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)

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<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

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<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> (IML) is looking to raise about US$750m in its upcoming India IPO.</li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>In this note, In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$750m in its upcoming India IPO.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
In this note, In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Indo-MIM Pre-IPO - The Negatives - Capex-Driven Returns to Monitor

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> (IML) is looking to raise about US$750m in its upcoming India IPO.</li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>In this note, we talk about the positive aspects about the company’s historical performance.</li>
</ul>



Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$750m in its upcoming India IPO.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
In this note, we talk about the positive aspects about the company’s historical performance.


Aequitas: Indo-MIM Pre-IPO - The Positives - Global-Scale Manufacturing Platform

Kajal Jain

RSB Retail India Limited / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/rsb-retail-india-limited" target="_blank" data-smartkarma-citation="entities:45690:1" rel="noopener">RSB Retail India Limited (1633680D IN)</a> is looking to raise US$171m in its upcoming India IPO. </li>
<li>RSB Retail India is a Hyderabad-based multi-format apparel and lifestyle retailer, operating 70 stores across 22 cities in Telangana, Andhra Pradesh, and Karnataka as of August 2025.</li>
<li>In this note, we discuss about the company’s historical performance.</li>
</ul>



RSB Retail India Limited (1633680D IN) is looking to raise US$171m in its upcoming India IPO. 
RSB Retail India is a Hyderabad-based multi-format apparel and lifestyle retailer, operating 70 stores across 22 cities in Telangana, Andhra Pradesh, and Karnataka as of August 2025.
In this note, we discuss about the company’s historical performance.


Aequitas: RSB Retail India Limited Pre-IPO - Leading Multi-Format Retailer in South India

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<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

India

Dabur India Limited is a leading Indian multinational consumer goods company specializing in Ayurvedic and natural healthcare products. The company operates in key consumer product categories, including healthcare, hair care, oral care, skin care, home care, and food and beverages, offering over 250 herbal and Ayurvedic products. Dabur was founded in 1884 by S. K. Burman in Kolkata, India, and is currently headquartered in Ghaziabad, Uttar Pradesh, India.

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Dabur (DABUR IN)

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

Aequitas: Indo-MIM Pre-IPO - The Negatives - Capex-Driven Returns to Monitor

Indo-MIM Ltd (IML) is looking to raise about US$750m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Aequitas: Indo-MIM Pre-IPO - The Positives - Global-Scale Manufacturing Platform

Indo-MIM Ltd (IML) is looking to raise about US$750m in its upcoming India IPO. In this note, we talk about the positive aspects of the company’s...

Akshat Shah

Aequitas: RSB Retail India Limited Pre-IPO - Leading Multi-Format Retailer in South India

RSB Retail India is looking to raise US$171m in its upcoming India IPO. It is a multi-format apparel and lifestyle retailer headquartered in...

Kajal Jain

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

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