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

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (KRT IN)</a> raised about US$550m in its India IPO in Aug 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>KRT is India's largest office REIT by gross asset value, owning and operating a portfolio of premium Grade-A office parks leased primarily to multinational tenants across key Indian office markets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Knowledge Realty Trust (KRT IN) raised about US$550m in its India IPO in Aug 2025. The lockup on its pre-IPO investors is set to expire soon.
KRT is India's largest office REIT by gross asset value, owning and operating a portfolio of premium Grade-A office parks leased primarily to multinational tenants across key Indian office markets.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Knowledge Realty Trust IPO Lockup Expiry - US$4bn+ Lockup Release

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

Knowledge Realty Trust / Equity Bottom-Up

<ul>
<li>KRT posted 15% YoY revenue and NOI growth in Q1 FY27, with a record INR7,516mn distribution (DPU INR1.70), up 5% QOQ, and committed occupancy rising to 93%.</li>
<li>Beneath a headline 93% committed occupancy sits 87-88% economic occupancy, a 5% gap management expects to narrow to a normalized 3% by Q4 FY27.</li>
<li>A 25% mark-to-market opportunity, sub-18% LTV, and multiple organic and inorganic growth levers support a credible multi-year compounding story.</li>
</ul>


KRT posted 15% YoY revenue and NOI growth in Q1 FY27, with a record INR7,516mn distribution (DPU INR1.70), up 5% QOQ, and committed occupancy rising to 93%.
Beneath a headline 93% committed occupancy sits 87-88% economic occupancy, a 5% gap management expects to narrow to a normalized 3% by Q4 FY27.
A 25% mark-to-market opportunity, sub-18% LTV, and multiple organic and inorganic growth levers support a credible multi-year compounding story.


Knowledge Realty Trust: India's Largest Office REIT Delivers a Confident FY27 Start

Kajal Jain

Horizon Industrial Parks Limited / Equity Capital Markets

Horizon Industrial Parks Limited (1327105D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-industrial-parks-limited" target="_blank" data-smartkarma-citation="entities:46260:1" rel="noopener">Horizon Industrial Parks Limited (1327105D IN)</a> (HIPL) raised around US$272m in its upcoming India IPO.</li>
<li>HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.</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>



Horizon Industrial Parks Limited (1327105D IN) (HIPL) raised around US$272m in its upcoming India IPO.
HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Horizon Industrial Parks Limited IPO Trading - Weak Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-industrial-parks-limited" target="_blank" data-smartkarma-citation="entities:46260:1" rel="noopener">Horizon Industrial Parks Limited (1327105D IN)</a>  (HIPL) is looking to raise up to US$272m in its upcoming India IPO.</li>
<li>HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Horizon Industrial Parks Limited (1327105D IN)  (HIPL) is looking to raise up to US$272m in its upcoming India IPO.
HIPL is the largest industrial and logistics infrastructure developer, owner and operator by total network, as per JLL, with 45 assets across 10 cities spanning fulfillment, industrial and in-city centers.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


Aequitas: Horizon India Ltd 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

Bagmane Prime Office REIT / Equity Bottom-Up

<ul>
<li>Bagmane Prime Office REIT, India’s largest pure-play office REIT plans to raise INR 3,405 crore, backed by a 20.3 million sq. ft. and ~INR 40,264 crore Gross Asset Value.</li>
<li>The portfolio has 98.8% occupancy, 7.4-year lease tenure, 60+ tenants, and strong exposure to MNC and GCC tenants, supporting stable rental income.</li>
<li>Backed by Bagmane Group’s strong development track record and 47.1 million sq. ft. ROFO pipeline, the REIT offers growth visibility, but remains Bengaluru-focused.</li>
</ul>


Bagmane Prime Office REIT, India’s largest pure-play office REIT plans to raise INR 3,405 crore, backed by a 20.3 million sq. ft. and ~INR 40,264 crore Gross Asset Value.
The portfolio has 98.8% occupancy, 7.4-year lease tenure, 60+ tenants, and strong exposure to MNC and GCC tenants, supporting stable rental income.
Backed by Bagmane Group’s strong development track record and 47.1 million sq. ft. ROFO pipeline, the REIT offers growth visibility, but remains Bengaluru-focused.


Bagmane Prime Office REIT IPO: Lower Vacancy, Higher Yield

India

Brookfield India Real Estate Trust is India's first and only 100% institutionally managed office Real Estate Investment Trust (REIT). It owns and operates a portfolio of high-quality, Grade-A commercial assets, primarily campus-style office parks, across major Indian technology hubs like Mumbai, Gurugram, Noida, and Kolkata. The trust generates revenue primarily through lease rentals from multinational and domestic corporations, focusing on stable income and long-term capital appreciation for unitholders. Headquartered in Mumbai, India, the trust was settled on July 17, 2020.

Brookfield India Real Estate Trust (BIRET IN)

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Brookfield India Real Estate Trust (BIRET IN)

Aequitas: Knowledge Realty Trust IPO Lockup Expiry - US$4bn+ Lockup Release

Blackstone is offering to sell part of its stake in KRT, up to 25.03% for ~INR119.88bn (~US$1.26bn), at a floor price of INR108/unit. The deal...

Akshat Shah

Knowledge Realty Trust: India's Largest Office REIT Delivers a Confident FY27 Start

KRT enters FY27 with strong leasing, a ~25% mark-to-market runway, improving occupancy and sub-18% LTV, supporting a credible multi-year growth and...

GSBR Research

Aequitas: Horizon Industrial Parks Limited IPO Trading - Weak Demand

Horizon Industrial Parks raised around US$272m in its upcoming India IPO. It is India’s largest industrial & logistics infrastructure developer,...

Kajal Jain

Aequitas: Horizon India Ltd IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Horizon Industrial Parks (HIPL) is looking to raise up to US$272m in its India IPO. It is India’s largest industrial & logistics infrastructure...

Kajal Jain

Bagmane Prime Office REIT IPO: Lower Vacancy, Higher Yield

Bagmane Prime Office REIT, India's largest office REIT, plans to raise INR 3,405 crore with a strong portfolio, high occupancy, and growth potential.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Knowledge Realty Trust IPO Lockup Expiry - US$4bn+ Lockup Release

Blackstone is offering to sell part of its stake in KRT, up to 25.03% for ~INR119.88bn (~US$1.26bn), at a floor price of INR108/unit. The deal...

Akshat Shah

Knowledge Realty Trust: India's Largest Office REIT Delivers a Confident FY27 Start

KRT enters FY27 with strong leasing, a ~25% mark-to-market runway, improving occupancy and sub-18% LTV, supporting a credible multi-year growth and...

GSBR Research

Aequitas: Horizon Industrial Parks Limited IPO Trading - Weak Demand

Horizon Industrial Parks raised around US$272m in its upcoming India IPO. It is India’s largest industrial & logistics infrastructure developer,...

Kajal Jain

Aequitas: Horizon India Ltd IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Horizon Industrial Parks (HIPL) is looking to raise up to US$272m in its India IPO. It is India’s largest industrial & logistics infrastructure...

Kajal Jain

Bagmane Prime Office REIT IPO: Lower Vacancy, Higher Yield

​Bagmane Prime Office REIT, India's largest office REIT, plans to raise INR 3,405 crore with a strong portfolio, high occupancy, and growth potential.

Sudarshan Bhandari

Bagmane Prime Office REIT, India's largest office REIT, plans to raise INR 3,405 crore with a strong portfolio, high occupancy, and growth potential.