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

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>We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 13 stocks are expected to be added to Large Cap, 5 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
With the review period nearing completion, there could still be more outperformance given the momentum, but we would look to take profit on the stocks as the divergence gets wider.


AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

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

Equity Capital Markets

Clean Max Enviro Energy Solutions / Equity Capital Markets

Clean Max Enviro Energy Solutions (CLEANMAX IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) is looking to raise about US$586m in its upcoming India IPO.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$586m in its upcoming India IPO.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In this note, we talk about the not-so-positive aspects of the deal.


CleanMax Enviro Energy Solutions Pre-IPO - The Negatives - Elevated Debt Amid Inconsistent Growth

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. 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.

Sazgar Engineering Works Limited / Equity Bottom-Up

Sazgar Engineering Works Limited (SAZEW PK)

<ul><li>SAZEW announced its 1QFY26 result, wherein the company recorded profit of Rs4.4bn (EPS of Rs73.06), up 5% YoY. The result came higher than industry expectations due to higher-than-expected gross margins.</li><li>Net sales of the company surged by 28% YoY and 24% QoQ to Rs33.8bn in 1QFY26. This trend was largely driven by four-wheeler volumes, which increased 37% YoY and 26% QoQ, with sales clocking in at 3,557 units compared to 2,605 units in 1QFY25 and 2,817 units in 4QFY25.</li><li>We maintain our BUY call for SAZEW as company is currently trading at an FY26/FY27F PE of 6.5/5.3x.</li></ul>

SAZEW announced its 1QFY26 result, wherein the company recorded profit of Rs4.4bn (EPS of Rs73.06), up 5% YoY. The result came higher than industry expectations due to higher-than-expected gross margins.Net sales of the company surged by 28% YoY and 24% QoQ to Rs33.8bn in 1QFY26. This trend was largely driven by four-wheeler volumes, which increased 37% YoY and 26% QoQ, with sales clocking in at 3,557 units compared to 2,605 units in 1QFY25 and 2,817 units in 4QFY25.We maintain our BUY call for SAZEW as company is currently trading at an FY26/FY27F PE of 6.5/5.3x.

Sazgar Engineering (SAZEW): 1QFY26 EPS at Rs73.06, Up 5% YoY - Higher Than Industry Expectations

India

Havells India is a multinational fast-moving electrical goods (FMEG) company that manufactures and distributes a diverse range of industrial and consumer electrical products. Their offerings include circuit protection devices, cables and wires, motors, fans, modular switches, lighting, home appliances, and air conditioners. The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1958.

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Havells India (HAVL 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

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

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

CleanMax Enviro Energy Solutions Pre-IPO - The Negatives - Elevated Debt Amid Inconsistent Growth

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Sazgar Engineering (SAZEW): 1QFY26 EPS at Rs73.06, Up 5% YoY - Higher Than Industry Expectations

SAZEW announced its 1QFY26 result, wherein the company recorded profit of Rs4.4bn (EPS of Rs73.06), up 5% YoY. The result came higher than...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

AMFI Stock Reclassification Preview (Dec 2025): New Listings Shaking Up the Rankings

We currently forecast 31 migrations for the AMFI December reclassification. Many IPOs could be added to Large/Mid cap. The forecast upward...

Brian Freitas

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

CleanMax Enviro Energy Solutions Pre-IPO - The Negatives - Elevated Debt Amid Inconsistent Growth

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Sazgar Engineering (SAZEW): 1QFY26 EPS at Rs73.06, Up 5% YoY - Higher Than Industry Expectations

SAZEW announced its 1QFY26 result, wherein the company recorded profit of Rs4.4bn (EPS of Rs73.06), up 5% YoY. The result came higher than...

Topline Securities

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