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

Fractal Analytics Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fractal-analytics-ltd" target="_blank" data-smartkarma-citation="entities:45676:1" rel="noopener">Fractal Analytics (2453623D IN)</a> raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to expire soon.</li>
<li>Fractal Analytics is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Fractal Analytics (2453623D IN) raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to expire soon.
Fractal Analytics is an enterprise artificial intelligence (AI) company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<div>
<h3>In this Insight </h3>
Our chemical industry coverage is primarily focused on understanding and analysing supply chain dynamics for our core consumer coverage. In this insight, we present our takeaways from channel interactions that are focused on the industry and specific companies. 
Domestic Chemicals: We interact with a local channel that is focused on the distribution of chemicals catering to the paint and construction industry. The business is upbeat, tailwinds remain and the business prospects for chemicals look good at least for the next two years. 
<a href="https://www.smartkarma.com/entities/sudarshan-chemical-inds-ltd" target="_blank" data-smartkarma-citation="entities:12968:1" rel="noopener">Sudarshan Chemical Inds (SCHI IN)</a> : Highly regarded and respected management along with interesting product line up is poised well for growth. 
<a href="https://www.smartkarma.com/entities/camlin-fine-sciences-ltd" target="_blank" data-smartkarma-citation="entities:17667:1" rel="noopener">Camlin Fine Sciences (CFIN IN)</a>: Historical performance has been good and acquisitions offer good growth potential 
Clean Science and Technology Limited (Private): Clean Science a fine chemical manufacturer and also a competitor to CFIN in some products, has recently filed its <a href="https://www.sebi.gov.in/filings/public-issues/apr-2021/clean-science-and-technology-limited-drhp_49777.html" target="_blank" rel="noopener">DRHP</a>. Our channel interactions indicate a robust growth plan ahead. 
<h3>About India Channel Insight</h3>
</div>
<div>
Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions. 
</div>


In this Insight 
Our chemical industry coverage is primarily focused on understanding and analysing supply chain dynamics for our core consumer coverage. In this insight, we present our takeaways from channel interactions that are focused on the industry and specific companies. 
Domestic Chemicals: We interact with a local channel that is focused on the distribution of chemicals catering to the paint and construction industry. The business is upbeat, tailwinds remain and the business prospects for chemicals look good at least for the next two years. 
Sudarshan Chemical Inds (SCHI IN) : Highly regarded and respected management along with interesting product line up is poised well for growth. 
Camlin Fine Sciences (CFIN IN): Historical performance has been good and acquisitions offer good growth potential 
Clean Science and Technology Limited (Private): Clean Science a fine chemical manufacturer and also a competitor to CFIN in some products, has recently filed its DRHP. Our channel interactions indicate a robust growth plan ahead. 
About India Channel Insight


Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions. 


India Channel Insights | Chemicals - Sudarshan, Camlin, Clean Science

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

We are no longer recommending an overweight to China (MSCI China) due to recent RS deterioration. Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS trends -- add exposure. MSCI EM Technology and Materials are our top two Sector overweights. Additionally, the EM Health Care Sector shows bullish price and RS inflections, making it a timely Sector to add exposure to at current levels.

We are no longer recommending an overweight to China (MSCI China) due to recent RS deterioration. Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS trends -- add exposure. MSCI EM Technology and Materials are our top two Sector overweights. Additionally, the EM Health Care Sector shows bullish price and RS inflections, making it a timely Sector to add exposure to at current levels.

Overweight EM Vs. EAFE; Dollar Weakness Continues

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>April 2026 insider activity was weak due to ongoing silent period during earnings season.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during April 2026, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
</ul>


April 2026 insider activity was weak due to ongoing silent period during earnings season.
We highlight large and small cap companies that experienced significant insider buying during April 2026, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.


Insider Activity: Who Bought Their Own Stock in April 2026

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

Authum Investment & Infrastructure / Index Rebalance

Authum Investment & Infrastructure (AIIL IN)

<ul>
<li>With the review period now complete, there could be 15 changes for the NIFTY Midcap 150 Index at the March rebalance.</li>
<li>Estimated one-way turnover is 9.8% resulting in a round-trip trade of INR 26.5bn (US$290m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>Removing the newly listed stocks and upward/downward migrations, the remaining potential inclusions have outperformed the potential deletions over the last 6 months. Near-term performance has suffered.</li>
</ul>


With the review period now complete, there could be 15 changes for the NIFTY Midcap 150 Index at the March rebalance.
Estimated one-way turnover is 9.8% resulting in a round-trip trade of INR 26.5bn (US$290m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
Removing the newly listed stocks and upward/downward migrations, the remaining potential inclusions have outperformed the potential deletions over the last 6 months. Near-term performance has suffered.


NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March

India

Deepak Nitrite is a leading Indian chemical manufacturing company. It produces a wide range of chemical intermediates, including basic chemicals, fine and specialty chemicals, and performance products, serving industries such as pharmaceuticals, agrochemicals, dyes, pigments, and textiles. The company is headquartered in Vadodara, Gujarat, and was founded in 1970.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Deepak Nitrite (DN IN)

Aequitas: Fractal Analytics IPO Lockup Expiry - US$875m Release but Shares Trading Below IPO Price

Fractal Analytics raised about US$315m in its India IPO in Feb 2026. The lockup on its pre-IPO investors and part of promoters’ stake is set to...

Akshat Shah

India Channel Insights | Chemicals - Sudarshan, Camlin, Clean Science

In this insight, we present our takeaways from chemical channel interactions that are focused on the chemical industry and specific companies.

Pranav Bhavsar

Overweight EM Vs. EAFE; Dollar Weakness Continues

Our favorite countries remain Taiwan (TAIEX) and India (SENSEX), while Brazil (Bovespa) and South Korea (KOSPI) display improving price and RS...

Vermilion Research

Insider Activity: Who Bought Their Own Stock in April 2026

While Insider Buying activity has declined in the month of May'26, there are still few large notable companies coming in the list including HCL...

Sreemant Dudhoria

NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March

There could be 15 changes in March. Estimated one-way turnover is 9.8% and round-trip trade is INR 26.5bn. With over US$43bn tracking the index...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)