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 Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kei-industries-ltd" target="_blank" data-smartkarma-citation="entities:6711:1" rel="noopener">KEI Industries (KEII IN)</a> is a vertically-integrated wires and cables manufacturer with a diversified portfolio spanning low, medium and extra-high-voltage cables, house wires, stainless steel wires and turnkey EPC solutions.</li>
<li>It operates in three segments- Cable and wire (C&amp;W), stainless steel wire and Engineering, Procurement and Construction (EPC) segment, selling products both domestically as well as in global markets.</li>
<li>It sports a market capitalization of US$4.3bn and ADTV of ~US$11.4m. In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>



KEI Industries (KEII IN) is a vertically-integrated wires and cables manufacturer with a diversified portfolio spanning low, medium and extra-high-voltage cables, house wires, stainless steel wires and turnkey EPC solutions.
It operates in three segments- Cable and wire (C&amp;W), stainless steel wire and Engineering, Procurement and Construction (EPC) segment, selling products both domestically as well as in global markets.
It sports a market capitalization of US$4.3bn and ADTV of ~US$11.4m. In this note, we will talk about the company’s past performance and future prospects.


2026 High Conviction - KEI Industries: Growth at a Premium - And Why It Can Sustain

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

<ul>
<li>RR Kabel delivered a strong Q2FY26 with 19.5% YoY revenue growth and EBITDA doubling, driven by robust volume expansion in its high-margin Cables &amp; Wires segment.</li>
<li>Solid core performance, backed by aggressive capex and margin expansion targets, positions RR Kabel as a key beneficiary of India’s accelerating infrastructure and industrial growth cycle.</li>
<li>RR Kabel remains structurally well-placed for growth, though long-term margin gains depend on timely capex execution and a successful turnaround of its FMEG business.</li>
</ul>


RR Kabel delivered a strong Q2FY26 with 19.5% YoY revenue growth and EBITDA doubling, driven by robust volume expansion in its high-margin Cables &amp; Wires segment.
Solid core performance, backed by aggressive capex and margin expansion targets, positions RR Kabel as a key beneficiary of India’s accelerating infrastructure and industrial growth cycle.
RR Kabel remains structurally well-placed for growth, though long-term margin gains depend on timely capex execution and a successful turnaround of its FMEG business.


RR Kabel Q2FY26: Strong Core, Aggressive Growth Path; Execution Key to Upside

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Event-Driven

<ul>
<li>UltraTech Cement, part of the Aditya Birla Group, is entering the 80,000+ crore wires &amp; cables market with INR 1,800 crore investment, targeting a December 2026 plant launch in Gujarat. 
</li>
<li>The sector is highly fragmented, with no dominant player exceeding 20% market share, creating an opportunity for UltraTech to disrupt with its financial strength, backward integration, and superior product quality.</li>
<li>This move positions UltraTech as a diversified building materials leader, leveraging synergies with Hindalco to offer cost-efficient, high-quality electrical solutions, reshaping competition in the industry.</li>
</ul>


UltraTech Cement, part of the Aditya Birla Group, is entering the 80,000+ crore wires &amp; cables market with INR 1,800 crore investment, targeting a December 2026 plant launch in Gujarat. 

The sector is highly fragmented, with no dominant player exceeding 20% market share, creating an opportunity for UltraTech to disrupt with its financial strength, backward integration, and superior product quality.
This move positions UltraTech as a diversified building materials leader, leveraging synergies with Hindalco to offer cost-efficient, high-quality electrical solutions, reshaping competition in the industry.


Event Driven: UltraTech’s Bold Foray into Wires & Cables 80,000+ Cr Market

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

External broker reports(aggregated public sources)

Geojit BNP Paribas

Geojit BNP Paribas is a leading Indian investment services company with a strong presence in the Gulf Cooperation Council countries. 

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.

<ul><li>Geojit's research report onFinolex Cables Finolex Cables Ltd.</li><li>(FCL) is India's largest manufacturer of electrical (80% of revenue) and telecommunication cables (16%).</li><li>FCL has a wide distribution network with a high brand recall.</li></ul>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.

Geojit's research report onFinolex Cables Finolex Cables Ltd.(FCL) is India's largest manufacturer of electrical (80% of revenue) and telecommunication cables (16%).FCL has a wide distribution network with a high brand recall.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.

Finolex Cables Ltd. - Margins Improves...optimistic Growth Outlook

Waaree Renewable Technologies / Equity Bottom-Up

<ul>
<li>Prime Minister Modi unveils the Pradhanmantri Suryoday Yojana, a groundbreaking initiative aiming to install rooftop solar panels on one crore households, aligning with India's renewable energy targets.</li>
<li>The Suryodaya Yojana addresses challenges in the rooftop solar landscape, focusing on household installations, affordability, income generation, and energy self-reliance.</li>
<li>Despite challenges in implementation, the scheme, led by REC, holds the potential to significantly boost rooftop solar capacity, supporting India's commitment to cleaner energy and a sustainable future.</li>
</ul>


Prime Minister Modi unveils the Pradhanmantri Suryoday Yojana, a groundbreaking initiative aiming to install rooftop solar panels on one crore households, aligning with India's renewable energy targets.
The Suryodaya Yojana addresses challenges in the rooftop solar landscape, focusing on household installations, affordability, income generation, and energy self-reliance.
Despite challenges in implementation, the scheme, led by REC, holds the potential to significantly boost rooftop solar capacity, supporting India's commitment to cleaner energy and a sustainable future.


Pradhanmantri Suryoday Yojana: Revolutionizing India's Solar Landscape

India

Finolex Cables Ltd. manufactures a wide range of telecommunication and electrical cables. The Company's products include flexible cables for appliances and industrial use electrification, winding wires, automobile cables, welding cables, and cables for submersible pumps. The Company also manufactures jelly filled phone cables, high frequency/radio frequency cables and PVC Sheets.

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Finolex Cables (FNXC IN)

2026 High Conviction - KEI Industries: Growth at a Premium - And Why It Can Sustain

KEI Industries is a leading Indian manufacturer of electrical wires and cables with a global presence, offering comprehensive power cable solutions...

Akshat Shah

RR Kabel Q2FY26: Strong Core, Aggressive Growth Path; Execution Key to Upside

RR Kabel sees strong Q2FY26 with 19.5% revenue growth and doubled EBITDA, driven by volume expansion in high-margin segment. Positioned for growth...

Sudarshan Bhandari

Event Driven: UltraTech’s Bold Foray into Wires & Cables 80,000+ Cr Market

UltraTech Cement is set to enter the wires & cables market with a significant investment, aiming for a plant launch in Gujarat by December 2026.

Nimish Maheshwari

Finolex Cables Ltd. - Margins Improves...optimistic Growth Outlook

Geojit's research report onFinolex Cables Finolex Cables Ltd.(FCL) is India's largest manufacturer of electrical (80% of revenue) and...

Geojit

Pradhanmantri Suryoday Yojana: Revolutionizing India's Solar Landscape

Indian Prime Minister Modi launches the Pradhanmantri Suryoday Yojana, a game-changing initiative to install rooftop solar panels on one crore...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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2026 High Conviction - KEI Industries: Growth at a Premium - And Why It Can Sustain

KEI Industries is a leading Indian manufacturer of electrical wires and cables with a global presence, offering comprehensive power cable solutions...

Akshat Shah

RR Kabel Q2FY26: Strong Core, Aggressive Growth Path; Execution Key to Upside

​RR Kabel sees strong Q2FY26 with 19.5% revenue growth and doubled EBITDA, driven by volume expansion in high-margin segment. Positioned for growth...

Sudarshan Bhandari

Event Driven: UltraTech’s Bold Foray into Wires & Cables 80,000+ Cr Market

​UltraTech Cement is set to enter the wires & cables market with a significant investment, aiming for a plant launch in Gujarat by December 2026.

Nimish Maheshwari

Finolex Cables Ltd. - Margins Improves...optimistic Growth Outlook

Geojit's research report onFinolex Cables Finolex Cables Ltd.(FCL) is India's largest manufacturer of electrical (80% of revenue) and...

Geojit

Pradhanmantri Suryoday Yojana: Revolutionizing India's Solar Landscape

​Indian Prime Minister Modi launches the Pradhanmantri Suryoday Yojana, a game-changing initiative to install rooftop solar panels on one crore...

Nimish Maheshwari

RR Kabel sees strong Q2FY26 with 19.5% revenue growth and doubled EBITDA, driven by volume expansion in high-margin segment. Positioned for growth...

UltraTech Cement is set to enter the wires & cables market with a significant investment, aiming for a plant launch in Gujarat by December 2026.

Indian Prime Minister Modi launches the Pradhanmantri Suryoday Yojana, a game-changing initiative to install rooftop solar panels on one crore...