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.

Event-Driven

National Securities Depository / Event-Driven

<ul>
<li>
<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> raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



NSDL (NSDL IN) raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon.
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: NSDL IPO Lockup - US$1.6bn Lockup Release with Most Sitting on 10x Gains

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<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> raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</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>



Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
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.


Groww IPO Trading - Decent Overall Demand

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Tata Motors Passenger Vehicles / Index Rebalance

<ul>
<li>With the review period complete, there could be one change for the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> at the December rebalance.</li>
<li>Following the demerger of the Commercial Vehicle business, the drop in market cap for <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors (TTMT IN)</a> could result in index deletion.</li>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> is a potential inclusion to the index, but there is a small possibility of <a href="https://www.smartkarma.com/entities/grasim-industries-ltd" target="_blank" data-smartkarma-citation="entities:290:1" rel="noopener">Grasim Industries (GRASIM IN)</a> being added to the index instead.</li>
</ul>


With the review period complete, there could be one change for the S&amp;P BSE SENSEX Index (SENSEX INDEX) at the December rebalance.
Following the demerger of the Commercial Vehicle business, the drop in market cap for Tata Motors (TTMT IN) could result in index deletion.

InterGlobe Aviation Ltd (INDIGO IN) is a potential inclusion to the index, but there is a small possibility of Grasim Industries (GRASIM IN) being added to the index instead.


SENSEX Index Rebalance Preview: Tata Motors OUT; Indigo IN; Grasim - Dark Horse

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

National Stock Exchange of India / Equity Bottom-Up

<ul>
<li>NSE dominates market as it maintains a near-monopoly (∼90% share) in equity cash and dominates the booming derivatives segment.</li>
<li>NSE's Revenue and PAT are 5-9x larger than BSE's, with a much higher PAT margin (68% vs. 44%).</li>
<li>NSE Holds appreciating, strategic minority stakes in high-potential financial infrastructure companies which can be seen as hidden value for NSE.</li>
</ul>


NSE dominates market as it maintains a near-monopoly (∼90% share) in equity cash and dominates the booming derivatives segment.
NSE's Revenue and PAT are 5-9x larger than BSE's, with a much higher PAT margin (68% vs. 44%).
NSE Holds appreciating, strategic minority stakes in high-potential financial infrastructure companies which can be seen as hidden value for NSE.


NSE India: Not Just an Exchange, but a Strategic Holding Company.

India

BSE Ltd. is Asia's oldest stock exchange, providing a transparent market for trading in equities, debt instruments, derivatives, mutual funds, and other securities. It offers services including listing, trading, clearing, settlement, and data services, and operates platforms for SMEs and mutual fund distribution. The company is headquartered in Mumbai, India, and was founded in 1875.

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BSE (BSE IN)

Aequitas: NSDL IPO Lockup - US$1.6bn Lockup Release with Most Sitting on 10x Gains

NSDL (NSDL IN) raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon, who are all sitting on at least...

Sumeet Singh

Aequitas 2026 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.

Sumeet Singh

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

SENSEX Index Rebalance Preview: Tata Motors OUT; Indigo IN; Grasim - Dark Horse

Following the demerger of the Commercial Vehicle business, Tata Motors could be deleted from the index. Indigo is the highest ranked non-member;...

Brian Freitas

NSE India: Not Just an Exchange, but a Strategic Holding Company.

NSE's near-monopoly dominance in the market, high revenue and PAT compared to BSE, and strategic minority stakes in financial infrastructure...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: NSDL IPO Lockup - US$1.6bn Lockup Release with Most Sitting on 10x Gains

NSDL (NSDL IN) raised around US$460m in its India IPO. The lockup on its pre-IPO investors is set to expire soon, who are all sitting on at least...

Sumeet Singh

Aequitas 2026 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, having looked at Hong Kong earlier, we now talk about India's pipeline.

Sumeet Singh

Groww IPO Trading - Decent Overall Demand

Groww raised around US$747m in its India IPO. In this note, we will talk about the subscription demand and the trading dynamics.

Akshat Shah

SENSEX Index Rebalance Preview: Tata Motors OUT; Indigo IN; Grasim - Dark Horse

Following the demerger of the Commercial Vehicle business, Tata Motors could be deleted from the index. Indigo is the highest ranked non-member;...

Brian Freitas

NSE India: Not Just an Exchange, but a Strategic Holding Company.

​NSE's near-monopoly dominance in the market, high revenue and PAT compared to BSE, and strategic minority stakes in financial infrastructure...

Sudarshan Bhandari

NSE's near-monopoly dominance in the market, high revenue and PAT compared to BSE, and strategic minority stakes in financial infrastructure...