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

Kaynes Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.</li>
<li>The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.</li>
</ul>



Kaynes Technology India (KAYNES IN) is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).
In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.
The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.


Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be three ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be three ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be two ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be two ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Some Names Are Still Close to the Border

External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Honeywell Automation India / Equity Bottom-Up

<ul><li>Honeywell’s Q3FY2025 numbers saw a miss on estimates on all fronts, impacted by weak execution, softer demand, and accounting treatment change.</li><li>The company reported revenue/operating profit/Adj. PAT of Rs. 1091/142/132 crore for a growth of 2%/-12%/3%, respectively.</li><li>The company is a leading player and well positioned to drive growth in pharma, specialty chemicals, and cyber security.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Honeywell’s Q3FY2025 numbers saw a miss on estimates on all fronts, impacted by weak execution, softer demand, and accounting treatment change.The company reported revenue/operating profit/Adj. PAT of Rs. 1091/142/132 crore for a growth of 2%/-12%/3%, respectively.The company is a leading player and well positioned to drive growth in pharma, specialty chemicals, and cyber security.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Honeywell Automation India Ltd - Disappointing Quarter Q3; Downgrade to Hold

<ul><li>India Honeywell’s Q2FY2025 numbers saw a miss on estimates on all fronts, impacted by weak execution, softer demand, and accounting treatment change.</li><li>The company reported revenue/operating profit/Adj. PAT of Rs. 1024/130/116 crore, down 7%/6%/5%, respectively.</li><li>The company aims to grow at 2x GDP in India, while growth in exports may revive gradually. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India Honeywell’s Q2FY2025 numbers saw a miss on estimates on all fronts, impacted by weak execution, softer demand, and accounting treatment change.The company reported revenue/operating profit/Adj. PAT of Rs. 1024/130/116 crore, down 7%/6%/5%, respectively.The company aims to grow at 2x GDP in India, while growth in exports may revive gradually. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Honeywell Automation India Ltd - Subdued Q2; Retain Buy

India

Honeywell Automation India Limited (HAIL) is a leader in providing integrated automation and software solutions for industrial, commercial, and residential sectors, aiming to improve efficiency, safety, and productivity. The company offers products and services in process solutions, building solutions, and sensing and control. Headquartered in Pune, Maharashtra, India, the company was incorporated in 1984.

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Honeywell Automation India (HWA IN)

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Quiddity Leaderboard BSE/SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

The reference period for selection ranks ended on 30th April 2025. The only change in expectations since this insight is that we no longer see...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE/SENSEX Jun25: Some Names Are Still Close to the Border

We expect ~US$560mn one-way flows collectively for Sensex, BSE 100, and BSE 200. Although there is only one month left in the reference period, the...

Janaghan Jeyakumar, CFA

Honeywell Automation India Ltd - Disappointing Quarter Q3; Downgrade to Hold

Honeywell’s Q3FY2025 numbers saw a miss on estimates on all fronts, impacted by weak execution, softer demand, and accounting treatment change.

Sharekhan

Honeywell Automation India Ltd - Subdued Q2; Retain Buy

India Honeywell’s Q2FY2025 numbers saw a miss on estimates on all fronts, impacted by weak execution, softer demand, and accounting treatment change.

Sharekhan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

The reference period for selection ranks ended on 30th April 2025. The only change in expectations since this insight is that we no longer see...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Some Names Are Still Close to the Border

We expect ~US$560mn one-way flows collectively for Sensex, BSE 100, and BSE 200. Although there is only one month left in the reference period, the...

Janaghan Jeyakumar, CFA

Honeywell Automation India Ltd - Disappointing Quarter Q3; Downgrade to Hold

Honeywell’s Q3FY2025 numbers saw a miss on estimates on all fronts, impacted by weak execution, softer demand, and accounting treatment change.

Sharekhan

Honeywell Automation India Ltd - Subdued Q2; Retain Buy

India Honeywell’s Q2FY2025 numbers saw a miss on estimates on all fronts, impacted by weak execution, softer demand, and accounting treatment change.

Sharekhan

Quiddity Leaderboard BSE/SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

Quiddity Leaderboard BSE/SENSEX Jun25: Some Names Are Still Close to the Border