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

<ul>
<li>Antfin (Netherlands) Holding B.V. is looking to raise up to US$612m via a cleanup of its remaining ~2% stake in <a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a> .</li>
<li>Antfin has been selling off parts of its ~14% stake in the firm since the IPO. The company last sold a 2% stake to raise upto US$400m in Aug 2024.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Antfin (Netherlands) Holding B.V. is looking to raise up to US$612m via a cleanup of its remaining ~2% stake in Eternal (ETERNAL IN) .
Antfin has been selling off parts of its ~14% stake in the firm since the IPO. The company last sold a 2% stake to raise upto US$400m in Aug 2024.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Eternal (Zomato) Placement - Second Clean-Up by Antfin This Week, Will Lift the Overhang

<ul>
<li>Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in <a href="https://www.smartkarma.com/entities/one-97-communications-limited-paytm" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a>.</li>
<li>Antfin has been selling off its stake in PayTM since it pared around 12% in Nov 2021 IPO. It last sold a 4% stake to raise upto US$242m in May2025.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in Paytm (PAYTM IN).
Antfin has been selling off its stake in PayTM since it pared around 12% in Nov 2021 IPO. It last sold a 4% stake to raise upto US$242m in May2025.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<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, next week will see a large number of listings across the region.</li>
<li>On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in 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, next week will see a large number of listings across the region.
On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.


ECM Weekly (7 July 2025) - IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

<ul>
<li>Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (NYKAA IN)</a>.</li>
<li>He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in FSN E-Commerce Ventures (NYKAA IN).
He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Nykaa Block - US$140m Selldown by Banga Family

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

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.</li>
<li>Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.</li>
<li>The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.</li>
</ul>


There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.
Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.
The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.


NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

India

FSN E-Commerce Ventures Ltd., operating as Nykaa, is an Indian retail company specializing in beauty, wellness, and fashion products. It sells products online and through physical stores, offering a wide assortment from various brands, including its own. The company is headquartered in Mumbai, India, and was founded in April 2012.

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Nykaa (NYKAA IN)

Eternal (Zomato) Placement - Second Clean-Up by Antfin This Week, Will Lift the Overhang

Antfin is looking to raise up to US$612m via a cleanup of its remaining ~2% stake in Eternal Ltd (Zomato). In this note, we run the deal through...

Akshat Shah

PayTM Block - US$434m Clean-Up by Antfin

Antfin (Netherlands) Holding B.V. (Antfin) is looking to raise up to US$434 via a cleanup of its remaining 5.8% stake in One 97 Communications Ltd...

Akshat Shah

ECM Weekly (7 July 2025) - IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

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

Nykaa Block - US$140m Selldown by Banga Family

Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a stake of around 2.1% at a floor price of around...

Akshat Shah

NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

The Nifty200 Momentum30 Index rebalances at the close tomorrow. Since announcement, the adds have outperformed the deletes (but only marginally)....

Brian Freitas

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