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

Orkla India Ltd. / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orkla-india-ltd" target="_blank" data-smartkarma-citation="entities:45300:1" rel="noopener">Orkla India Ltd. (0752506D IN)</a> raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</li>
<li>Orkla India Limited (OIL) is a multi-category Indian food company offering a diverse range of spices and convenience food products catering to every meal occasion.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Orkla India Ltd. (0752506D IN) raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
Orkla India Limited (OIL) is a multi-category Indian food company offering a diverse range of spices and convenience food products catering to every meal occasion.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Orkla India IPO Lockup - Shares Have Traded Below IPO Price but PE Owner Well in The Money

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

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>February 2026 insider activity was very strong with 50+ companies reporting insider accumulation spanning large caps and midcaps.</li>
<li>We present the key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
<li>Also mentioned in this insight are the names which are available significantly below the insider buying price.</li>
</ul>


February 2026 insider activity was very strong with 50+ companies reporting insider accumulation spanning large caps and midcaps.
We present the key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.
Also mentioned in this insight are the names which are available significantly below the insider buying price.


Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – February 2026

ICICI Prudential Asset Management Company / Equity Bottom-Up

ICICI Prudential Asset Management Company (ICICIAMC IN)

ICICI Prudential Asset Management Company

<ul>
<li>Despite the broad-based weakness in Indian equity market, insider buying in December 2025 was very strong and broad-based esp in Mid/Small cap category.</li>
<li>We highlight 60 large, mid and small cap companies that experienced insider buying during December 2025 with total transaction value of USD 95 million, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
</ul>


Despite the broad-based weakness in Indian equity market, insider buying in December 2025 was very strong and broad-based esp in Mid/Small cap category.
We highlight 60 large, mid and small cap companies that experienced insider buying during December 2025 with total transaction value of USD 95 million, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.


Insider Activity: Who Bought Their Own Stock in December?

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>Showing early signs of demand recovery: Greenply’s Apr’25 and May’25 aligned with its expectation, with the third month being a laggard.</li><li>The company is seeing further recovery in Jul’25 and expects a better quarter going forward.</li><li>This quarter, the plywood segment experienced a 3% decline in volumes, even as realisations rose 4% YoY. </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.

Showing early signs of demand recovery: Greenply’s Apr’25 and May’25 aligned with its expectation, with the third month being a laggard.The company is seeing further recovery in Jul’25 and expects a better quarter going forward.This quarter, the plywood segment experienced a 3% decline in volumes, even as realisations rose 4% YoY. 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.

Greenply Industries Ltd - Slow Quarter; Growth Supported by Capacity Expansions and Product Mix

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>We maintain our BUY rating with an unchanged target price of INR 420/share (12/20x its Mar’25E consolidated EBITDA/APAT)</li><li>We like Greenpanel for its leadership positioning in the MDF segment, high value-added share, large retail presence (85% in FY23), healthy margin, and working capital profile</li><li>Greenpanel’s consolidated revenue/EBITDA fell 13/14% QoQ in Q1FY24 as MDF volume and margin declined</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 maintain our BUY rating with an unchanged target price of INR 420/share (12/20x its Mar’25E consolidated EBITDA/APAT)We like Greenpanel for its leadership positioning in the MDF segment, high value-added share, large retail presence (85% in FY23), healthy margin, and working capital profileGreenpanel’s consolidated revenue/EBITDA fell 13/14% QoQ in Q1FY24 as MDF volume and margin declinedContent 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.

Greenpanel Industries (Q1FY24) - Enhanced Competition Stresses Volume and Margin.

India

Greenply Industries Ltd. is an interior infrastructure company.  The Company manufactures plywood and boards, flush doors, decorative veneers and laminates, fibreboard, and particleboard.

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Greenply Industries (MTLM IN)

Aequitas: Orkla India IPO Lockup - Shares Have Traded Below IPO Price but PE Owner Well in The Money

Orkla India raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – February 2026

February 2026 saw strong insider accumulation in 50+ companies across large caps and midcaps, with key sectors and company names highlighted for...

Sreemant Dudhoria

Insider Activity: Who Bought Their Own Stock in December?

Robust insider buying activity observed in the last week of December'25. Notable large names are Bajaj Finance, Supreme Industries, Acutaas...

Sreemant Dudhoria

Greenply Industries Ltd - Slow Quarter; Growth Supported by Capacity Expansions and Product Mix

Showing early signs of demand recovery: Greenply’s Apr’25 and May’25 aligned with its expectation, with the third month being a laggard.

Axis Direct

Greenpanel Industries (Q1FY24) - Enhanced Competition Stresses Volume and Margin.

We maintain our BUY rating with an unchanged target price of INR 420/share (12/20x its Mar’25E consolidated EBITDA/APAT)

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Aequitas: Orkla India IPO Lockup - Shares Have Traded Below IPO Price but PE Owner Well in The Money

Orkla India raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – February 2026

​February 2026 saw strong insider accumulation in 50+ companies across large caps and midcaps, with key sectors and company names highlighted for...

Sreemant Dudhoria

Insider Activity: Who Bought Their Own Stock in December?

Robust insider buying activity observed in the last week of December'25. Notable large names are Bajaj Finance, Supreme Industries, Acutaas...

Sreemant Dudhoria

Greenply Industries Ltd - Slow Quarter; Growth Supported by Capacity Expansions and Product Mix

Showing early signs of demand recovery: Greenply’s Apr’25 and May’25 aligned with its expectation, with the third month being a laggard.

Axis Direct

Greenpanel Industries (Q1FY24) - Enhanced Competition Stresses Volume and Margin.

We maintain our BUY rating with an unchanged target price of INR 420/share (12/20x its Mar’25E consolidated EBITDA/APAT)

HDFC Securities

February 2026 saw strong insider accumulation in 50+ companies across large caps and midcaps, with key sectors and company names highlighted for...