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 (258259D IN)</a> raised around US$551m in its India IPO. The trust undertook a pre-IPO placement round of around INR14bn (US$160m) in June 2025 as well.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between CY16-1QCY25, as per the CBRE report.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Knowledge Realty Trust (258259D IN) raised around US$551m in its India IPO. The trust undertook a pre-IPO placement round of around INR14bn (US$160m) in June 2025 as well.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
In this note, we will talk about the trading dynamics.


Knowledge Realty Trust IPO Trading - Decent Demand; Leads Past REIT Listings

JSW Cement Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> raised about US$410m in its India IPO.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</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>



JSW Cement Limited (9858514Z IN) raised about US$410m in its India IPO.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
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.


JSW Cement IPO Trading - Overall Demand Lags Recent Listings

Hexaware Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies (HEXW IN)</a> raised US$1bn from its India IPO in Feb 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Hexaware Technologies (HEXW IN) raised US$1bn from its India IPO in Feb 2025. The lockup on its pre-IPO investors is set to expire soon.
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
In this note, we will talk about the lockup dynamics and possible placement.


Hexaware Technologies IPO Lockup Expiry - US$2.89bn Lockup Release with Carlyle in the Money

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>DLF: DLF reported a strong quarter with pre-sales of INR 114.5bn (+78.8%/+462.7% YoY/QoQ), largely on the back of new launch in Gurgaon- Privana North</li><li>Collections remained subdued (due to delay in construction activities) to INR 27.9bn (-5.9%/-15.8% YoY/QoQ)</li><li>Moreover, DLF finally launched its Mumbai project where phase 1 is fully soldout (clocking presales of ~INR 23bn) and it eyes for phase 2 in FY27</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

DLF: DLF reported a strong quarter with pre-sales of INR 114.5bn (+78.8%/+462.7% YoY/QoQ), largely on the back of new launch in Gurgaon- Privana NorthCollections remained subdued (due to delay in construction activities) to INR 27.9bn (-5.9%/-15.8% YoY/QoQ)Moreover, DLF finally launched its Mumbai project where phase 1 is fully soldout (clocking presales of ~INR 23bn) and it eyes for phase 2 in FY27Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: DLF, Aurobindo Pharma, Eris Lifesciences

India

DLF Ltd. is a real estate development company. The Company develops residential, commercial, and retail properties.

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DLF Ltd (DLFU IN)

Knowledge Realty Trust IPO Trading - Decent Demand; Leads Past REIT Listings

Knowledge Realty Trust (KRT) raised around US$551m in its India IPO. The market value of its assets stood at INR584.5bn (US$6.7bn), as of Mar'25....

Akshat Shah

JSW Cement IPO Trading - Overall Demand Lags Recent Listings

JSW Cement raised about US$410m in its India IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

Hexaware Technologies IPO Lockup Expiry - US$2.89bn Lockup Release with Carlyle in the Money

Hexaware Technologies raised US$1bn from its India IPO in Feb 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...

Akshat Shah

HSIE Results Daily: DLF, Aurobindo Pharma, Eris Lifesciences

DLF: DLF reported a strong quarter with pre-sales of INR 114.5bn (+78.8%/+462.7% YoY/QoQ), largely on the back of new launch in Gurgaon- Privana North

HDFC Securities

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