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

<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, we had a look at a few of the upcoming listings in Hong Kong.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> managed to do better than its last deal while <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a> didn't do too well.</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, we had a look at a few of the upcoming listings in Hong Kong.
On the placements front, Japan Post Bank (7182 JP) managed to do better than its last deal while Austal Ltd (ASB AU) didn't do too well.


ECM Weekly (17th Mar 2025) -JPB, Recruit, Austal, BoB, Chifeng, Guarantee, Anjoy, Softcare, AvePoint

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>Adani Group wins Mumbai’s Rs. 36,000 crore Motilal Nagar redevelopment, promising holistic transformation of 143-acre colony with MHADA oversight.</li>
<li>Jio teams up with Elon Musk’s SpaceX to bring Starlink satellite internet across India, boosting connectivity in remote regions.</li>
<li>Jaguar Land Rover halts India EV production plans with Tata Motors due to cost concerns and slowing global electric vehicle demand.</li>
</ul>


Adani Group wins Mumbai’s Rs. 36,000 crore Motilal Nagar redevelopment, promising holistic transformation of 143-acre colony with MHADA oversight.
Jio teams up with Elon Musk’s SpaceX to bring Starlink satellite internet across India, boosting connectivity in remote regions.
Jaguar Land Rover halts India EV production plans with Tata Motors due to cost concerns and slowing global electric vehicle demand.


#119 India Insight: Adani Wins ₹36k Cr Project, Jio Taps Starlink, JLR Halts Tata EV Plans.

<ul>
<li>Ashok Hinduja assures support for <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> after a steep stock fall from derivative losses, citing strong financials.</li>
<li>Adani’s Vizhinjam Port secures green clearance for expansion, positioning India to reclaim transshipment volumes lost to foreign ports.</li>
<li>India’s cotton imports may double as domestic output lags demand, forcing a shift in trade dynamics and impacting global prices.</li>
</ul>


Ashok Hinduja assures support for Indusind Bank (IIB IN) after a steep stock fall from derivative losses, citing strong financials.
Adani’s Vizhinjam Port secures green clearance for expansion, positioning India to reclaim transshipment volumes lost to foreign ports.
India’s cotton imports may double as domestic output lags demand, forcing a shift in trade dynamics and impacting global prices.


#118 India Insight: Promoter Backs IndusInd, Adani’s Vizhinjam Port Gets Nod, Cotton Imports Surge

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nickel Industries, Vedanta Resources, Bharti Airtel</li>
<li>In the US, JOLTS job openings increased slightly to 7.74 mn (7.60 mn e / 7.51 mn revised p) in January, with the job openings rate little changed m-o-m at 4.6%. Layoffs declined for a fourth straight month to the lowest level since June 2024.</li>
<li>Overall, the JOLTS report showed that the labour market was steady in January, albeit demand for labour could soften in the months ahead.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nickel Industries, Vedanta Resources, Bharti Airtel
In the US, JOLTS job openings increased slightly to 7.74 mn (7.60 mn e / 7.51 mn revised p) in January, with the job openings rate little changed m-o-m at 4.6%. Layoffs declined for a fourth straight month to the lowest level since June 2024.
Overall, the JOLTS report showed that the labour market was steady in January, albeit demand for labour could soften in the months ahead.


APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a> is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.</li>
<li>The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.</li>
</ul>



Bank Of Baroda (BOB IN) is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).
In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.
The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.


Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

ECM Weekly (17th Mar 2025) -JPB, Recruit, Austal, BoB, Chifeng, Guarantee, Anjoy, Softcare, AvePoint

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

#119 India Insight: Adani Wins ₹36k Cr Project, Jio Taps Starlink, JLR Halts Tata EV Plans.

Adani Group to transform Motilal Nagar, Jio partners with SpaceX for Starlink in India, Jaguar Land Rover puts India EV plans on hold with Tata...

Sudarshan Bhandari

#118 India Insight: Promoter Backs IndusInd, Adani’s Vizhinjam Port Gets Nod, Cotton Imports Surge

Hinduja offers support to Indusind Bank amid stock fall, Adani's Vizhinjam Port gets green light for expansion, India's cotton imports set to...

Sudarshan Bhandari

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nickel Industries, Vedanta...

Lucror Analytics

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (17th Mar 2025) -JPB, Recruit, Austal, BoB, Chifeng, Guarantee, Anjoy, Softcare, AvePoint

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

#119 India Insight: Adani Wins ₹36k Cr Project, Jio Taps Starlink, JLR Halts Tata EV Plans.

​Adani Group to transform Motilal Nagar, Jio partners with SpaceX for Starlink in India, Jaguar Land Rover puts India EV plans on hold with Tata...

Sudarshan Bhandari

#118 India Insight: Promoter Backs IndusInd, Adani’s Vizhinjam Port Gets Nod, Cotton Imports Surge

​Hinduja offers support to Indusind Bank amid stock fall, Adani's Vizhinjam Port gets green light for expansion, India's cotton imports set to...

Sudarshan Bhandari

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Nickel Industries, Vedanta...

Lucror Analytics

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Adani Group to transform Motilal Nagar, Jio partners with SpaceX for Starlink in India, Jaguar Land Rover puts India EV plans on hold with Tata...

Hinduja offers support to Indusind Bank amid stock fall, Adani's Vizhinjam Port gets green light for expansion, India's cotton imports set to...