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

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the not-so-positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be two ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be two ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Some Names Are Still Close to the Border

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>Tamil Nadu has imposed a INR 160/tonne tax on limestone, using a recent Supreme Court ruling that empowers states to levy mineral-bearing land taxes.</li>
<li>Limestone is a major cost component for cement. This tax could shrink EBITDA by up to 9% for exposed players and trigger similar levies in other states.</li>
<li>Cement sector cost structures now face structural regulatory risk. Monitor pricing discipline closely- margins hinge on the industry's ability to pass on this burden.</li>
</ul>


Tamil Nadu has imposed a INR 160/tonne tax on limestone, using a recent Supreme Court ruling that empowers states to levy mineral-bearing land taxes.
Limestone is a major cost component for cement. This tax could shrink EBITDA by up to 9% for exposed players and trigger similar levies in other states.
Cement sector cost structures now face structural regulatory risk. Monitor pricing discipline closely- margins hinge on the industry's ability to pass on this burden.


New Mineral Tax in Tamil Nadu: Impact on Cement Producers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ultratech-cement-ltd" target="_blank" data-smartkarma-citation="entities:181:1" rel="noopener">Ultratech Cement (UTCEM IN)</a> saw a resurgence in demand starting in December. CFO Atul Daga characterized this as a "positive storm," fueled by continuous demand increases that boosted cement prices.  </li>
<li>
<a href="https://www.smartkarma.com/entities/ambuja-cements-ltd" target="_blank" data-smartkarma-citation="entities:14745:1" rel="noopener">Ambuja Cements (ACEM IN)</a> is strategically expanding capacity, aiming for cost leadership, and leveraging group synergies to reach 140 million tons of cement capacity by FY28.  </li>
<li>
<a href="https://www.smartkarma.com/entities/jk-cement-ltd" target="_blank" data-smartkarma-citation="entities:9744:1" rel="noopener">JK Cement Ltd (JKCE IN)</a>’s proposed acquisition of 60% equity in Saifco Cements marks their penetration in Jammu-Kashmir(capacity- 0.42 Mn tons), which is expected to improve profitability, increase production capacity.</li>
</ul>



Ultratech Cement (UTCEM IN) saw a resurgence in demand starting in December. CFO Atul Daga characterized this as a "positive storm," fueled by continuous demand increases that boosted cement prices.  

Ambuja Cements (ACEM IN) is strategically expanding capacity, aiming for cost leadership, and leveraging group synergies to reach 140 million tons of cement capacity by FY28.  

JK Cement Ltd (JKCE IN)’s proposed acquisition of 60% equity in Saifco Cements marks their penetration in Jammu-Kashmir(capacity- 0.42 Mn tons), which is expected to improve profitability, increase production capacity.


Themes of India: Cement Industry Q3 Update

India

Dalmia Bharat Limited holds cement and power businesses. The Company's interests include cement, power and refractory businesses.

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Dalmia Bharat (DALBHARA IN)

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Quiddity Leaderboard BSE/SENSEX Jun25: Some Names Are Still Close to the Border

We expect ~US$560mn one-way flows collectively for Sensex, BSE 100, and BSE 200. Although there is only one month left in the reference period, the...

Janaghan Jeyakumar, CFA

New Mineral Tax in Tamil Nadu: Impact on Cement Producers

Tamil Nadu imposes tax on limestone, impacting cement sector profits and potentially setting precedent for other states. Regulatory risk increases...

Nimish Maheshwari

Themes of India: Cement Industry Q3 Update

The overall indian cement industry is going under consolidation where 3-4 big players are gaining market share as well as acquiring different...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Some Names Are Still Close to the Border

We expect ~US$560mn one-way flows collectively for Sensex, BSE 100, and BSE 200. Although there is only one month left in the reference period, the...

Janaghan Jeyakumar, CFA

New Mineral Tax in Tamil Nadu: Impact on Cement Producers

​Tamil Nadu imposes tax on limestone, impacting cement sector profits and potentially setting precedent for other states. Regulatory risk increases...

Nimish Maheshwari

Themes of India: Cement Industry Q3 Update

The overall indian cement industry is going under consolidation where 3-4 big players are gaining market share as well as acquiring different...

Nimish Maheshwari

Quiddity Leaderboard BSE/SENSEX Jun25: Some Names Are Still Close to the Border

Tamil Nadu imposes tax on limestone, impacting cement sector profits and potentially setting precedent for other states. Regulatory risk increases...