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>
<a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a> is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.</li>
<li>The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.</li>
</ul>



Bank Of Baroda (BOB IN) is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).
In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.
The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.


Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$238m in its upcoming India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$238m in its upcoming India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
In this note, we talk about the company’s historical performance.


Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

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>
<a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> achieved a strong TCV of $10.2 billion, driven by significant large deal wins across diverse markets and industries, instills confidence for future financial years.</li>
<li>
<a href="https://www.smartkarma.com/entities/hcl-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20025:1" rel="noopener">HCL Technologies (HCLT IN)</a> is Witnessing strong growth in Technology and Financial Services due to increased spending patterns, along with a sizable number of deals influenced by AI and GenAI.</li>
<li>
<a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> expects significant growth in AI spending and is committed to driving innovation for clients by leveraging the transformative power of AI, with discretionary spending slowly returning.</li>
</ul>



Tata Consultancy Svcs (TCS IN) achieved a strong TCV of $10.2 billion, driven by significant large deal wins across diverse markets and industries, instills confidence for future financial years.

HCL Technologies (HCLT IN) is Witnessing strong growth in Technology and Financial Services due to increased spending patterns, along with a sizable number of deals influenced by AI and GenAI.

Wipro Ltd (WPRO IN) expects significant growth in AI spending and is committed to driving innovation for clients by leveraging the transformative power of AI, with discretionary spending slowly returning.


IT Companies Q3 Update: Deal Flow, AI, Guidance Etc.

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Tata Play and Airtel Digital TV are merging, with Airtel taking majority stake, to consolidate DTH, broadband, and telecom services.</li>
<li>Indian IT sector set for 5.1% growth in FY25, with $300 billion target by FY26, adding 126,000 jobs.</li>
<li>
<a href="https://www.smartkarma.com/entities/hcl-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20025:1" rel="noopener">HCL Technologies (HCLT IN)</a> CEO C Vijayakumar highlights that GenAI disrupts IT's traditional model, pushing for productivity and specialized skills over headcount.</li>
</ul>


Tata Play and Airtel Digital TV are merging, with Airtel taking majority stake, to consolidate DTH, broadband, and telecom services.
Indian IT sector set for 5.1% growth in FY25, with $300 billion target by FY26, adding 126,000 jobs.

HCL Technologies (HCLT IN) CEO C Vijayakumar highlights that GenAI disrupts IT's traditional model, pushing for productivity and specialized skills over headcount.


#110 India Insight: Tata Play-Airtel Merger, 5.1% IT Growth in FY25, HCLTech CEO on GenAI

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

Event-Driven

L&T Technology Services Limited / Event-Driven

<ul>
<li>In line with our forecast, <a href="https://www.smartkarma.com/entities/oracle-financial-services" target="_blank" data-smartkarma-citation="entities:7775:1" rel="noopener">Oracle Financial Services (OFSS IN)</a> replaces <a href="https://www.smartkarma.com/entities/l-t-technology-services-limited" target="_blank" data-smartkarma-citation="entities:23601:1" rel="noopener">L&amp;T Technology Services Limited (LTTS IN)</a> in the <a href="https://www.smartkarma.com/entities/nifty-it-index" target="_blank" data-smartkarma-citation="entities:36059:1" rel="noopener">Nifty IT Index (NSEIT INDEX)</a> at the March rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/l-t-technology-services-limited" target="_blank" data-smartkarma-citation="entities:23601:1" rel="noopener">L&amp;T Technology Services (LTTS IN)</a> is also being excluded from the F&amp;O segment at the close on 27 March. Open interest is ~900k shares and there will be unwinding.</li>
<li>Passive trackers will need to trade between 0.5-0.6x ADV in the stocks. Impact increases to 1-2 days of delivery volume.</li>
</ul>


In line with our forecast, Oracle Financial Services (OFSS IN) replaces L&amp;T Technology Services Limited (LTTS IN) in the Nifty IT Index (NSEIT INDEX) at the March rebalance.

L&amp;T Technology Services (LTTS IN) is also being excluded from the F&amp;O segment at the close on 27 March. Open interest is ~900k shares and there will be unwinding.
Passive trackers will need to trade between 0.5-0.6x ADV in the stocks. Impact increases to 1-2 days of delivery volume.


Nifty IT Index Rebalance: Oracle Financial Services Takes a Beating but Replaces L&T Tech

India

HCL Technologies Limited provides software development and related engineering services.  The Group's technologies utilize a variety of technologies, including Internet and e-commerce, networking, internet telephony, embedded software, ASIC/VLSI design and testing, satellite and wireless communications, and component based object technologies, including COM, DCOM and COBRA.

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HCL Technologies (HCLT IN)

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

Travel Food Services is looking to raise about US$238m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

IT Companies Q3 Update: Deal Flow, AI, Guidance Etc.

TCS achieves strong TCV of $10.2 billion with large deal wins, HCLT sees growth in Tech and Financial Services, WPRO expects growth in AI spending...

Nimish Maheshwari

#110 India Insight: Tata Play-Airtel Merger, 5.1% IT Growth in FY25, HCLTech CEO on GenAI

Tata Play and Airtel Digital TV merge to consolidate DTH, broadband, and telecom services, Indian IT sector poised for growth with focus on...

Sudarshan Bhandari

Nifty IT Index Rebalance: Oracle Financial Services Takes a Beating but Replaces L&T Tech

Oracle Financial Svcs replaces L&T Tech in the CNXIT Index in March. OFSS has been on a rollercoaster while LTTS has stayed out of the limelight....

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

Travel Food Services is looking to raise about US$238m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

IT Companies Q3 Update: Deal Flow, AI, Guidance Etc.

​TCS achieves strong TCV of $10.2 billion with large deal wins, HCLT sees growth in Tech and Financial Services, WPRO expects growth in AI spending...

Nimish Maheshwari

#110 India Insight: Tata Play-Airtel Merger, 5.1% IT Growth in FY25, HCLTech CEO on GenAI

​Tata Play and Airtel Digital TV merge to consolidate DTH, broadband, and telecom services, Indian IT sector poised for growth with focus on...

Sudarshan Bhandari

Nifty IT Index Rebalance: Oracle Financial Services Takes a Beating but Replaces L&T Tech

Oracle Financial Svcs replaces L&T Tech in the CNXIT Index in March. OFSS has been on a rollercoaster while LTTS has stayed out of the limelight....

Brian Freitas

TCS achieves strong TCV of $10.2 billion with large deal wins, HCLT sees growth in Tech and Financial Services, WPRO expects growth in AI spending...

Tata Play and Airtel Digital TV merge to consolidate DTH, broadband, and telecom services, Indian IT sector poised for growth with focus on...