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

Orkla India Ltd. / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orkla-india-ltd" target="_blank" data-smartkarma-citation="entities:45300:1" rel="noopener">Orkla India Ltd. (0752506D IN)</a> is looking to raise about US$300m in its upcoming India IPO.</li>
<li>Orkla India is a multi-category food company offering a diverse range of spices and convenience food products, catering to every meal occasion across breakfast, lunch, dinner, snacks, beverages and desserts.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Orkla India Ltd. (0752506D IN) is looking to raise about US$300m in its upcoming India IPO.
Orkla India is a multi-category food company offering a diverse range of spices and convenience food products, catering to every meal occasion across breakfast, lunch, dinner, snacks, beverages and desserts.
In this note, we talk about the company’s historical performance.


Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Lenskart Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Lenskart Solutions is looking to raise about US$1bn in its upcoming India IPO.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
In this note, we talk about the not-so-positive aspects of the deal.


Lenskart Solutions Pre-IPO - The Negatives - International Ops Largely Acquisition Driven

Canara HSBC Life Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener">Canara HSBC Life Insurance (CHLI) (2908709Z IJ)</a> raised about US$284m from its India IPO.</li>
<li>CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Canara HSBC Life Insurance (CHLI) (2908709Z IJ) raised about US$284m from its India IPO.
CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.
In this note, we will talk about the trading dynamics.


Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

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>Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.</li>
<li>The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.</li>
<li>We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.</li>
</ul>


Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.
The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.
We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.


NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> raised around US$1.3bn via selling 15% of its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a> IPO.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



LG Electronics (066570 KS) raised around US$1.3bn via selling 15% of its stake in LG Electronics India IPO.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.
We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about the trading dynamics.


LG Electronics India IPO Trading - Very Strong Subscription, Won’t Be Chasing if It Pops Too High

India

Bajaj Housing Finance Limited provides finance for housing. The Company offers loan to individuals and corporates for purchase, construction, and renovation of real estate properties. Bajaj Housing Finance serves customers in India.

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Bajaj Housing Finance (BHF IN)

Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

Orkla India has launched a smaller IPO of up to INR 16.6bn (US$190m) in a INR695–730 range. Anchor books open on 28th October, with the rest of the...

Akshat Shah

Lenskart Solutions Pre-IPO - The Negatives - International Ops Largely Acquisition Driven

Lenskart Solutions is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

Canara HSBC Life Insurance raised about US$284m from its India IPO. In this note, we will talk about the trading dynamics.

Akshat Shah

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

LG Electronics India IPO Trading - Very Strong Subscription, Won’t Be Chasing if It Pops Too High

LG Electronics (066570 KS) raised around US$1.3bn via selling 15% of its stake in LG Electronics India IPO. In this note, we talk about the trading...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

Orkla India has launched a smaller IPO of up to INR 16.6bn (US$190m) in a INR695–730 range. Anchor books open on 28th October, with the rest of the...

Akshat Shah

Lenskart Solutions Pre-IPO - The Negatives - International Ops Largely Acquisition Driven

Lenskart Solutions is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

Canara HSBC Life Insurance raised about US$284m from its India IPO. In this note, we will talk about the trading dynamics.

Akshat Shah

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

​Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

LG Electronics India IPO Trading - Very Strong Subscription, Won’t Be Chasing if It Pops Too High

LG Electronics (066570 KS) raised around US$1.3bn via selling 15% of its stake in LG Electronics India IPO. In this note, we talk about the trading...

Sumeet Singh

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...