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

SAEL Industries Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sael-industries-ltd" target="_blank" data-smartkarma-citation="entities:46005:1" rel="noopener">SAEL Industries Ltd (2600245D IN)</a> is looking to raise about US$516m in its upcoming India IPO.</li>
<li>SAEL is a vertically integrated renewable energy independent power producer in India, with capabilities spanning solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



SAEL Industries Ltd (2600245D IN) is looking to raise about US$516m in its upcoming India IPO.
SAEL is a vertically integrated renewable energy independent power producer in India, with capabilities spanning solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.
In this note, we talk about the company’s historical performance.


Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank, Eternal, InterGlobe Aviation, ICICI Bank.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank, Eternal, InterGlobe Aviation, ICICI Bank.


NIFTY Index Earning Revision (Jan): JSW Steel, Reliance Industries, State Bank of India, ITC

Executive Centre India Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/executive-centre-india-ltd" target="_blank" data-smartkarma-citation="entities:45620:1" rel="noopener">Executive Centre India Ltd (2026075D IN)</a> (ECIL) is looking to raise about US$288m in its all-primary upcoming India IPO. </li>
<li>ECIL leases Grade A office spaces and converts them into premium flexible workspaces, catering to MNCs, SMEs, and other entities across various sectors and industries.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Executive Centre India Ltd (2026075D IN) (ECIL) is looking to raise about US$288m in its all-primary upcoming India IPO. 
ECIL leases Grade A office spaces and converts them into premium flexible workspaces, catering to MNCs, SMEs, and other entities across various sectors and industries.
In this note, we talk about the company’s historical performance.


Aequitas: Executive Centre Pre-IPO - Differentiated Play on Premium Flexible Workspaces

Amagi Media Labs / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amagi-media-labs" target="_blank" data-smartkarma-citation="entities:45644:1" rel="noopener">Amagi Media Labs (1232899D IN)</a> raised around US$189m in its India IPO. AML provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.</li>
<li>AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.</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>



Amagi Media Labs (1232899D IN) raised around US$189m in its India IPO. AML provides cloud-native software infrastructure for content owners, broadcasters, and streaming platforms.
AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Amagi Media Labs IPO Trading - Healthy Demand with Decent Anchor

Bharat Coking Coal Limited (BCCL) / Equity Capital Markets

Bharat Coking Coal Limited (BCCL) (7535956Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> raised around US$119m in its all-secondary India IPO. BCCL is a subsidiary of Coal India Limited engaged primarily in mining of coking coal. </li>
<li>It produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors.</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>



Bharat Coking Coal Limited (BCCL) (7535956Z IN) raised around US$119m in its all-secondary India IPO. BCCL is a subsidiary of Coal India Limited engaged primarily in mining of coking coal. 
It produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: BCCL Ltd IPO Trading - Robust Demand for First IPO of 2026

India

Bharat Electronics Ltd. manufactures electronic communication equipment, night vision equipment such as image converter tubes, night vision binoculars, and goggles, periscopes, gunsights and tank electronics.  The Company's electronic communication products include HF/VHF transmitters, receivers, microwave radio relays, radars and other electronic components required by defense services.

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Bharat Electronics (BHE IN)

Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds

SAEL Industries Ltd is looking to raise about US$516m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

NIFTY Index Earning Revision (Jan): JSW Steel, Reliance Industries, State Bank of India, ITC

We analyzed NIFTY's consensus for Jan 2026 and highlighted changes of EPS in JSW Steel, Reliance Industries, State Bank of India, ITC, HDFC Bank,...

Ke Yan, CFA, FRM

Aequitas: Executive Centre Pre-IPO - Differentiated Play on Premium Flexible Workspaces

Executive Centre India Ltd (ECIL) is looking to raise about US$288m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Aequitas: Amagi Media Labs IPO Trading - Healthy Demand with Decent Anchor

Amagi Media Labs (AML) raised around US$189m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Aequitas: BCCL Ltd IPO Trading - Robust Demand for First IPO of 2026

Bharat Coking Coal Ltd raised around US$119m in its all-secondary India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

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