shah

Insider Activity: Who Bought Their Own Stock in December?

Robust insider buying activity observed in the last week of December'25. Notable large names are Bajaj Finance, Supreme Industries, Acutaas...

Sreemant Dudhoria

Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...

Manishi Raychaudhuri

Sify Technologies: Unlocking Value with Data Centre IPO

Sify Technologies plans Rs. 3,000 crore IPO for data centre subsidiary, aiming to unlock hidden value and capitalize on India's growing data...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Knowledge Realty Trust IPO Lockup Expiry - US$4bn+ Lockup Release

Blackstone is offering to sell part of its stake in KRT, up to 25.03% for ~INR119.88bn (~US$1.26bn), at a floor price of INR108/unit. The deal...

Akshat Shah

Insider Activity: Who Bought Their Own Stock in December?

Robust insider buying activity observed in the last week of December'25. Notable large names are Bajaj Finance, Supreme Industries, Acutaas...

Sreemant Dudhoria

Asian Equities: Twenty Attractive and Cheap Indian Mid-Caps

​Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...

Manishi Raychaudhuri

Sify Technologies: Unlocking Value with Data Centre IPO

​Sify Technologies plans Rs. 3,000 crore IPO for data centre subsidiary, aiming to unlock hidden value and capitalize on India's growing data...

Sudarshan Bhandari

Indian midcap indices are pricey despite recent drop, but many fundamentally strong midcaps offer value when growth is factored in. Our screen on...

Sify Technologies plans Rs. 3,000 crore IPO for data centre subsidiary, aiming to unlock hidden value and capitalize on India's growing data...