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/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> is looking to raise up to US$736m in its upcoming India IPO.</li>
<li>Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Groww (1573648D IN) is looking to raise up to US$736m in its upcoming India IPO.
Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.
In this note, we talk about the company’s historical performance.


Groww Pre-IPO - Scaling Fast in a Competitive Market

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>India’s average MTF book reached INR 1.43 lakh crore in July 2026, 2x in 14 months.</li>
<li>F&amp;O curbs and higher transaction taxes appear to have redirected aggressive retail activity into financed cash positions rather than removing leverage.</li>
<li>MTF is a durable earnings pool for well-funded brokers but also a new sensitivity to funding cost, stock concentration, margin calls and cash-market liquidity.</li>
</ul>


India’s average MTF book reached INR 1.43 lakh crore in July 2026, 2x in 14 months.
F&amp;O curbs and higher transaction taxes appear to have redirected aggressive retail activity into financed cash positions rather than removing leverage.
MTF is a durable earnings pool for well-funded brokers but also a new sensitivity to funding cost, stock concentration, margin calls and cash-market liquidity.


India’s ₹1.43 Lakh Crore MTF Boom: A Crisis in the Making?

<ul>
<li>India's central government has cleared a series of regulatory reforms, culminating in a fast-track cross-border merger route triggering a wave of reverse domiciliation by Indian unicorns from Singapore &amp; US.</li>
<li>Over a dozen unicorns, including Flipkart, Razorpay, Meesho, Zepto, and Groww, are redomiciling to India.</li>
<li>The regulatory arc is decisively favorable, but tax costs remain steep and Press Note 3 compliance adds a sovereign-risk layer for China-funded cap tables.</li>
</ul>


India's central government has cleared a series of regulatory reforms, culminating in a fast-track cross-border merger route triggering a wave of reverse domiciliation by Indian unicorns from Singapore &amp; US.
Over a dozen unicorns, including Flipkart, Razorpay, Meesho, Zepto, and Groww, are redomiciling to India.
The regulatory arc is decisively favorable, but tax costs remain steep and Press Note 3 compliance adds a sovereign-risk layer for China-funded cap tables.


Reverse Flip: Why Indian Startups Are Coming Back Home Again?

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>Here we have presented our expectations for these indices for the upcoming index rebal event in March 2027.</li>
<li>We see two changes for NIFTY 50 and five changes for NIFTY 100.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
Here we have presented our expectations for these indices for the upcoming index rebal event in March 2027.
We see two changes for NIFTY 50 and five changes for NIFTY 100.


Quiddity Leaderboard NIFTY Mar27: Some High-Impact ADDs/DELs; ~US$1.3bn Combined One-Way Flow

<ul>
<li>India's depository duopoly shows strong growth, with <a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> leading in institutional assets and <a href="https://www.smartkarma.com/entities/central-depository-services" target="_blank" data-smartkarma-citation="entities:27902:1" rel="noopener">Central Depository Services (CDSL IN)</a> dominating the expanding retail investor base.</li>
<li>Financially, CDSL shows superior growth (37% revenue CAGR) and higher profitability margins, while NSDL has grown revenue at a 23% CAGR.</li>
<li>NSDL’s settlement value market share has declined to 66% from 82% in FY19, as competitor CDSL gains ground by partnering with high-volume, new-age retail brokers.</li>
</ul>


India's depository duopoly shows strong growth, with NSDL (NSDL IN) leading in institutional assets and Central Depository Services (CDSL IN) dominating the expanding retail investor base.
Financially, CDSL shows superior growth (37% revenue CAGR) and higher profitability margins, while NSDL has grown revenue at a 23% CAGR.
NSDL’s settlement value market share has declined to 66% from 82% in FY19, as competitor CDSL gains ground by partnering with high-volume, new-age retail brokers.


NSDL Vs. CDSL: Who Can Drive More Growth Ahead in This Duopoly?

India

Groww is a direct-to-customer digital investment platform offering a wide range of financial products and services, including stocks, direct mutual funds, exchange-traded funds (ETFs), initial public offerings (IPOs), derivatives, bonds, and gold. The company also provides margin trading facilities and personal loans. Groww is headquartered in Bengaluru, Karnataka, India, and was founded in 2018.

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Groww (GROWW IN)

Groww Pre-IPO - Scaling Fast in a Competitive Market

Groww is looking to raise up to US$736m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

India’s ₹1.43 Lakh Crore MTF Boom: A Crisis in the Making?

India's MTF book doubled in 14 months to INR 1.43 lakh crore in July 2026, with F&O curbs redirecting retail activity towards financed cash...

Nimish Maheshwari

Reverse Flip: Why Indian Startups Are Coming Back Home Again?

Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Nimish Maheshwari

Quiddity Leaderboard NIFTY Mar27: Some High-Impact ADDs/DELs; ~US$1.3bn Combined One-Way Flow

We expect US$824mn and US$493mn one-way flows for NIFTY 50 and NIFTY Next 50 respectively. The NIFTY 50 expected ADDs/DELs have >8x ADV to trade.

Janaghan Jeyakumar, CFA

NSDL Vs. CDSL: Who Can Drive More Growth Ahead in This Duopoly?

India's depository duopoly sees NSDL leading in institutional assets, while CDSL dominates retail investors with superior growth and profitability.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Groww Pre-IPO - Scaling Fast in a Competitive Market

Groww is looking to raise up to US$736m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

India’s ₹1.43 Lakh Crore MTF Boom: A Crisis in the Making?

​India's MTF book doubled in 14 months to INR 1.43 lakh crore in July 2026, with F&O curbs redirecting retail activity towards financed cash...

Nimish Maheshwari

Reverse Flip: Why Indian Startups Are Coming Back Home Again?

​Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Nimish Maheshwari

Quiddity Leaderboard NIFTY Mar27: Some High-Impact ADDs/DELs; ~US$1.3bn Combined One-Way Flow

We expect US$824mn and US$493mn one-way flows for NIFTY 50 and NIFTY Next 50 respectively. The NIFTY 50 expected ADDs/DELs have >8x ADV to trade.

Janaghan Jeyakumar, CFA

NSDL Vs. CDSL: Who Can Drive More Growth Ahead in This Duopoly?

​India's depository duopoly sees NSDL leading in institutional assets, while CDSL dominates retail investors with superior growth and profitability.

Nimish Maheshwari

India's MTF book doubled in 14 months to INR 1.43 lakh crore in July 2026, with F&O curbs redirecting retail activity towards financed cash...

Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

India's depository duopoly sees NSDL leading in institutional assets, while CDSL dominates retail investors with superior growth and profitability.