APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

EAAA India Alternatives Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eaaa-india-alternatives-ltd" target="_blank" data-smartkarma-citation="entities:44150:1" rel="noopener">EAAA India Alternatives Ltd (1619210D IN)</a>  is planning to raise about US$177m through its upcoming India IPO.</li>
<li>It is one of the leading alternatives platforms in India, with AUM of INR 572.62bn (US$6.63bn), as of 9M24, amassing 15 years of experience.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



EAAA India Alternatives Ltd (1619210D IN)  is planning to raise about US$177m through its upcoming India IPO.
It is one of the leading alternatives platforms in India, with AUM of INR 572.62bn (US$6.63bn), as of 9M24, amassing 15 years of experience.
In this note, we look at the firm's past performance.


EAAA India Pre-IPO - Quality Management Fee Stream but Future AUM Raising Could Be Difficult

Rosita Fernandes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eaaa-india-alternatives-ltd" target="_blank" data-smartkarma-citation="entities:44150:1" rel="noopener">EAAA India Alternatives Ltd (1619210D IN)</a> (EAAA) is planning to raise about US$177m through its upcoming India IPO. The lead bookrunners for the deal are Axis Capital, Jefferies, Motilal Oswal, Nuvama.</li>
<li>EAAA is a fund management house with a diversified, multi-strategy platform in large, under-tapped, and fast-growing alternative asset classes, focusing on providing income and yield solutions to its clients.</li>
<li>As per CARE report, EAAA is one of the leading alternatives platforms in India, in terms of assets under management (AUM) of INR572.62bn (US$6.7bn) as of Sept 24.</li>
</ul>



EAAA India Alternatives Ltd (1619210D IN) (EAAA) is planning to raise about US$177m through its upcoming India IPO. The lead bookrunners for the deal are Axis Capital, Jefferies, Motilal Oswal, Nuvama.
EAAA is a fund management house with a diversified, multi-strategy platform in large, under-tapped, and fast-growing alternative asset classes, focusing on providing income and yield solutions to its clients.
As per CARE report, EAAA is one of the leading alternatives platforms in India, in terms of assets under management (AUM) of INR572.62bn (US$6.7bn) as of Sept 24.


EAAA India Alternatives Limited Pre-IPO Tearsheet

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

Edelweiss Financial Services / Equity Bottom-Up

<ul>
<li>Edelweiss plans a INR 1,500–2,000 crore IPO of EAAA and a 25–30% stake sale in its mutual fund arm to accelerate deleveraging.</li>
<li>These transactions could meaningfully reduce corporate debt from INR 6,325 crore, strengthen the balance sheet, and unlock shareholder value.</li>
<li>Successful execution improves capital efficiency, supports high-margin business growth, and enhances upside potential, reinforcing the 56% target price appreciation case.</li>
</ul>


Edelweiss plans a INR 1,500–2,000 crore IPO of EAAA and a 25–30% stake sale in its mutual fund arm to accelerate deleveraging.
These transactions could meaningfully reduce corporate debt from INR 6,325 crore, strengthen the balance sheet, and unlock shareholder value.
Successful execution improves capital efficiency, supports high-margin business growth, and enhances upside potential, reinforcing the 56% target price appreciation case.


The Beat Ideas: Edelweiss 2.0 - Unlocking Value Through Deleveraging and Strategic Listings

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

JX Advanced Metals / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> managed to hold on to its deal price, riding on the copper price resurgance.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/judo-capital" target="_blank" data-smartkarma-citation="entities:34571:1" rel="noopener">Judo Capital (JDO AU)</a> was the only largish deal over the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, JX Advanced Metals (5016 JP) managed to hold on to its deal price, riding on the copper price resurgance.
On the placements front, Judo Capital (JDO AU) was the only largish deal over the past week.


ECM Weekly (24th Mar 2025) -JX Advance, DN Solutions, Nanshan Aluminimum, Anthem, EAAA, Judo Capital

Mao Geping Cosmetics / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of offerings were live in India, in a bid to beat the year-end lull.</li>
<li>On the placements front, there was a large placement for <a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a> and a number of smaller deals in India.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of offerings were live in India, in a bid to beat the year-end lull.
On the placements front, there was a large placement for SenseTime Group (20 HK) and a number of smaller deals in India.


ECM Weekly (16th Dec 2024) - LG CNS, Mao Geping, Digico, Kioxia, Vishal Mega, IGI, Sai Life, Quantum

India

EAAA India Alternatives Ltd (1619210D IN)

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EAAA India Alternatives Ltd (1619210D IN)

EAAA India Pre-IPO - Quality Management Fee Stream but Future AUM Raising Could Be Difficult

EAAA is planning to raise about US$177m through its upcoming India IPO. It is one of the leading alternatives platforms in India.

Nicholas Tan

EAAA India Alternatives Limited Pre-IPO Tearsheet

EAAA India Alternatives Ltd plans to raise $177m in upcoming IPO, leading in alternative asset management in India with AUM of $6.7bn.

Rosita Fernandes

The Beat Ideas: Edelweiss 2.0 - Unlocking Value Through Deleveraging and Strategic Listings

Edelweiss plans IPO and stake sale to reduce debt, strengthen balance sheet, and unlock shareholder value, supporting high-margin business growth...

Sudarshan Bhandari

ECM Weekly (24th Mar 2025) -JX Advance, DN Solutions, Nanshan Aluminimum, Anthem, EAAA, Judo Capital

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ECM Weekly (16th Dec 2024) - LG CNS, Mao Geping, Digico, Kioxia, Vishal Mega, IGI, Sai Life, Quantum

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EAAA India Pre-IPO - Quality Management Fee Stream but Future AUM Raising Could Be Difficult

EAAA is planning to raise about US$177m through its upcoming India IPO. It is one of the leading alternatives platforms in India.

Nicholas Tan

EAAA India Alternatives Limited Pre-IPO Tearsheet

​EAAA India Alternatives Ltd plans to raise $177m in upcoming IPO, leading in alternative asset management in India with AUM of $6.7bn.

Rosita Fernandes

The Beat Ideas: Edelweiss 2.0 - Unlocking Value Through Deleveraging and Strategic Listings

​Edelweiss plans IPO and stake sale to reduce debt, strengthen balance sheet, and unlock shareholder value, supporting high-margin business growth...

Sudarshan Bhandari

ECM Weekly (24th Mar 2025) -JX Advance, DN Solutions, Nanshan Aluminimum, Anthem, EAAA, Judo Capital

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

ECM Weekly (16th Dec 2024) - LG CNS, Mao Geping, Digico, Kioxia, Vishal Mega, IGI, Sai Life, Quantum

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

EAAA India Alternatives Ltd plans to raise $177m in upcoming IPO, leading in alternative asset management in India with AUM of $6.7bn.

Edelweiss plans IPO and stake sale to reduce debt, strengthen balance sheet, and unlock shareholder value, supporting high-margin business growth...