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

Bagmane Prime Office REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bagmane-prime-office-reit" target="_blank" data-smartkarma-citation="entities:46266:1" rel="noopener">Bagmane Prime Office REIT (BPOR IN)</a> plans to raise around US$440m in its upcoming India IPO. It owns and manages premium Grade A+ business parks located in Bengaluru.</li>
<li>It represents a high-quality, institutionally-managed office REIT with strong asset quality, near-full occupancy, and embedded rental upside. Its balance sheet and acquisition pipeline provide support with moderate growth potential.</li>
<li>In this note, we talk about the firm’s historical performance.</li>
</ul>



Bagmane Prime Office REIT (BPOR IN) plans to raise around US$440m in its upcoming India IPO. It owns and manages premium Grade A+ business parks located in Bengaluru.
It represents a high-quality, institutionally-managed office REIT with strong asset quality, near-full occupancy, and embedded rental upside. Its balance sheet and acquisition pipeline provide support with moderate growth potential.
In this note, we talk about the firm’s historical performance.


Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

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

Event-Driven

<ul>
<li>The Union Cabinet on 10 March 2026 approved JJM 2.0 with a total outlay of Rs 8.69 lakh crore extending the mission to December 2028.</li>
<li>The shift from capex-heavy pipe-laying to operations and maintenance fundamentally changes the sector's revenue model, favouring O&amp;M-linked EPC players and water treatment technology companies over pure commodity pipe suppliers.</li>
<li>Companies with deep O&amp;M annuity pipelines: VA Tech Wabag, EMS Limited, and Welspun Enterprises are structurally better positioned for the 2.0 era.</li>
</ul>


The Union Cabinet on 10 March 2026 approved JJM 2.0 with a total outlay of Rs 8.69 lakh crore extending the mission to December 2028.
The shift from capex-heavy pipe-laying to operations and maintenance fundamentally changes the sector's revenue model, favouring O&amp;M-linked EPC players and water treatment technology companies over pure commodity pipe suppliers.
Companies with deep O&amp;M annuity pipelines: VA Tech Wabag, EMS Limited, and Welspun Enterprises are structurally better positioned for the 2.0 era.


Jal Jeevan Mission 2.0: New Life to Water Related Companies in India

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Equity Bottom-Up

Enviro Infra Engineers / Equity Bottom-Up

<ul>
<li>EIEL is strategically expanding into high-margin Zero Liquid Discharge (ZLD) projects and the renewable energy sector, diversifying its business beyond its traditional water and wastewater treatment core.</li>
<li>This strategic shift is crucial as it addresses critical national challenges like water scarcity and sustainable energy, aligning the company with major government initiatives and creating new, high-growth revenue streams.</li>
<li>By entering these technically complex and margin-accretive segments, the company is changing its business model to a diversified infrastructure player with enhanced long-term growth and profitability potential.</li>
</ul>


EIEL is strategically expanding into high-margin Zero Liquid Discharge (ZLD) projects and the renewable energy sector, diversifying its business beyond its traditional water and wastewater treatment core.
This strategic shift is crucial as it addresses critical national challenges like water scarcity and sustainable energy, aligning the company with major government initiatives and creating new, high-growth revenue streams.
By entering these technically complex and margin-accretive segments, the company is changing its business model to a diversified infrastructure player with enhanced long-term growth and profitability potential.


The Beat Ideas: Enviro Infra Engineers Ltd - High-Margin Growth Story in Water Infra

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

Mahindra Logistics Ltd / Equity Bottom-Up

<ul>
<li>July 2025 saw significant buying by promoters and key management in 14 companies, signaling insider confidence across diverse sectors.</li>
<li>Engineering, Pharmaceuticals, Consumer, Infrastructure, and Financials stood out with consistent insider purchases.</li>
<li>
 Notable Companies:<a href="https://www.smartkarma.com/entities/shoppers-stop-ltd" target="_blank" data-smartkarma-citation="entities:12804:1" rel="noopener">Shoppers Stop (SHOP IN)</a>,<a href="https://www.smartkarma.com/entities/anup-engineering-limited" target="_blank" data-smartkarma-citation="entities:33785:1" rel="noopener">Anup Engineering (ANUP IN)</a>, <a href="https://www.smartkarma.com/entities/d-b-corp-ltd" target="_blank" data-smartkarma-citation="entities:6044:1" rel="noopener">D.B. Corp Ltd (DBCL IN)</a> , <a href="https://www.smartkarma.com/entities/la-opala-rg-ltd" target="_blank" data-smartkarma-citation="entities:20139:1" rel="noopener">La Opala Rg Ltd (LOG IN)</a> , and <a href="https://www.smartkarma.com/entities/paisalo-digital-limited" target="_blank" data-smartkarma-citation="entities:14342:1" rel="noopener">Paisalo Digital (PAISALO IN)</a> saw aggressive accumulation.</li>
</ul>


July 2025 saw significant buying by promoters and key management in 14 companies, signaling insider confidence across diverse sectors.
Engineering, Pharmaceuticals, Consumer, Infrastructure, and Financials stood out with consistent insider purchases.

 Notable Companies:Shoppers Stop (SHOP IN),Anup Engineering (ANUP IN), D.B. Corp Ltd (DBCL IN) , La Opala Rg Ltd (LOG IN) , and Paisalo Digital (PAISALO IN) saw aggressive accumulation.


July’s Insider Playbook - Buying Activity In 14 Small Cap Companies

<ul>
<li>The company is in the business of designing, construction, operation and maintenance of water and wastewater treatment plants and supply schemes with all related services.</li>
<li>It has an order book worth Rs. 1906+ cr. as of June 30, 2024 and 750Cr+ of operation &amp; maintenance order book in their hand.</li>
<li>Company has in-house capability to build and design water plants which enhance the margins of the company vs its peers. </li>
</ul>


The company is in the business of designing, construction, operation and maintenance of water and wastewater treatment plants and supply schemes with all related services.
It has an order book worth Rs. 1906+ cr. as of June 30, 2024 and 750Cr+ of operation &amp; maintenance order book in their hand.
Company has in-house capability to build and design water plants which enhance the margins of the company vs its peers. 


Enviro Infra Engineers Limited IPO Analysis

India

Enviro Infra Engineering Ltd.  (EIEL) is in the business of designing, construction, operation and maintenance of Water and Wastewater Treatment Plants (WWTPs) and Water Supply Scheme Projects (WSSPs) for government authorities/bodies.

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Enviro Infra Engineers (EIEL12 IN)

Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

Bagmane Prime Office Reit (BPOR) plans to raise around US$440m in its upcoming India IPO. In this note, we talk about the firm’s historical...

Akshat Shah

The Beat Ideas: Enviro Infra Engineers Ltd - High-Margin Growth Story in Water Infra

EIEL strategically expands into high-margin ZLD projects and renewable energy sector, diversifying beyond water treatment to address national...

Sudarshan Bhandari

July’s Insider Playbook - Buying Activity In 14 Small Cap Companies

July 2025 saw significant insider buying in 14 companies across various sectors, including Engineering, Pharmaceuticals, Consumer, Infrastructure,...

Sreemant Dudhoria

Enviro Infra Engineers Limited IPO Analysis

A company specializing in water and wastewater treatment plants has a strong order book and in-house design capabilities, boosting margins...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

Bagmane Prime Office Reit (BPOR) plans to raise around US$440m in its upcoming India IPO. In this note, we talk about the firm’s historical...

Akshat Shah

Jal Jeevan Mission 2.0: New Life to Water Related Companies in India

​The Union Cabinet approved JJM 2.0 with Rs 8.69 lakh crore outlay, shifting focus to O&M and favoring companies like VA Tech Wabag and Welspun...

Nimish Maheshwari

The Beat Ideas: Enviro Infra Engineers Ltd - High-Margin Growth Story in Water Infra

​EIEL strategically expands into high-margin ZLD projects and renewable energy sector, diversifying beyond water treatment to address national...

Sudarshan Bhandari

July’s Insider Playbook - Buying Activity In 14 Small Cap Companies

​July 2025 saw significant insider buying in 14 companies across various sectors, including Engineering, Pharmaceuticals, Consumer, Infrastructure,...

Sreemant Dudhoria

Enviro Infra Engineers Limited IPO Analysis

​A company specializing in water and wastewater treatment plants has a strong order book and in-house design capabilities, boosting margins...

Nimish Maheshwari

The Union Cabinet approved JJM 2.0 with Rs 8.69 lakh crore outlay, shifting focus to O&M and favoring companies like VA Tech Wabag and Welspun...

EIEL strategically expands into high-margin ZLD projects and renewable energy sector, diversifying beyond water treatment to address national...

July 2025 saw significant insider buying in 14 companies across various sectors, including Engineering, Pharmaceuticals, Consumer, Infrastructure,...

A company specializing in water and wastewater treatment plants has a strong order book and in-house design capabilities, boosting margins...