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

Executive Centre India Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/executive-centre-india-ltd" target="_blank" data-smartkarma-citation="entities:45620:1" rel="noopener">Executive Centre India Ltd (2026075D IN)</a> (ECIL) is looking to raise about US$288m in its all-primary upcoming India IPO. </li>
<li>ECIL leases Grade A office spaces and converts them into premium flexible workspaces, catering to MNCs, SMEs, and other entities across various sectors and industries.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Executive Centre India Ltd (2026075D IN) (ECIL) is looking to raise about US$288m in its all-primary upcoming India IPO. 
ECIL leases Grade A office spaces and converts them into premium flexible workspaces, catering to MNCs, SMEs, and other entities across various sectors and industries.
In this note, we talk about the company’s historical performance.


Aequitas: Executive Centre Pre-IPO - Differentiated Play on Premium Flexible Workspaces

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

Adani Ports & Special Economic Zone / Equity Bottom-Up

Adani Ports & Special Economic Zone (ADSEZ IN)

<ul>
<li>India's spectacular underperformance over the past 12 months relative to Asia has been driven primarily by dismal earnings delivery by corporates, leading to persistent EPS estimate downgrades.</li>
<li>We identify stocks with strong earnings delivery, i.e. EPS estimate upgrades over past 1, 3 and 6 months, forecast EPS growth &gt;10%, net D/E &lt; 1 and PEG &lt; 1.4x.</li>
<li>We screen 11 stocks from industrials, healthcare, materials and property. Most have appreciated significantly over 6- and 12-month timeframes, establishing that the market tends to reward superior earnings delivery.</li>
</ul>


India's spectacular underperformance over the past 12 months relative to Asia has been driven primarily by dismal earnings delivery by corporates, leading to persistent EPS estimate downgrades.
We identify stocks with strong earnings delivery, i.e. EPS estimate upgrades over past 1, 3 and 6 months, forecast EPS growth &gt;10%, net D/E &lt; 1 and PEG &lt; 1.4x.
We screen 11 stocks from industrials, healthcare, materials and property. Most have appreciated significantly over 6- and 12-month timeframes, establishing that the market tends to reward superior earnings delivery.


Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

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 a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with flows from passive trackers of other indices.</li>
<li>Estimated one-way turnover is 7.8% resulting in a round-trip trade of INR 18.23bn (US$209m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>The adds to the index have outperformed the deletes over the last 5 months and there has been noticeable outperformance in the last couple of weeks.</li>
</ul>


There are 13 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with flows from passive trackers of other indices.
Estimated one-way turnover is 7.8% resulting in a round-trip trade of INR 18.23bn (US$209m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
The adds to the index have outperformed the deletes over the last 5 months and there has been noticeable outperformance in the last couple of weeks.


NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

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.

<ul><li>Stable Core and Cenexi Turnaround Drive Revenue Growth: Gland Pharma reported consolidated revenue of Rs 1,506 Cr in Q1FY26, marking a 7.4% YoY growth, in line with our estimates.</li><li>The base business (ex-Cenexi) grew by 2.7% YoY, while Cenexi delivered a strong turnaround, reporting 19.6% YoY growth, highlighting early signs of recovery and successful integration.</li><li>Cenexi Achieves EBITDA Breakeven: Cenexi reported Q1FY26 revenue of Rs 465 Cr, with a positive EBITDA of Rs 9 Cr and a margin of 2%. We expect Cenexi to deliver 5-6% Margins in FY26.</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.

Stable Core and Cenexi Turnaround Drive Revenue Growth: Gland Pharma reported consolidated revenue of Rs 1,506 Cr in Q1FY26, marking a 7.4% YoY growth, in line with our estimates.The base business (ex-Cenexi) grew by 2.7% YoY, while Cenexi delivered a strong turnaround, reporting 19.6% YoY growth, highlighting early signs of recovery and successful integration.Cenexi Achieves EBITDA Breakeven: Cenexi reported Q1FY26 revenue of Rs 465 Cr, with a positive EBITDA of Rs 9 Cr and a margin of 2%. We expect Cenexi to deliver 5-6% Margins in FY26.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.

Gland Pharma Ltd - Uptick in Margins; Strong Launch Momentum

<ul><li>Encouraging Financial Performance: GLAND’s base business (Ex-Cenexi) registered a 12.3% YoY revenue degrowth due to price erosion.</li><li>However, this was offset by volume growth and new launches. EBITDA margins expanded to ~38.2%, improving by 100bps YoY and meeting expectations.</li><li>Cenexi to report positive EBITDA by Q3FY26: Cenexi reported revenue of Rs 392 Cr (7.7% YoY), an EBITDA loss of Rs 42 Cr, and EBITDA margins of -12%, impacted by unexpected equipment breakdown.</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.

Encouraging Financial Performance: GLAND’s base business (Ex-Cenexi) registered a 12.3% YoY revenue degrowth due to price erosion.However, this was offset by volume growth and new launches. EBITDA margins expanded to ~38.2%, improving by 100bps YoY and meeting expectations.Cenexi to report positive EBITDA by Q3FY26: Cenexi reported revenue of Rs 392 Cr (7.7% YoY), an EBITDA loss of Rs 42 Cr, and EBITDA margins of -12%, impacted by unexpected equipment breakdown.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.

Gland Pharma Ltd - Base Business Facing Challenges; New Launches Offer Optimism

India

Gland Pharma is a leading pharmaceutical company specializing in the manufacturing and marketing of complex injectables, operating primarily under a business-to-business (B2B) model. The company provides contract development and manufacturing organization (CDMO) services and out-licenses its generic injectable portfolio globally. Headquartered in Hyderabad, India, it was founded in 1978.

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Gland Pharma (GLAND IN)

Aequitas: Executive Centre Pre-IPO - Differentiated Play on Premium Flexible Workspaces

Executive Centre India Ltd (ECIL) is looking to raise about US$288m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...

Manishi Raychaudhuri

NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

There are 13 changes for the index in Sep. Estimated one-way turnover is 7.8% and the round-trip trade is INR 18.2bn. There are many stocks with...

Brian Freitas

Gland Pharma Ltd - Uptick in Margins; Strong Launch Momentum

Stable Core and Cenexi Turnaround Drive Revenue Growth: Gland Pharma reported consolidated revenue of Rs 1,506 Cr in Q1FY26, marking a 7.4% YoY...

Axis Direct

Gland Pharma Ltd - Base Business Facing Challenges; New Launches Offer Optimism

Encouraging Financial Performance: GLAND’s base business (Ex-Cenexi) registered a 12.3% YoY revenue degrowth due to price erosion.

Axis Direct

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52-week Range

Market Cap (USDm)

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Aequitas: Executive Centre Pre-IPO - Differentiated Play on Premium Flexible Workspaces

Executive Centre India Ltd (ECIL) is looking to raise about US$288m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

​India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...

Manishi Raychaudhuri

NIFTY MIDCAP150 Index Rebalance: 13 Changes a Side; Lots of Overlap with Other Index Flow

There are 13 changes for the index in Sep. Estimated one-way turnover is 7.8% and the round-trip trade is INR 18.2bn. There are many stocks with...

Brian Freitas

Gland Pharma Ltd - Uptick in Margins; Strong Launch Momentum

Stable Core and Cenexi Turnaround Drive Revenue Growth: Gland Pharma reported consolidated revenue of Rs 1,506 Cr in Q1FY26, marking a 7.4% YoY...

Axis Direct

Gland Pharma Ltd - Base Business Facing Challenges; New Launches Offer Optimism

Encouraging Financial Performance: GLAND’s base business (Ex-Cenexi) registered a 12.3% YoY revenue degrowth due to price erosion.

Axis Direct

India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...