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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited (TATACAP IN)</a> is looking to list on the exchanges by selling up to INR155bn (US$1.75bn) of stock at a valuation of around INR 1,384bn (US$15.6bn).</li>
<li>The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in June 2026.</li>
<li>The stock should be added to the Large Cap segment in the AMFI Classification in January and to the Nifty Next 50 Index in March.</li>
</ul>



Tata Capital Limited (TATACAP IN) is looking to list on the exchanges by selling up to INR155bn (US$1.75bn) of stock at a valuation of around INR 1,384bn (US$15.6bn).
The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in June 2026.
The stock should be added to the Large Cap segment in the AMFI Classification in January and to the Nifty Next 50 Index in March.


Tata Capital IPO: Big Listing, Big Valuation, Small Float

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

Tata Capital Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited (TATACAP IN)</a> is looking to raise up to US$1.7bn in its upcoming India IPO.</li>
<li>Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note, we talk about the RHP updates</li>
</ul>



Tata Capital Limited (TATACAP IN) is looking to raise up to US$1.7bn in its upcoming India IPO.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
We have looked at the company's past performance in our earlier notes. In this note, we talk about the RHP updates


APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a>  is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.</li>
</ul>



WeWork India Management Ltd (1690124D IN)  is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.


WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a>  raised about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Jain Resource Recycling (2300699D IN)  raised about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

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>Our earlier insight <a href="https://www.smartkarma.com/insights/tata-capital-ipo-jinxed-by-tata-motors-finance" target="_blank" data-smartkarma-citation="insights:201451" rel="noopener">Tata Capital IPO – Jinxed by Tata Motors Finance</a> describes how post merger with Tata Motor finance,  the finance metrics of the company changed.</li>
<li>In this insight we discuss about updates from Q1FY26 results and key observations on the same.</li>
<li>This also discusses about the IPO valuation, peer comparison and our view.</li>
</ul>


Our earlier insight Tata Capital IPO – Jinxed by Tata Motors Finance describes how post merger with Tata Motor finance,  the finance metrics of the company changed.
In this insight we discuss about updates from Q1FY26 results and key observations on the same.
This also discusses about the IPO valuation, peer comparison and our view.


Tata Capital IPO : Update on Q1FY26 Financials, IPO Valuation, Peer Comparison and View

India

Bajaj Finance Limited is a financial services company that operates branches in India, which provide an assortment of financial services.

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Bajaj Finance Ltd (BAF IN)

Tata Capital IPO: Big Listing, Big Valuation, Small Float

Tata Cap is looking to raise up to US$1.75bn at a valuation of US$15.6bn. A free float of less than 15% will keep the stock out of one major global...

Brian Freitas

Tata Capital Pre-IPO - RHP Updates

Tata Capital Limited (TATACAP IN) is looking to raise up to US$1.7bn in its upcoming India IPO. In this note, we talk about the updates from its...

Sumeet Singh

WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

WeWork India is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about...

Akshat Shah

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Tata Capital IPO : Update on Q1FY26 Financials, IPO Valuation, Peer Comparison and View

Insight on Tata Capital IPO post-merger with Tata Motors Finance, including Q1FY26 results, IPO valuation, peer comparison, and our view.

Sreemant Dudhoria,CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tata Capital IPO: Big Listing, Big Valuation, Small Float

Tata Cap is looking to raise up to US$1.75bn at a valuation of US$15.6bn. A free float of less than 15% will keep the stock out of one major global...

Brian Freitas

Tata Capital Pre-IPO - RHP Updates

Tata Capital Limited (TATACAP IN) is looking to raise up to US$1.7bn in its upcoming India IPO. In this note, we talk about the updates from its...

Sumeet Singh

WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

WeWork India is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about...

Akshat Shah

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Tata Capital IPO : Update on Q1FY26 Financials, IPO Valuation, Peer Comparison and View

​Insight on Tata Capital IPO post-merger with Tata Motors Finance, including Q1FY26 results, IPO valuation, peer comparison, and our view.

Sreemant Dudhoria,CFA

Insight on Tata Capital IPO post-merger with Tata Motors Finance, including Q1FY26 results, IPO valuation, peer comparison, and our view.