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

Kaynes Technology India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.</li>
<li>The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.</li>
</ul>



Kaynes Technology India (KAYNES IN) is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).
In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.
The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.


Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

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

Thematic (Sector/Industry)

<ul>
<li>Domestic investors (DIIs, retail, and HNIs) now hold 26.67% of non-promoter shares, narrowing the gap with FIIs, whose stakes have dropped to a 12-year low.</li>
<li>This shift signifies growing domestic confidence and a stabilizing market environment, reducing dependency on volatile FII flows amid global uncertainties.</li>
<li>Movement of the stock prices mostly dependent on FII moves rather than DII or Retail Investors. </li>
</ul>


Domestic investors (DIIs, retail, and HNIs) now hold 26.67% of non-promoter shares, narrowing the gap with FIIs, whose stakes have dropped to a 12-year low.
This shift signifies growing domestic confidence and a stabilizing market environment, reducing dependency on volatile FII flows amid global uncertainties.
Movement of the stock prices mostly dependent on FII moves rather than DII or Retail Investors. 


External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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.

Equity Bottom-Up

Genus Power Infrastructures / Equity Bottom-Up

<ul><li>Strong Order Book: Including all SPVs and Platform with GIC, the order book stood at Rs 31,776 Cr as of Sep’24 with concessions for over 8-10 years (against the orderbook of Rs 32,500 as of Aug’24).</li><li>The current orderbook of Rs 31,776 Cr is not the peak and a further increase from this level is expected from Q1FY26 (the tendering activity is expected to remain muted in H2FY25).</li><li>90% of the orderbook is towards the GIC Platform. </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.

Strong Order Book: Including all SPVs and Platform with GIC, the order book stood at Rs 31,776 Cr as of Sep’24 with concessions for over 8-10 years (against the orderbook of Rs 32,500 as of Aug’24).The current orderbook of Rs 31,776 Cr is not the peak and a further increase from this level is expected from Q1FY26 (the tendering activity is expected to remain muted in H2FY25).90% of the orderbook is towards the GIC Platform. 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.

Genus Power Infrastructures Ltd - Strong Q2; Inline with the Growth Trajectory

<ul>
<li>India’s power sector faced T&amp;D losses averaging 20% between FY11 and FY19, while the ideal range is 6-8%. This is one of the biggest opportunity in Power sector.</li>
<li>As per the National Smart Grid Mission, the central government aims to install 25 crore smart meters by the end of 2025.</li>
<li>Detailed analysis includes indian listed companies creating Smart Meter along with their order book and comparison. </li>
</ul>


India’s power sector faced T&amp;D losses averaging 20% between FY11 and FY19, while the ideal range is 6-8%. This is one of the biggest opportunity in Power sector.
As per the National Smart Grid Mission, the central government aims to install 25 crore smart meters by the end of 2025.
Detailed analysis includes indian listed companies creating Smart Meter along with their order book and comparison. 


Thematic Report: Smart Meters- Mega Trend

<ul><li>We initiate coverage of Genus Power Infrastructures Ltd. (GPIL) with a BUY recommendation and a target price of Rs 505/share, implying a potential upside of 20% from the CMP.</li><li>GPIL is one of the largest players in the electricity metering solutions industry in India.</li><li>With over 8 Cr meters installed globally; Genus has been at the forefront of electricity metering since its inception in 1992. It commands ~27% market share in India and is poised to scale to new heights.</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.

We initiate coverage of Genus Power Infrastructures Ltd. (GPIL) with a BUY recommendation and a target price of Rs 505/share, implying a potential upside of 20% from the CMP.GPIL is one of the largest players in the electricity metering solutions industry in India.With over 8 Cr meters installed globally; Genus has been at the forefront of electricity metering since its inception in 1992. It commands ~27% market share in India and is poised to scale to new heights.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.

Genus Power Infrastructures Ltd - Spearheading the Smart Meter Play

India

Genus Power Infrastructures Ltd. manufactures electronic meters and other power control equipment. The Company produces residential, industrial, substation, agricultural, grid and group meters, inverters, uninterruptible power supplies, and hybrid microcircuits; and designs and constructs substations, transmission and distribution lines, and electrification projects.

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Genus Power Infrastructures (GPIN IN)

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Who Is Moving Indian Markets?

Growing domestic investor confidence is reducing dependency on volatile FII flows, with DIIs now holding 26.67% of non-promoter shares.

Nimish Maheshwari

Genus Power Infrastructures Ltd - Strong Q2; Inline with the Growth Trajectory

Strong Order Book: Including all SPVs and Platform with GIC, the order book stood at Rs 31,776 Cr as of Sep’24 with concessions for over 8-10 years

Axis Direct

Thematic Report: Smart Meters- Mega Trend

India's power sector has high T&D losses, creating a major opportunity for improvement. The government aims to install 25 crore smart meters by...

Nimish Maheshwari

Genus Power Infrastructures Ltd - Spearheading the Smart Meter Play

We initiate coverage of Genus Power Infrastructures Ltd. (GPIL) with a BUY recommendation and a target price of Rs 505/share, implying a potential...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Who Is Moving Indian Markets?

​Growing domestic investor confidence is reducing dependency on volatile FII flows, with DIIs now holding 26.67% of non-promoter shares.

Nimish Maheshwari

Genus Power Infrastructures Ltd - Strong Q2; Inline with the Growth Trajectory

Strong Order Book: Including all SPVs and Platform with GIC, the order book stood at Rs 31,776 Cr as of Sep’24 with concessions for over 8-10 years

Axis Direct

Thematic Report: Smart Meters- Mega Trend

​India's power sector has high T&D losses, creating a major opportunity for improvement. The government aims to install 25 crore smart meters by...

Nimish Maheshwari

Genus Power Infrastructures Ltd - Spearheading the Smart Meter Play

We initiate coverage of Genus Power Infrastructures Ltd. (GPIL) with a BUY recommendation and a target price of Rs 505/share, implying a potential...

Axis Direct

Growing domestic investor confidence is reducing dependency on volatile FII flows, with DIIs now holding 26.67% of non-promoter shares.

India's power sector has high T&D losses, creating a major opportunity for improvement. The government aims to install 25 crore smart meters by...