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

SBI Funds Management / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-funds-management-ltd" target="_blank" data-smartkarma-citation="entities:48001:1" rel="noopener">SBI Funds Management</a> is looking to raise about US$1.5bn in its upcoming India IPO.</li>
<li>SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



SBI Funds Management is looking to raise about US$1.5bn in its upcoming India IPO.
SBI Funds Management is an asset management company(AMC) involved in managing mutual funds, providing portfolio management services, managing alternative investment funds and ETFs, and providing advisory services to offshore clients.
In this note, we look at the company’s past performance.


Aequitas: SBI Funds Management Pre-IPO -Parent’s Network Helps but Some Fees Are Very Low

<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> raised around US$1.7bn in its IPO in October 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</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>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Tata Capital Limited (TATACAP IN) raised around US$1.7bn in its IPO in October 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Tata Capital IPO Lockup Expiry - Will Have to Sell US$1.4bn of Stock but Has More Time Now

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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) 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

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

<ul>
<li>There are 6 changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a>, 16 changes for the NIFTY Midcap 150 Index, and 33 changes for the NIFTY Smallcap 250 Index.</li>
<li>The largest passive flows are in the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a> changes but there are a lot of active assets tracking the NIFTY Midcap 150 Index.</li>
<li>The outright adds to the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a> and the Nifty Midcap 150 Index have outperformed the outright deletes over the last few months.</li>
</ul>


There are 6 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX), 16 changes for the NIFTY Midcap 150 Index, and 33 changes for the NIFTY Smallcap 250 Index.
The largest passive flows are in the NSE Nifty Next 50 Index changes but there are a lot of active assets tracking the NIFTY Midcap 150 Index.
The outright adds to the NSE Nifty Next 50 Index and the Nifty Midcap 150 Index have outperformed the outright deletes over the last few months.


NIFTY Family Index Rebalance: Over US$1.7bn to Trade Across Indices

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the <em>next</em> 50 largest names.</li>
<li>Here we take a look at the names leading the race to become ADDs/DELs for these indices during the March 2026 index rebal event.</li>
<li>We see no changes for NIFTY 50 and five changes for NIFTY 100 (and NIFTY Next 50).</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
Here we take a look at the names leading the race to become ADDs/DELs for these indices during the March 2026 index rebal event.
We see no changes for NIFTY 50 and five changes for NIFTY 100 (and NIFTY Next 50).


Quiddity Leaderboard NIFTY Mar26: Five Changes and US$367mn One-Way Flow NIFTY Next 50

India

Bajaj Housing Finance Ltd. is a non-deposit-taking housing finance company and a subsidiary of Bajaj Finance Ltd. It offers a comprehensive mortgage product suite, including home loans, loans against property, lease rental discounting, and developer financing. The company provides finance to individuals and corporate entities for the purchase and renovation of homes or commercial spaces. Bajaj Housing Finance is headquartered in Pune, India, and was incorporated in 2008.

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Bajaj Housing Finance (BAJAJHFL IN)

Aequitas: SBI Funds Management Pre-IPO -Parent’s Network Helps but Some Fees Are Very Low

SBI Funds Management is looking to raise about US$1.5bn in its upcoming India IPO. In this note, we talk about the company's past performance.

Sumeet Singh

Aequitas: Tata Capital IPO Lockup Expiry - Will Have to Sell US$1.4bn of Stock but Has More Time Now

Tata Capital Limited (TATACAP IN) raised around US$1.7bn in its IPO in October 2025. The lockup on its promoter and pre-IPO investors is set to...

Sumeet Singh

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

NIFTY Family Index Rebalance: Over US$1.7bn to Trade Across Indices

There are plenty of changes to the NIFTY family of indices in March. The net round-trip trade across all indices is estimated at INR 157.7bn...

Brian Freitas

Quiddity Leaderboard NIFTY Mar26: Five Changes and US$367mn One-Way Flow NIFTY Next 50

These are our final expectations for ADDs/DELs for the NIFTY March 2026 index review. The reference period ended on 31st January 2026. We expect...

Janaghan Jeyakumar, CFA

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