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

Avaada Electro Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avaada-electro-limited" target="_blank" data-smartkarma-citation="entities:58612:1" rel="noopener">Avaada Electro Limited (2596819D IN)</a> is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.</li>
<li>Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Avaada Electro Limited (2596819D IN) is looking to raise around US$800m in its upcoming India IPO. It is a vertically integrated solar photovoltaic manufacturer, producing high-efficiency solar cells and modules.
Avaada Electro Limited (AEL) benefits from strong demand visibility through its group's renewable IPP, while its manufacturing platform is well aligned with India's push towards domestic solar manufacturing requirements.
In this note, we look at the firm’s past performance.


Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

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

Thematic (Sector/Industry)

<ul>
<li>India's Union Budget FY27 allocates a record Rs. 7.85 lakh crore to defence, a 15.19% increase, the largest-ever outlay. </li>
<li>This is driven by a doctrinal shift: defence spending is no longer calibrated to threat cycles, it is now a permanent infrastructure of the Indian state.</li>
<li>With no political dialogue on Kashmir, the IWT suspended, and China backing Pakistan, India has accepted that a high-tension equilibrium is the new normal, and is funding accordingly.</li>
</ul>


India's Union Budget FY27 allocates a record Rs. 7.85 lakh crore to defence, a 15.19% increase, the largest-ever outlay. 
This is driven by a doctrinal shift: defence spending is no longer calibrated to threat cycles, it is now a permanent infrastructure of the Indian state.
With no political dialogue on Kashmir, the IWT suspended, and China backing Pakistan, India has accepted that a high-tension equilibrium is the new normal, and is funding accordingly.


Thematic Report- India: Defence Is No Longer a Choice, It's a Necessity!

<ul>
<li>India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026, taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.</li>
<li>The pace and scale of approvals reinforce a multi-year procurement cycle, with indigenization becoming structural, expanding opportunities for domestic defence PSUs and private sector players.</li>
<li>
Stronger order visibility led by BEL, improving execution clarity for HAL, BDL’s indigenization progress, and Astra Microwave’s restructuring position the sector for sustained growth momentum.</li>
</ul>


India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026, taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.
The pace and scale of approvals reinforce a multi-year procurement cycle, with indigenization becoming structural, expanding opportunities for domestic defence PSUs and private sector players.

Stronger order visibility led by BEL, improving execution clarity for HAL, BDL’s indigenization progress, and Astra Microwave’s restructuring position the sector for sustained growth momentum.


Thematic Report: India Defense Sector - Moving Into Growth Phase

<ul>
<li>Brent crude has surged 78% in nine days from ~$67/bbl to above $110/bbl as the US-Israel-Iran war blocks Strait of Hormuz shipping, the first such disruption since 1980.</li>
<li>India, importing 85-90% of crude needs, faces a simultaneous hit to CPI (+55-80bp), GDP (-15 to -27bp), current account deficit (widening 0.5% of GDP per $10/bbl), a rupee (92/$). </li>
<li>Markets have begun pricing geopolitical risk but have not fully absorbed the macro cascade. With Nifty down 9% from peak and India VIX at 19+, the correction is incomplete.</li>
</ul>


Brent crude has surged 78% in nine days from ~$67/bbl to above $110/bbl as the US-Israel-Iran war blocks Strait of Hormuz shipping, the first such disruption since 1980.
India, importing 85-90% of crude needs, faces a simultaneous hit to CPI (+55-80bp), GDP (-15 to -27bp), current account deficit (widening 0.5% of GDP per $10/bbl), a rupee (92/$). 
Markets have begun pricing geopolitical risk but have not fully absorbed the macro cascade. With Nifty down 9% from peak and India VIX at 19+, the correction is incomplete.


Black Oil, Red Markets: How Rising Crude Prices Impacting Indian Economy & Markets

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>The global aerospace supply chain is undergoing a structural de-risking from a “just-in-time” model, moving towards diversified “just-in-case” sourcing, catalyzed by post-COVID capacity exits.</li>
<li>This shift is creating a multi-decade, geopolitical trust arbitrage opportunity, positioning Indian Tier-2/3 precision component manufacturers as critical partners for global OEMs and Tier-1s.</li>
<li>The combination of a massive global order backlog, India’s certified capabilities, and supportive policy creates a multi-year compounding runway for select, high-execution Indian players.</li>
</ul>


The global aerospace supply chain is undergoing a structural de-risking from a “just-in-time” model, moving towards diversified “just-in-case” sourcing, catalyzed by post-COVID capacity exits.
This shift is creating a multi-decade, geopolitical trust arbitrage opportunity, positioning Indian Tier-2/3 precision component manufacturers as critical partners for global OEMs and Tier-1s.
The combination of a massive global order backlog, India’s certified capabilities, and supportive policy creates a multi-year compounding runway for select, high-execution Indian players.


Thematic Report on India’s Aerospace Manufacturing: From Chaos to Competitiveness

India

Hindustan Aeronautics Limited (HAL) is an Indian state-owned aerospace and defense company that designs, develops, manufactures, and maintains combat aircraft, helicopters, unmanned aerial vehicles, jet and turbine engines, avionics, and other hardware. The company also supplies aircraft, helicopters, and communications equipment for military and civil markets and provides related repair and support services. Headquartered in Bengaluru, India, HAL was established on December 23, 1940.

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Hindustan Aeronautics (HNAL IN)

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Thematic Report- India: Defence Is No Longer a Choice, It's a Necessity!

India's Union Budget FY27 allocates record Rs. 7.85 lakh crore to defence, reflecting a shift to permanent infrastructure amid high-tension...

Sudarshan Bhandari

Thematic Report: India Defense Sector - Moving Into Growth Phase

India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Sudarshan Bhandari

Black Oil, Red Markets: How Rising Crude Prices Impacting Indian Economy & Markets

Brent crude surges due to US-Israel-Iran tensions, impacting India's economy and stock market. Markets not fully pricing in macro risks.

Sudarshan Bhandari

Thematic Report on India’s Aerospace Manufacturing: From Chaos to Competitiveness

Global aerospace supply chain shifting to "just-in-case" sourcing post-COVID, creating opportunity for Indian precision component manufacturers to...

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Avaada Electro Pre-IPO - Offtake Visibility but Concentration and Leverage Risks Remain

Avaada Electro Limited (AEL) is looking to raise around US$800m in its upcoming India IPO. In this note, we look at the firm’s past performance.

Akshat Shah

Thematic Report- India: Defence Is No Longer a Choice, It's a Necessity!

​India's Union Budget FY27 allocates record Rs. 7.85 lakh crore to defence, reflecting a shift to permanent infrastructure amid high-tension...

Sudarshan Bhandari

Thematic Report: India Defense Sector - Moving Into Growth Phase

​India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Sudarshan Bhandari

Black Oil, Red Markets: How Rising Crude Prices Impacting Indian Economy & Markets

​Brent crude surges due to US-Israel-Iran tensions, impacting India's economy and stock market. Markets not fully pricing in macro risks.

Sudarshan Bhandari

Thematic Report on India’s Aerospace Manufacturing: From Chaos to Competitiveness

​Global aerospace supply chain shifting to "just-in-case" sourcing post-COVID, creating opportunity for Indian precision component manufacturers to...

Nimish Maheshwari

India's Union Budget FY27 allocates record Rs. 7.85 lakh crore to defence, reflecting a shift to permanent infrastructure amid high-tension...

India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Brent crude surges due to US-Israel-Iran tensions, impacting India's economy and stock market. Markets not fully pricing in macro risks.

Global aerospace supply chain shifting to "just-in-case" sourcing post-COVID, creating opportunity for Indian precision component manufacturers to...