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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> raised about US$338m in its India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



WeWork India Management Ltd (1690124D IN) raised about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


WeWork India IPO Trading - Muted Demand, Likely to Trade Weak

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$155m in its India IPO.</li>
<li>RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.</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>



Rubicon Research Limited (1453591D IN) is looking to raise about US$155m in its India IPO.
RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.
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.


Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

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>94% of Bikaji's revenue now falls under favorable GST slab due to the recent rate cut, positioning it to gain significant market share through lower consumer prices.</li>
<li>The company is strategically passing on the tax benefit to consumers via higher grammage and lower MRP, which is expected to drive an incremental 2-3% volume growth while sustaining margins</li>
<li>The company has the immediate manufacturing headroom and distribution reach to capture the expected volume surge without major, immediate capital expenditure.</li>
</ul>


94% of Bikaji's revenue now falls under favorable GST slab due to the recent rate cut, positioning it to gain significant market share through lower consumer prices.
The company is strategically passing on the tax benefit to consumers via higher grammage and lower MRP, which is expected to drive an incremental 2-3% volume growth while sustaining margins
The company has the immediate manufacturing headroom and distribution reach to capture the expected volume surge without major, immediate capital expenditure.


From Tax Tailwind to Volume Surge: Bikaji’s Next Growth Phase

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a> is looking to raise about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</li>
<li>In this note, we take a quick look at the peer comparison and IPO valuations.</li>
</ul>



Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
In this note, we take a quick look at the peer comparison and IPO valuations.


Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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>Bikaji Foods International Limited is a leading Indian FMCG company specializing in ethnic snacks and sweets.</li><li>Headquartered in Bikaner, Rajasthan, the company offers a diverse product portfolio, including bhujia, namkeen, sweets, papad, and western snacks.</li><li>Bikaji is the largest producer of Bikaneri Bhujia, the third-largest ethnic snacks manufacturer in India, and the second fastest-growing player in the Indian organized snacks market. </li></ul><p><em>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.</em></p>

Bikaji Foods International Limited is a leading Indian FMCG company specializing in ethnic snacks and sweets.Headquartered in Bikaner, Rajasthan, the company offers a diverse product portfolio, including bhujia, namkeen, sweets, papad, and western snacks.Bikaji is the largest producer of Bikaneri Bhujia, the third-largest ethnic snacks manufacturer in India, and the second fastest-growing player in the Indian organized snacks market. 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.

Axis Punch: Bikaji Foods International Ltd - 28th August 2025

India

Bikaji Foods International Ltd. is a leading Indian manufacturer of ethnic snacks and sweets, offering a wide range of products including bhujia, namkeen, papad, western snacks, and packaged sweets. The company also produces frozen and instant foods. Bikaji Foods was founded in 1986 and is headquartered in Bikaner, Rajasthan, India.

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Bikaji Foods (BIKAJI IN)

WeWork India IPO Trading - Muted Demand, Likely to Trade Weak

WeWork India raised about US$338m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

From Tax Tailwind to Volume Surge: Bikaji’s Next Growth Phase

Bikaji poised to gain market share with lower consumer prices post-GST rate cut, expecting volume growth and sustained margins without major capex.

Sudarshan Bhandari

Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

Jain Resource Recycling is looking to raise about US$142m in its India IPO. In this note, we take a quick look at the peer comparison and IPO...

Akshat Shah

Axis Punch: Bikaji Foods International Ltd - 28th August 2025

Bikaji is the largest producer of Bikaneri Bhujia, the third-largest ethnic snacks manufacturer in India, and the second fastest-growing player in...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WeWork India IPO Trading - Muted Demand, Likely to Trade Weak

WeWork India raised about US$338m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

From Tax Tailwind to Volume Surge: Bikaji’s Next Growth Phase

​Bikaji poised to gain market share with lower consumer prices post-GST rate cut, expecting volume growth and sustained margins without major capex.

Sudarshan Bhandari

Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

Jain Resource Recycling is looking to raise about US$142m in its India IPO. In this note, we take a quick look at the peer comparison and IPO...

Akshat Shah

Axis Punch: Bikaji Foods International Ltd - 28th August 2025

Bikaji is the largest producer of Bikaneri Bhujia, the third-largest ethnic snacks manufacturer in India, and the second fastest-growing player in...

Axis Direct

Bikaji poised to gain market share with lower consumer prices post-GST rate cut, expecting volume growth and sustained margins without major capex.