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

Ajax Engineering Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ajax-engineering-limited" target="_blank" data-smartkarma-citation="entities:44026:1" rel="noopener">Ajax Engineering Limited (0896529D IN)</a> is looking to raise about US$145m in its upcoming India IPO.</li>
<li>Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.</li>
<li>In this note, we take a quick look at the company’s past performance and the IPO valuations.</li>
</ul>



Ajax Engineering Limited (0896529D IN) is looking to raise about US$145m in its upcoming India IPO.
Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
In this note, we take a quick look at the company’s past performance and the IPO valuations.


Ajax Engineering IPO - Robust Growth Driven by a Comprehensive Dealer Network

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

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>Favorable reservoir level, an uptick in Kharif Harvest, and strong sowing for the Rabi season are expected to drive good demand for tractors in the medium term.</li>
<li>We summarize the sales volume published by listed players Mahindra &amp; Mahindra(M&amp;M), and Escorts Kubota Limited.</li>
<li>Positive management commentary augurs well for uptick in tractor OEM stocks and related auto ancillary companies like <a href="https://www.smartkarma.com/entities/gna-axles-ltd" target="_blank" data-smartkarma-citation="entities:28070:1" rel="noopener">GNA Axles Ltd (GNA IN)</a> in medium term.</li>
</ul>


Favorable reservoir level, an uptick in Kharif Harvest, and strong sowing for the Rabi season are expected to drive good demand for tractors in the medium term.
We summarize the sales volume published by listed players Mahindra &amp; Mahindra(M&amp;M), and Escorts Kubota Limited.
Positive management commentary augurs well for uptick in tractor OEM stocks and related auto ancillary companies like GNA Axles Ltd (GNA IN) in medium term.


Monthly Sales Overview of Indian Listed Tractor Companies (December 2024)

Carraro India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carraro-india-limited" target="_blank" data-smartkarma-citation="entities:43890:1" rel="noopener">Carraro India Limited (810618Z IN)</a> is looking to raise about US$216m in its India IPO.</li>
<li>Carraro India Limited (CIL), is an independent tier 1 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Carraro India Limited (810618Z IN) is looking to raise about US$216m in its India IPO.
Carraro India Limited (CIL), is an independent tier 1 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India.
In this note, we talk about the company’s historical performance.


Carraro India Pre-IPO - Strategic Partnerships and Related Party Risks

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

<ul>
<li>We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.</li>
<li>Names in this auto-focused edition include <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>, <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a>, <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>, <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> .</li>
<li>Bearish names include <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> , <a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a> and <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> as a potential name to be bullish on.</li>
</ul>


We continue our earnings coverage highlighting key earnings and what catches our attention in the conference calls.
Names in this auto-focused edition include Mahindra &amp; Mahindra (MM IN), Maruti Suzuki India (MSIL IN), Ola Electric (OLAELEC IN), Tata Motors Ltd (TTMT IN) .
Bearish names include Tata Motors Ltd (TTMT IN) , Escorts Kubota Limited (ESCORTS IN) and Ola Electric (OLAELEC IN) as a potential name to be bullish on.


Namaste India 🙏 | Earnings Edition - Autos

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

<ul>
<li>There are 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.</li>
<li>Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn (US$384m). There are 13 stocks with over 0.5x ADV to trade, mostly on the deletes.</li>
<li>After steady outperformance over the last few months, there was a selloff in momentum names following the announcement of the election results. There has been a recovery since then.</li>
</ul>


There are 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.
Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn (US$384m). There are 13 stocks with over 0.5x ADV to trade, mostly on the deletes.
After steady outperformance over the last few months, there was a selloff in momentum names following the announcement of the election results. There has been a recovery since then.


NIFTY200 Momentum30 Index Rebalance: 13 Changes, 42% Turnover, Momentum Recovers After Selloff

India

Escorts Kubota Limited is among India's leading engineering conglomerates, operating in the high growth sectors of Agri Machinery, Material Handling, Construction Equipment and Railway Equipment. The Group has earned the trust of over 5 million customers by way of product and process innovations over seven decades.

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

Escorts Kubota Limited (ESCORTS IN)

Ajax Engineering IPO - Robust Growth Driven by a Comprehensive Dealer Network

Ajax Engineering Limited is looking to raise about US$145m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Monthly Sales Overview of Indian Listed Tractor Companies (December 2024)

Favorable agricultural conditions expected to drive demand for tractors, positive outlook for tractor OEM stocks and related companies like GNA...

Sreemant Dudhoria,CFA

Namaste India 🙏 | Earnings Edition - Autos

We highlight key earnings and call takeaways from companies like Mahindra & Mahindra, Maruti Suzuki India, Ola Electric, and Tata Motors.

Pranav Bhavsar

NIFTY200 Momentum30 Index Rebalance: 13 Changes, 42% Turnover, Momentum Recovers After Selloff

There are 13 changes for the Nifty200 Momentum 30 Index. Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn. The adds...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ajax Engineering IPO - Robust Growth Driven by a Comprehensive Dealer Network

Ajax Engineering Limited is looking to raise about US$145m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Monthly Sales Overview of Indian Listed Tractor Companies (December 2024)

​Favorable agricultural conditions expected to drive demand for tractors, positive outlook for tractor OEM stocks and related companies like GNA...

Sreemant Dudhoria,CFA

Carraro India Pre-IPO - Strategic Partnerships and Related Party Risks

Carraro India Limited is looking to raise about US$216m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Namaste India 🙏 | Earnings Edition - Autos

We highlight key earnings and call takeaways from companies like Mahindra & Mahindra, Maruti Suzuki India, Ola Electric, and Tata Motors.

Pranav Bhavsar

NIFTY200 Momentum30 Index Rebalance: 13 Changes, 42% Turnover, Momentum Recovers After Selloff

There are 13 changes for the Nifty200 Momentum 30 Index. Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn. The adds...

Brian Freitas

Favorable agricultural conditions expected to drive demand for tractors, positive outlook for tractor OEM stocks and related companies like GNA...