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

Clean Max Enviro Energy Solutions / Equity Capital Markets

Clean Max Enviro Energy Solutions (CLEANMAX IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) raised around US$342m in its India IPO. </li>
<li>CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) raised around US$342m in its India IPO. 
CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas : CleanMax Enviro Energy Solutions IPO Trading - Decent Anchor but IPO Undersubscribed

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a>(CEESL) is looking to raise around US$342m in its India IPO. The IPO has been downsized from its initial planned raising of around US$586m.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN)(CEESL) is looking to raise around US$342m in its India IPO. The IPO has been downsized from its initial planned raising of around US$586m.
CEESL is a provider of commercial and industrial renewable energy, which specializes in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: CleanMax Enviro Energy Solutions IPO- RHP Updates, Peer Comp and Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Vikram Solar (0490158D IN) raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> (IML) is looking to raise about US$750m in its upcoming India IPO.</li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>In this note, In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$750m in its upcoming India IPO.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
In this note, In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Indo-MIM Pre-IPO - The Negatives - Capex-Driven Returns to Monitor

JSW Cement Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> raised around US$410m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



JSW Cement Limited (9858514Z IN) raised around US$410m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: JSW Cement IPO Lockup Expiry - US$180m Lockup Release, But Shares Have Traded Down

India

Bajaj Finserv Ltd. is currently engaged in life insurance; general insurance and consumer finance businesses and has plans to expand its business by offering a wide array of financial products and services in India. The Company is also active in wind-energy generation.

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Bajaj Finserv (BJFIN IN)

Aequitas : CleanMax Enviro Energy Solutions IPO Trading - Decent Anchor but IPO Undersubscribed

CleanMax Enviro Energy Solutions Limited (CEESL) raised around US$342m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

Aequitas: CleanMax Enviro Energy Solutions IPO- RHP Updates, Peer Comp and Thoughts on Valuation

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$342m in its downsized India IPO. In this note, we talk about RHP...

Akshat Shah

Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

Vikram Solar raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk...

Akshat Shah

Aequitas: Indo-MIM Pre-IPO - The Negatives - Capex-Driven Returns to Monitor

Indo-MIM Ltd (IML) is looking to raise about US$750m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Aequitas: JSW Cement IPO Lockup Expiry - US$180m Lockup Release, But Shares Have Traded Down

JSW Cement raised around US$410m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk...

Akshat Shah

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