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

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.
In this note, we talk about the not-so-positive aspects of the deal.


Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.</li>
<li>In this note, we talk about the firm’s historical performance.</li>
</ul>



Knowledge Realty Trust (258259D IN) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier estimated deal size of about US$712m.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between FY16-9M24, as per the CBRE report.
In this note, we talk about the firm’s historical performance.


Knowledge Realty Trust Pre-IPO - The Positives - Premium Market Positioning, Healthy Forecasts

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oswal-pumps" target="_blank" data-smartkarma-citation="entities:43952:1" rel="noopener">Oswal Pumps (1019841D IN)</a> is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.</li>
<li>Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Oswal Pumps (1019841D IN) is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.
Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>BDL reported strong FY25 revenue of ₹3,345 Cr and PAT of ₹550 Cr, though EBITDA margins declined to 24.6% from earlier highs.</li>
<li>With a ₹22,700 Cr order book, BDL is expanding via new plants in Jhansi, Amravati, and Ibrahimpatnam backed by ₹600+ Cr capex.</li>
<li>At 100x PE and 75xPE FY27e valuations appear stretched, leaving limited margin of safety despite strong execution and order visibility.</li>
</ul>


BDL reported strong FY25 revenue of ₹3,345 Cr and PAT of ₹550 Cr, though EBITDA margins declined to 24.6% from earlier highs.
With a ₹22,700 Cr order book, BDL is expanding via new plants in Jhansi, Amravati, and Ibrahimpatnam backed by ₹600+ Cr capex.
At 100x PE and 75xPE FY27e valuations appear stretched, leaving limited margin of safety despite strong execution and order visibility.


BDL IN – Bharat Dynamics: Missile Systems Specialist Strengthening India’s Defence Edge

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN)</a> raised about US$400m in its India IPO. </li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) raised about US$400m in its India IPO. 
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Schloss Bangalore IPO Trading - Decent Anchor; Muted Overall Demand

India

Hindustan Aeronautics Limited (HAL) operates as an aerospace and defense company. The Company designs and manufactures aircraft, helicopter, power plants, inertial navigation system, auto stabilizer, laser range system, flight data recorder, communication equipment, air borne secondary radar, panel instruments, and general forging. HAL serves aerospace industry in India.

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Hindustan Aeronautics (HNAL IN)

Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. In this note, we talk about the not-so-positive...

Akshat Shah

Knowledge Realty Trust Pre-IPO - The Positives - Premium Market Positioning, Healthy Forecasts

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier...

Akshat Shah

Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Oswal Pumps is looking to raise about US$162m in its upcoming India IPO. We have looked at the company’s past performance in our previous notes. In...

Akshat Shah

BDL IN – Bharat Dynamics: Missile Systems Specialist Strengthening India’s Defence Edge

BDL's strong FY25 performance with high revenue and PAT, expanding operations with new plants, but stretched valuations raise concerns despite...

Rahul Jain

Schloss Bangalore IPO Trading - Decent Anchor; Muted Overall Demand

Schloss Bangalore Ltd (SBL) raised about US$400m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Knowledge Realty Trust Pre-IPO - The Negatives - Not All Assets Have Been Doing Well

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. In this note, we talk about the not-so-positive...

Akshat Shah

Knowledge Realty Trust Pre-IPO - The Positives - Premium Market Positioning, Healthy Forecasts

Knowledge Realty Trust (KRT) is planning to raise about US$558m through its upcoming India IPO. The deal has been downsized from an earlier...

Akshat Shah

Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Oswal Pumps is looking to raise about US$162m in its upcoming India IPO. We have looked at the company’s past performance in our previous notes. In...

Akshat Shah

BDL IN – Bharat Dynamics: Missile Systems Specialist Strengthening India’s Defence Edge

​BDL's strong FY25 performance with high revenue and PAT, expanding operations with new plants, but stretched valuations raise concerns despite...

Rahul Jain

Schloss Bangalore IPO Trading - Decent Anchor; Muted Overall Demand

Schloss Bangalore Ltd (SBL) raised about US$400m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

BDL's strong FY25 performance with high revenue and PAT, expanding operations with new plants, but stretched valuations raise concerns despite...