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 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

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>HZL has approved a ₹12,000 crore investment to set up a 250 KTPA integrated zinc smelter at Debari as part of its 2x capacity expansion plan.</li>
<li>While smelting investments are not inherently value-accretive due to low TCs, they are necessary to process captive ore and minimize logistics costs.</li>
<li>The overall growth outlook remains strong, but the pending mine lease expiries by 2030 pose a material long-term risk.</li>
</ul>


HZL has approved a ₹12,000 crore investment to set up a 250 KTPA integrated zinc smelter at Debari as part of its 2x capacity expansion plan.
While smelting investments are not inherently value-accretive due to low TCs, they are necessary to process captive ore and minimize logistics costs.
The overall growth outlook remains strong, but the pending mine lease expiries by 2030 pose a material long-term risk.


HINDZINC – ₹12,000 Cr Smelter Expansion Approved Amid Long-Term Growth Push

<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

<ul>
<li>Hindustan Zinc’s Q4 FY25 PAT rose 47% YoY to Rs3,003 crore; EBITDA grew 32% YoY; zinc cost of production hit a 16-quarter low at $994/t.</li>
<li>FY26 guidance targets 1.12 Mt mined metal, 700–710 MT silver, and zinc cost of production between $1,025–1,050/t, slightly higher due to ore grade normalization.</li>
<li>HZL trades at ~21.5x P/E and ~12x EV/EBITDA, at a premium to some global peers, with valuations sensitive to commodity prices, cost trends, and execution on expansion plans.</li>
</ul>


Hindustan Zinc’s Q4 FY25 PAT rose 47% YoY to Rs3,003 crore; EBITDA grew 32% YoY; zinc cost of production hit a 16-quarter low at $994/t.
FY26 guidance targets 1.12 Mt mined metal, 700–710 MT silver, and zinc cost of production between $1,025–1,050/t, slightly higher due to ore grade normalization.
HZL trades at ~21.5x P/E and ~12x EV/EBITDA, at a premium to some global peers, with valuations sensitive to commodity prices, cost trends, and execution on expansion plans.


HZ IN: Operational Targets and Valuation Framework

<ul>
<li>Latest Update: NCLAT has stayed NCLT’s rejection, allowing Vedanta’s five-way demerger to proceed, with completion targeted by September 2025.</li>
<li>Value Concentration: Over 85% of Vedanta’s SOTP value stems from Aluminium and Residual Vedanta, driven by strong EBITDA and asset base.</li>
<li>Upside and Risks: SOTP suggests 20%+ upside, but risks include regulatory delays, execution slippage in aluminium/zinc projects, and commodity price volatility.</li>
</ul>


Latest Update: NCLAT has stayed NCLT’s rejection, allowing Vedanta’s five-way demerger to proceed, with completion targeted by September 2025.
Value Concentration: Over 85% of Vedanta’s SOTP value stems from Aluminium and Residual Vedanta, driven by strong EBITDA and asset base.
Upside and Risks: SOTP suggests 20%+ upside, but risks include regulatory delays, execution slippage in aluminium/zinc projects, and commodity price volatility.


Vedanta Demerger: Key Highlights, Value Drivers, and Risks

India

Hindustan Zinc is an Indian integrated mining and resources producer, specializing in zinc, lead, and silver, and is the world's second-largest zinc producer and among the top five silver producers globally. The company also engages in captive power generation and manufactures phosphatic fertilizers. Hindustan Zinc is headquartered in Udaipur, Rajasthan, India, and was founded in 1966.

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

Hindustan Zinc (HZ IN)

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

HINDZINC – ₹12,000 Cr Smelter Expansion Approved Amid Long-Term Growth Push

HZL approves ₹12,000 crore investment for new zinc smelter at Debari as part of capacity expansion plan, despite potential risks from mine lease...

Rahul Jain

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

HZ IN: Operational Targets and Valuation Framework

With silver prices close to US$36-37/oz (+26% YTD, +24% YoY) vs FY25 average of US$30/oz. HZL could likely see significant earnings upgrades. It is...

Rahul Jain

Vedanta Demerger: Key Highlights, Value Drivers, and Risks

NCLAT allows Vedanta's demerger to proceed, with majority value in Aluminium and Residual Vedanta, offering 20%+ upside but facing risks of...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

HINDZINC – ₹12,000 Cr Smelter Expansion Approved Amid Long-Term Growth Push

​HZL approves ₹12,000 crore investment for new zinc smelter at Debari as part of capacity expansion plan, despite potential risks from mine lease...

Rahul Jain

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

HZ IN: Operational Targets and Valuation Framework

With silver prices close to US$36-37/oz (+26% YTD, +24% YoY) vs FY25 average of US$30/oz. HZL could likely see significant earnings upgrades. It is...

Rahul Jain

Vedanta Demerger: Key Highlights, Value Drivers, and Risks

​NCLAT allows Vedanta's demerger to proceed, with majority value in Aluminium and Residual Vedanta, offering 20%+ upside but facing risks of...

Rahul Jain

HZL approves ₹12,000 crore investment for new zinc smelter at Debari as part of capacity expansion plan, despite potential risks from mine lease...

NCLAT allows Vedanta's demerger to proceed, with majority value in Aluminium and Residual Vedanta, offering 20%+ upside but facing risks of...