Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Tata Capital Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited</a> is looking to raise up to US$2bn in its upcoming India IPO.</li>
<li>Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Tata Capital Limited is looking to raise up to US$2bn in its upcoming India IPO.
Tata Capital Limited (TCL) is the flagship financial services company of the Tata group and a subsidiary of Tata Sons Private Limited.
In this note, we talk about the positive aspects of the deal.


Tata Capital Pre-IPO - The Positives - Will Ride High on the Brand Name

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>The United States has imposed a 50% reciprocal tariff on Indian exports, the highest among major Asian peers, significantly above China (30%) and Vietnam (20%).
</li>
<li>This could hamper 50-100 bps India’s GDP growth, strain sectors like textile, gems, and raise risks around FPI flows as US accounts for nearly 40% of India’s FPI assets.</li>
<li>While India retains buffers through domestic absorption, trade diversification, and potential monetary easing, the tariff shock deepens trade uncertainty and capital flow sensitivity, warranting close investor monitoring. </li>
</ul>


The United States has imposed a 50% reciprocal tariff on Indian exports, the highest among major Asian peers, significantly above China (30%) and Vietnam (20%).

This could hamper 50-100 bps India’s GDP growth, strain sectors like textile, gems, and raise risks around FPI flows as US accounts for nearly 40% of India’s FPI assets.
While India retains buffers through domestic absorption, trade diversification, and potential monetary easing, the tariff shock deepens trade uncertainty and capital flow sensitivity, warranting close investor monitoring. 


Will 50% Tariffs Break India’s Export Edge?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

SAI Life Sciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
In this note, we will talk about the lockup dynamics and possible placement.


Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> raised about US$238m in its India IPO.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Vikram Solar (0490158D IN) raised about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

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.

Cross Asset Strategy

<ul>
<li>As the earnings reporting season nears completion, our EPS estimate tracker reveals a downgrade to Asian EPS. AxJ EPS declined only 0.5%-0.8%. But several constituent markets' EPS declined much more.</li>
<li>Asian EPS estimates were supported by China and somewhat surprisingly, Thailand. Indian estimates continued to decline. Even Korea and Taiwan, the recent earnings outperformers, were downgraded during this season. </li>
<li>Unlike Asia, US EPS estimates rose during this season. Japan's and Europe's declined. In a subsequent note we shall track the estimates of all the sectors in each Asian Market.</li>
</ul>


As the earnings reporting season nears completion, our EPS estimate tracker reveals a downgrade to Asian EPS. AxJ EPS declined only 0.5%-0.8%. But several constituent markets' EPS declined much more.
Asian EPS estimates were supported by China and somewhat surprisingly, Thailand. Indian estimates continued to decline. Even Korea and Taiwan, the recent earnings outperformers, were downgraded during this season. 
Unlike Asia, US EPS estimates rose during this season. Japan's and Europe's declined. In a subsequent note we shall track the estimates of all the sectors in each Asian Market.


Asian Equity: As the Result Season Nears Its End, Asian EPS Estimates Suffer a Surprising Downgrade

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

HDFC Bank (HDFCB IN)

Tata Capital Pre-IPO - The Positives - Will Ride High on the Brand Name

Tata Capital Limited is looking to raise up to US$2bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Will 50% Tariffs Break India’s Export Edge?

US imposes 50% tariff on Indian exports, highest in Asia, may slow GDP growth, strain sectors, and impact FPI flows. India has buffers but faces...

Nimish Maheshwari

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

TPG Asia has launched an INR26.4bn (US$302m) cleanup block (14.7% stake) in Sai Life Sciences at a floor price of INR860/share, a 5.2% discount to...

Akshat Shah

Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Vikram Solar raised about US$238m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Asian Equity: As the Result Season Nears Its End, Asian EPS Estimates Suffer a Surprising Downgrade

Asian EPS estimate saw a downgrade during the earnings season that's drawing to a close. CN & TH moved up while India, KR & TW declined. US EPS...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tata Capital Pre-IPO - The Positives - Will Ride High on the Brand Name

Tata Capital Limited is looking to raise up to US$2bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Will 50% Tariffs Break India’s Export Edge?

​US imposes 50% tariff on Indian exports, highest in Asia, may slow GDP growth, strain sectors, and impact FPI flows. India has buffers but faces...

Nimish Maheshwari

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

TPG Asia has launched an INR26.4bn (US$302m) cleanup block (14.7% stake) in Sai Life Sciences at a floor price of INR860/share, a 5.2% discount to...

Akshat Shah

Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Vikram Solar raised about US$238m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Asian Equity: As the Result Season Nears Its End, Asian EPS Estimates Suffer a Surprising Downgrade

​Asian EPS estimate saw a downgrade during the earnings season that's drawing to a close. CN & TH moved up while India, KR & TW declined. US EPS...

Manishi Raychaudhuri

US imposes 50% tariff on Indian exports, highest in Asia, may slow GDP growth, strain sectors, and impact FPI flows. India has buffers but faces...

Asian EPS estimate saw a downgrade during the earnings season that's drawing to a close. CN & TH moved up while India, KR & TW declined. US EPS...