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

Raajmarg Infra Investment Trust / Equity Capital Markets

Raajmarg Infra Investment Trust (RIIT IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raajmarg-infra-investment-trust" target="_blank" data-smartkarma-citation="entities:47598:1" rel="noopener">Raajmarg Infra Investment Trust (RIIT IN)</a> raised around US$650m in its India IPO.</li>
<li>RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.</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>



Raajmarg Infra Investment Trust (RIIT IN) raised around US$650m in its India IPO.
RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.
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.


Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raajmarg-infra-investment-trust" target="_blank" data-smartkarma-citation="entities:47598:1" rel="noopener">Raajmarg Infra Investment Trust (RIIT IN)</a> is planning to raise about US$652m through its India IPO.</li>
<li>RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.</li>
<li>In this note, we talk about the company’s historical performance, peer comparison and IPO valuations.</li>
</ul>



Raajmarg Infra Investment Trust (RIIT IN) is planning to raise about US$652m through its India IPO.
RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.
In this note, we talk about the company’s historical performance, peer comparison and IPO valuations.


Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

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/borosil-renewables-ltd" target="_blank" data-smartkarma-citation="entities:13632:1" rel="noopener">Borosil Renewables (BRSL IN)</a>' German subsidiary, GMB, filed for insolvency on July 4, 2025, due to European market challenges and losses.</li>
<li>This halts ~INR 9 crore monthly losses, freeing capital and management to focus on India's booming solar glass sector.</li>
<li>Strengthens positive outlook; Borosil is now leaner and better positioned for India's high-growth, policy-supported renewable market.</li>
</ul>



Borosil Renewables (BRSL IN)' German subsidiary, GMB, filed for insolvency on July 4, 2025, due to European market challenges and losses.
This halts ~INR 9 crore monthly losses, freeing capital and management to focus on India's booming solar glass sector.
Strengthens positive outlook; Borosil is now leaner and better positioned for India's high-growth, policy-supported renewable market.


Why Borosil Renewables' Exit from GMB Is a Clear Win for the Company?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/borosil-renewables-ltd" target="_blank" data-smartkarma-citation="entities:13632:1" rel="noopener">Borosil Renewables (BRSL IN)</a> is India’s largest solar glass manufacturer having c apacity of 1000TPD in India and 350TPD in Germany. </li>
<li>With the rising demand and government anti-dumping duty support company is increasing 50% capacity in India to 1500TPD in the upcoming 18 Months. </li>
<li>Company also raised INR 700Crs of funds via preferential, 100Crs via equity from promoter and 600Crs via warrants from HNIs and family offices for capex and loan repayment.</li>
</ul>



Borosil Renewables (BRSL IN) is India’s largest solar glass manufacturer having c apacity of 1000TPD in India and 350TPD in Germany. 
With the rising demand and government anti-dumping duty support company is increasing 50% capacity in India to 1500TPD in the upcoming 18 Months. 
Company also raised INR 700Crs of funds via preferential, 100Crs via equity from promoter and 600Crs via warrants from HNIs and family offices for capex and loan repayment.


The Beat Ideas: Borosil Renewables- 50% Capacity Expansion

<ul>
<li>Definitive anti-dumping duty (ADD) imposed on solar glass imports from China and Vietnam until December 2029; Standalone Indian operations showed significant improvement in Q4 and FY25.  </li>
<li>The ADD provides a stable pricing environment and growth catalyst for domestic solar glass manufacturing. Improved domestic performance underscores resilience despite international market volatility.  </li>
<li>Reinforces a positive outlook for the Indian business due to favorable regulatory support and robust demand. However, the German subsidiary's performance remains a key monitorable.</li>
</ul>


Definitive anti-dumping duty (ADD) imposed on solar glass imports from China and Vietnam until December 2029; Standalone Indian operations showed significant improvement in Q4 and FY25.  
The ADD provides a stable pricing environment and growth catalyst for domestic solar glass manufacturing. Improved domestic performance underscores resilience despite international market volatility.  
Reinforces a positive outlook for the Indian business due to favorable regulatory support and robust demand. However, the German subsidiary's performance remains a key monitorable.


Borosil Renewables Q4 FY25 Update: Domestic Strength Shines Amidst Overseas Challenges

India

Borosil Renewables is India's first and largest manufacturer of solar glass, specializing in extra-clear patterned glass for solar photovoltaic (PV) modules, flat plate collectors, and greenhouses. Their products include fully tempered solar glass, anti-glare solar glass (Selene), and high-efficiency solar glass in a matt-matt finish (Shakti). The company was founded in 1962 and is headquartered in Mumbai, India.

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Borosil Renewables (BORORENE IN)

Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Raajmarg Infra Investment Trust (RIIT) raised around US$650m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Raajmarg Infra Investment Trust (RIIT) is planning to raise about US$652m through its India IPO. In this note, we talk about the company’s...

Akshat Shah

Why Borosil Renewables' Exit from GMB Is a Clear Win for the Company?

Borosil Renewables' German subsidiary files for insolvency, allowing focus on India's solar glass sector and strengthening positive outlook.

Sudarshan Bhandari

The Beat Ideas: Borosil Renewables- 50% Capacity Expansion

Borosil Renewables has announced the insolvency filing of its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, effective July 4,...

Sudarshan Bhandari

Borosil Renewables Q4 FY25 Update: Domestic Strength Shines Amidst Overseas Challenges

Definitive anti-dumping duty on solar glass imports from China and Vietnam until Dec 2029 boosts Indian manufacturing, with improved performance...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Raajmarg Infra Investment Trust (RIIT) raised around US$650m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Raajmarg Infra Investment Trust (RIIT) is planning to raise about US$652m through its India IPO. In this note, we talk about the company’s...

Akshat Shah

Why Borosil Renewables' Exit from GMB Is a Clear Win for the Company?

​Borosil Renewables' German subsidiary files for insolvency, allowing focus on India's solar glass sector and strengthening positive outlook.

Sudarshan Bhandari

The Beat Ideas: Borosil Renewables- 50% Capacity Expansion

Borosil Renewables has announced the insolvency filing of its German subsidiary, GMB Glasmanufaktur Brandenburg GmbH, effective July 4,...

Sudarshan Bhandari

Borosil Renewables Q4 FY25 Update: Domestic Strength Shines Amidst Overseas Challenges

​Definitive anti-dumping duty on solar glass imports from China and Vietnam until Dec 2029 boosts Indian manufacturing, with improved performance...

Sudarshan Bhandari

Borosil Renewables' German subsidiary files for insolvency, allowing focus on India's solar glass sector and strengthening positive outlook.

Definitive anti-dumping duty on solar glass imports from China and Vietnam until Dec 2029 boosts Indian manufacturing, with improved performance...