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

Authum Investment & Infrastructure / Index Rebalance

Authum Investment & Infrastructure (AIIL IN)

<ul>
<li>With the review period now complete, there could be 15 changes for the NIFTY Midcap 150 Index at the March rebalance.</li>
<li>Estimated one-way turnover is 9.8% resulting in a round-trip trade of INR 26.5bn (US$290m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>Removing the newly listed stocks and upward/downward migrations, the remaining potential inclusions have outperformed the potential deletions over the last 6 months. Near-term performance has suffered.</li>
</ul>


With the review period now complete, there could be 15 changes for the NIFTY Midcap 150 Index at the March rebalance.
Estimated one-way turnover is 9.8% resulting in a round-trip trade of INR 26.5bn (US$290m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
Removing the newly listed stocks and upward/downward migrations, the remaining potential inclusions have outperformed the potential deletions over the last 6 months. Near-term performance has suffered.


NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March

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>In 2025, Indian mainboard IPOs raised approximately INR 1.83 trillion of capital.</li>
<li>In this Insight, we review our hits and misses in the Indian Primary Market with focus on companies where post issue market cap was above USD 1 billion.</li>
<li>We review the initial rationale for each company before the IPO and how it played out immediately on the listing day.</li>
</ul>


In 2025, Indian mainboard IPOs raised approximately INR 1.83 trillion of capital.
In this Insight, we review our hits and misses in the Indian Primary Market with focus on companies where post issue market cap was above USD 1 billion.
We review the initial rationale for each company before the IPO and how it played out immediately on the listing day.


2025: A Review of Our Hits and Misses in the Indian Primary Market

<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

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

Prestige Hospitality Ventures Ltd / Equity Capital Markets

Prestige Hospitality Ventures Ltd (1831338D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prestige-hospitality-ventures-ltd" target="_blank" data-smartkarma-citation="entities:45138:1" rel="noopener">Prestige Hospitality Ventures Ltd (1831338D IN)</a> is looking to raise about US$317m in its upcoming India IPO.</li>
<li>Prestige Hospitality Ventures Ltd (PHVL) is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Prestige Hospitality Ventures Ltd (1831338D IN) is looking to raise about US$317m in its upcoming India IPO.
Prestige Hospitality Ventures Ltd (PHVL) is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.
In this note, we talk about the company’s historical performance.


Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

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Anthem Biosciences (1234D IN)

NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March

There could be 15 changes in March. Estimated one-way turnover is 9.8% and round-trip trade is INR 26.5bn. With over US$43bn tracking the index...

Brian Freitas

2025: A Review of Our Hits and Misses in the Indian Primary Market

In 2025, Indian mainboard IPOs raised INR 1.83 trillion; this insight reviews our hits and misses in Indian Primary Market for companies with post...

Sreemant Dudhoria

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

Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

Prestige Hospitality Ventures is looking to raise about US$317m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March

There could be 15 changes in March. Estimated one-way turnover is 9.8% and round-trip trade is INR 26.5bn. With over US$43bn tracking the index...

Brian Freitas

2025: A Review of Our Hits and Misses in the Indian Primary Market

​In 2025, Indian mainboard IPOs raised INR 1.83 trillion; this insight reviews our hits and misses in Indian Primary Market for companies with post...

Sreemant Dudhoria

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

Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

Prestige Hospitality Ventures is looking to raise about US$317m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

In 2025, Indian mainboard IPOs raised INR 1.83 trillion; this insight reviews our hits and misses in Indian Primary Market for companies with post...