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

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is looking to raise up to US$3.75bn in its upcoming India IPO.</li>
<li>Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.</li>
<li>We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about valuations.</li>
</ul>



Jio Platforms is looking to raise up to US$3.75bn in its upcoming India IPO.
Jio Platforms Ltd (JPL) is a technology and digital services platform company promoted by Reliance Industries, built on a proprietary digital technology stack and pan-India connectivity infrastructure.
We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about valuations.


Aequitas: Jio Platforms Pre-IPO - Thoughts on Valuations

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Bagmane Prime Office REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bagmane-prime-office-reit" target="_blank" data-smartkarma-citation="entities:46266:1" rel="noopener">Bagmane Prime Office REIT (BPOR IN)</a> plans to raise around US$440m in its upcoming India IPO. It owns and manages premium Grade A+ business parks located in Bengaluru.</li>
<li>It represents a high-quality, institutionally-managed office REIT with strong asset quality, near-full occupancy, and embedded rental upside. Its balance sheet and acquisition pipeline provide support with moderate growth potential.</li>
<li>In this note, we talk about the firm’s historical performance.</li>
</ul>



Bagmane Prime Office REIT (BPOR IN) plans to raise around US$440m in its upcoming India IPO. It owns and manages premium Grade A+ business parks located in Bengaluru.
It represents a high-quality, institutionally-managed office REIT with strong asset quality, near-full occupancy, and embedded rental upside. Its balance sheet and acquisition pipeline provide support with moderate growth potential.
In this note, we talk about the firm’s historical performance.


Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

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

<ul>
<li>Q3 FY26 revenue crashed 55% YoY to INR 470 crore; market share collapsed from 35% in 2024 to under 4% in February 2026.</li>
<li>India's E2W market expanded 45.6% YoY to 1,11,709 units in Feb 2026. Ola Electric, once the undisputed #1, sold just 3,968 units, ranking 6th behind TVS, Bajaj, Ather, Hero etc. </li>
<li>Ola Electric is shrinking in a growing market. The structural reset- store closures, layoffs, and a breakeven target revised thrice downward, signals execution failure, not a temporary blip.</li>
</ul>


Q3 FY26 revenue crashed 55% YoY to INR 470 crore; market share collapsed from 35% in 2024 to under 4% in February 2026.
India's E2W market expanded 45.6% YoY to 1,11,709 units in Feb 2026. Ola Electric, once the undisputed #1, sold just 3,968 units, ranking 6th behind TVS, Bajaj, Ather, Hero etc. 
Ola Electric is shrinking in a growing market. The structural reset- store closures, layoffs, and a breakeven target revised thrice downward, signals execution failure, not a temporary blip.


Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company (UCL IN)</a> (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> since its IPO has been under scanner. The management presented a very optimistic narrative in Q1FY26, hoping to turn tides, increase volumes, along with better profitability.</li>
<li>As things stand, volumes continue to hit new lows, market share continues to tumble and the new narrative of Auto EBITDA positive could possibly be an eye wash.</li>
<li>The company’s strategic mismanagement is unmasked and and with internal controls disappearing . Ultimately, the promoter sell off could be a final nail in the coffin.</li>
</ul>



Ola Electric (OLAELEC IN) since its IPO has been under scanner. The management presented a very optimistic narrative in Q1FY26, hoping to turn tides, increase volumes, along with better profitability.
As things stand, volumes continue to hit new lows, market share continues to tumble and the new narrative of Auto EBITDA positive could possibly be an eye wash.
The company’s strategic mismanagement is unmasked and and with internal controls disappearing . Ultimately, the promoter sell off could be a final nail in the coffin.


2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

India

Ather Energy Private Limited manufactures and sells electric scooters. The Company offers scooters and related accessories, and also manages two wheeler fast charging grid network. Ather Energy serves customers in India.

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Ather Energy (1207922D IN)

Aequitas: Jio Platforms Pre-IPO - Thoughts on Valuations

Jio Platforms is looking to raise up to US$3.75bn in its upcoming India IPO. We have looked at the past performance in our earlier notes, In this...

Sumeet Singh

Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

Bagmane Prime Office Reit (BPOR) plans to raise around US$440m in its upcoming India IPO. In this note, we talk about the firm’s historical...

Akshat Shah

Ola Electric: Balloon or Only Air?

Ola Electric's revenue crashed 55% YoY to INR 470 crore in Q3 FY26, with market share collapsing to under 4% in February 2026 as the company...

Nimish Maheshwari

Aequitas: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Jio Platforms Pre-IPO - Thoughts on Valuations

Jio Platforms is looking to raise up to US$3.75bn in its upcoming India IPO. We have looked at the past performance in our earlier notes, In this...

Sumeet Singh

Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

Bagmane Prime Office Reit (BPOR) plans to raise around US$440m in its upcoming India IPO. In this note, we talk about the firm’s historical...

Akshat Shah

Ola Electric: Balloon or Only Air?

​Ola Electric's revenue crashed 55% YoY to INR 470 crore in Q3 FY26, with market share collapsing to under 4% in February 2026 as the company...

Nimish Maheshwari

Aequitas: Urban Company IPO Lockup - US$1bn Release for >57% of the Stock

Urban Company (UCL IN) (UC) raised around US$220m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

​Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Nitin Mangal

Ola Electric's revenue crashed 55% YoY to INR 470 crore in Q3 FY26, with market share collapsing to under 4% in February 2026 as the company...

Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...