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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies (WAAREEEN IN)</a> raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Waaree Energies (WAAREEEN IN) raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.
Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.
In this note, we will talk about the lockup dynamics and possible placement.


Waaree Energies IPO Lockup - Lots of Individual Shareholders Own over US$2bn Worth of Stock

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we had a look at a few of the upcoming listings in Hong Kong.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> managed to do better than its last deal while <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a> didn't do too well.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we had a look at a few of the upcoming listings in Hong Kong.
On the placements front, Japan Post Bank (7182 JP) managed to do better than its last deal while Austal Ltd (ASB AU) didn't do too well.


ECM Weekly (17th Mar 2025) -JPB, Recruit, Austal, BoB, Chifeng, Guarantee, Anjoy, Softcare, AvePoint

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

Thematic (Sector/Industry)

<ul>
<li>Ashok Hinduja assures support for <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> after a steep stock fall from derivative losses, citing strong financials.</li>
<li>Adani’s Vizhinjam Port secures green clearance for expansion, positioning India to reclaim transshipment volumes lost to foreign ports.</li>
<li>India’s cotton imports may double as domestic output lags demand, forcing a shift in trade dynamics and impacting global prices.</li>
</ul>


Ashok Hinduja assures support for Indusind Bank (IIB IN) after a steep stock fall from derivative losses, citing strong financials.
Adani’s Vizhinjam Port secures green clearance for expansion, positioning India to reclaim transshipment volumes lost to foreign ports.
India’s cotton imports may double as domestic output lags demand, forcing a shift in trade dynamics and impacting global prices.


#118 India Insight: Promoter Backs IndusInd, Adani’s Vizhinjam Port Gets Nod, Cotton Imports Surge

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

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

<ul>
<li>India's E-2W market witnessed a major shakeup in Feb-2025.<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>'s sales nosedived,causing the company to fall from the No. 1 position in January to No. 4 in February.</li>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> led the market with 21,335 units, followed by <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a> at 18,743 units and <a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a> at 11,788 units.</li>
<li>Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.</li>
</ul>


India's E-2W market witnessed a major shakeup in Feb-2025.Ola Electric (OLAELEC IN)'s sales nosedived,causing the company to fall from the No. 1 position in January to No. 4 in February.

Bajaj Auto Ltd (BJAUT IN) led the market with 21,335 units, followed by TVS Motor (TVSL IN) at 18,743 units and Ather Energy (1207922D IN) at 11,788 units.
Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.


Cards Flip: Ola’s Market Share Falls; India Electric Two-Wheeler Sales Trend – February 2025

<ul>
<li>India's E-2W witnessed strong performance in January'2025,with registrations reaching 97,680 units. While this marked a recovery from the dip in December'2024,it remained lower than peak months of March and October'2024.</li>
<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> led the market,closely followed by <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)&amp;</a><a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a>.<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a>,<a href="https://www.smartkarma.com/entities/greaves-electric-mobility-ltd-geml" target="_blank" data-smartkarma-citation="entities:44227:1" rel="noopener">Greaves Electric Mobility Ltd (GEML) (1295040D IN) </a>also showed steady growth.</li>
<li>Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.</li>
</ul>


India's E-2W witnessed strong performance in January'2025,with registrations reaching 97,680 units. While this marked a recovery from the dip in December'2024,it remained lower than peak months of March and October'2024.

Ola Electric (OLAELEC IN) led the market,closely followed by TVS Motor (TVSL IN)&amp;Bajaj Auto Ltd (BJAUT IN).Ather Energy (1207922D IN),Greaves Electric Mobility Ltd (GEML) (1295040D IN) also showed steady growth.
Market continues to be highly competitive,with top three players vying for leadership. Increasing consumer adoption,new product launches, and potential IPOs from key companies indicate dynamic year ahead for E-2W industry.


India –Electric Two-Wheeler Sales Trend – January 2025

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)

Waaree Energies IPO Lockup - Lots of Individual Shareholders Own over US$2bn Worth of Stock

Waaree Energies (WAAREEEN IN) raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

ECM Weekly (17th Mar 2025) -JPB, Recruit, Austal, BoB, Chifeng, Guarantee, Anjoy, Softcare, AvePoint

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

#118 India Insight: Promoter Backs IndusInd, Adani’s Vizhinjam Port Gets Nod, Cotton Imports Surge

Hinduja offers support to Indusind Bank amid stock fall, Adani's Vizhinjam Port gets green light for expansion, India's cotton imports set to...

Sudarshan Bhandari

India –Electric Two-Wheeler Sales Trend – January 2025

India's E-2W market saw strong performance in Jan'25, led by Ola Electric,TVS Motor & Bajaj Auto. Competition remains fierce with potential IPOs &...

Sreemant Dudhoria,CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Waaree Energies IPO Lockup - Lots of Individual Shareholders Own over US$2bn Worth of Stock

Waaree Energies (WAAREEEN IN) raised around US$514m in its India IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

ECM Weekly (17th Mar 2025) -JPB, Recruit, Austal, BoB, Chifeng, Guarantee, Anjoy, Softcare, AvePoint

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

#118 India Insight: Promoter Backs IndusInd, Adani’s Vizhinjam Port Gets Nod, Cotton Imports Surge

​Hinduja offers support to Indusind Bank amid stock fall, Adani's Vizhinjam Port gets green light for expansion, India's cotton imports set to...

Sudarshan Bhandari

Cards Flip: Ola’s Market Share Falls; India Electric Two-Wheeler Sales Trend – February 2025

​India's E-2W market saw a major shift in Feb-2025 as Ola Electric's sales plummeted. Top players compete for leadership in a dynamic industry with...

Sreemant Dudhoria,CFA

India –Electric Two-Wheeler Sales Trend – January 2025

​India's E-2W market saw strong performance in Jan'25, led by Ola Electric,TVS Motor & Bajaj Auto. Competition remains fierce with potential IPOs &...

Sreemant Dudhoria,CFA

Hinduja offers support to Indusind Bank amid stock fall, Adani's Vizhinjam Port gets green light for expansion, India's cotton imports set to...

India's E-2W market saw a major shift in Feb-2025 as Ola Electric's sales plummeted. Top players compete for leadership in a dynamic industry with...

India's E-2W market saw strong performance in Jan'25, led by Ola Electric,TVS Motor & Bajaj Auto. Competition remains fierce with potential IPOs &...