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 Shinsei Bank / Equity Capital Markets

<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, busy season remains in full swing going into the year end.</li>
<li>On the placements front, there were a few large deals and looked at some of the upcoming likely deals.</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, busy season remains in full swing going into the year end.
On the placements front, there were a few large deals and looked at some of the upcoming likely deals.


ECM Weekly (8 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-maharashtra" target="_blank" data-smartkarma-citation="entities:16651:1" rel="noopener">Bank of Maharashtra (BOMH IN)</a> , <a href="https://www.smartkarma.com/entities/samvardhana-motherson-international-ltd" target="_blank" data-smartkarma-citation="entities:10662:1" rel="noopener">Samvardhana Motherson International Ltd (MOTHERSO IN)</a> and <a href="https://www.smartkarma.com/entities/cyient-ltd" target="_blank" data-smartkarma-citation="entities:17956:1" rel="noopener">Cyient Ltd (CYL IN) </a>. have announced major initiatives spanning branch expansion, localization, and semiconductor investments.</li>
<li>Each company is adopting targeted strategies to strengthen funding models, tap into tech-led growth, and diversify revenue streams.</li>
<li>These updates reflect a broad focus on operational efficiency, capital discipline, and long-term growth across sectors like finance, auto, and semiconductors.</li>
</ul>



Bank of Maharashtra (BOMH IN) , Samvardhana Motherson International Ltd (MOTHERSO IN) and Cyient Ltd (CYL IN) . have announced major initiatives spanning branch expansion, localization, and semiconductor investments.
Each company is adopting targeted strategies to strengthen funding models, tap into tech-led growth, and diversify revenue streams.
These updates reflect a broad focus on operational efficiency, capital discipline, and long-term growth across sectors like finance, auto, and semiconductors.


Thematic (Sector/Industry)

<ul>
<li>The Indian government is actively considering a new wave of PSB consolidation, headlined by a potential merger of Union Bank of India and Bank of India, alongside selective privatisation.</li>
<li>This signals a strategic shift from post-NPA crisis management to building globally competitive banks, which could fundamentally alter the sector's competitive landscape and credit capacity.</li>
<li>With PSBs on their strongest footing in a decade, this consolidation round has a higher chance of success, forcing investors to re-evaluate the long-term structure of Indian banking.</li>
</ul>


The Indian government is actively considering a new wave of PSB consolidation, headlined by a potential merger of Union Bank of India and Bank of India, alongside selective privatisation.
This signals a strategic shift from post-NPA crisis management to building globally competitive banks, which could fundamentally alter the sector's competitive landscape and credit capacity.
With PSBs on their strongest footing in a decade, this consolidation round has a higher chance of success, forcing investors to re-evaluate the long-term structure of Indian banking.


Thematic Report on PSB Consolidation 2.0: UBI-BoI Merger Signals India's Push for Global-Scale Banks

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ (strongest in the past 10 quarters)</li><li>The EBIT margin expanded by 108bps QoQ to 12.1%, marking the eighth consecutive quarter of margin expansion and underscoring the deep operational discipline instilled under Project Fortius</li><li>Margin improvement was driven primarily by gains in fixed-price project productivity, currency benefits, volume growth, and SG&amp;A optimization efforts</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ (strongest in the past 10 quarters)The EBIT margin expanded by 108bps QoQ to 12.1%, marking the eighth consecutive quarter of margin expansion and underscoring the deep operational discipline instilled under Project FortiusMargin improvement was driven primarily by gains in fixed-price project productivity, currency benefits, volume growth, and SG&amp;A optimization effortsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance...

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance, ICICI Prudential Life...

India

Bank of Maharashtra Ltd. provides a full range of banking services throughout India. The Group's activities include retail banking, commercial and personal banking, investment management, treasury & NRI services, cash management and assorted ATM facilities. Bank of Maharashtra also sponsors regional rural banks jointly with the Central Government and State Government.

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Bank of Maharashtra (BOMH IN)

ECM Weekly (8 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy

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

#2 Leadership Bytes(08-Apr-25)

Bank of Maharashtra, Samvardhana Motherson International Ltd, and Cyient announce strategic initiatives for branch expansion, localization, and...

Sudarshan Bhandari

Thematic Report on PSB Consolidation 2.0: UBI-BoI Merger Signals India's Push for Global-Scale Banks

Indian government mulls PSB consolidation with potential Union Bank of India and Bank of India merger, signaling shift to building globally...

Sudarshan Bhandari

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance...

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ...

HDFC Securities

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance, ICICI Prudential Life...

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (8 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, 3SBio, Swiggy

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

#2 Leadership Bytes(08-Apr-25)

​Bank of Maharashtra, Samvardhana Motherson International Ltd, and Cyient announce strategic initiatives for branch expansion, localization, and...

Sudarshan Bhandari

Thematic Report on PSB Consolidation 2.0: UBI-BoI Merger Signals India's Push for Global-Scale Banks

​Indian government mulls PSB consolidation with potential Union Bank of India and Bank of India merger, signaling shift to building globally...

Sudarshan Bhandari

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance...

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ...

HDFC Securities

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance, ICICI Prudential Life...

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ...

HDFC Securities

Bank of Maharashtra, Samvardhana Motherson International Ltd, and Cyient announce strategic initiatives for branch expansion, localization, and...

Indian government mulls PSB consolidation with potential Union Bank of India and Bank of India merger, signaling shift to building globally...