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.

Index Rebalance

ICICI Prudential Asset Management Company / Index Rebalance

ICICI Prudential Asset Management Company (ICICIAMC IN)

ICICI Prudential Asset Management Company

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icici-prudential-amc-ltd" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC (ICICIAMC IN)</a> (IPAMC) raised around US$1.2bn in its India IPO in December 2025.  The lockup on its promoters and pre-IPO shareholders is set to expire soon.</li>
<li>IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



ICICI Prudential AMC (ICICIAMC IN) (IPAMC) raised around US$1.2bn in its India IPO in December 2025.  The lockup on its promoters and pre-IPO shareholders is set to expire soon.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: ICICI Pru AMC Lockup Expiry - US$4.6bn Lockup Release for JV Partner

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

As the NIFTY index approaches new highs this week, we thought it useful to provide a thorough breakdown of India positioning among global emerging market managers.  <ul>
<li>India is the largest overweight among EM fund managers, yet the overweight has drifted lower since 2015</li>
<li>EM managers have been selling into strength.  India has seen the largest outflows among all countries since 2015</li>
<li>Confidence at an all-time low in Auto stocks.   <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> has seen significant investor flight</li>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-limited" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> and <a href="https://www.smartkarma.com/entities/housing-development-finance-corporation" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">Housing Development Finance Corporation (HDFC IN)</a> have seen ownership rise to record levels.  </li>
</ul>

As the NIFTY index approaches new highs this week, we thought it useful to provide a thorough breakdown of India positioning among global emerging market managers.  
India is the largest overweight among EM fund managers, yet the overweight has drifted lower since 2015
EM managers have been selling into strength.  India has seen the largest outflows among all countries since 2015
Confidence at an all-time low in Auto stocks.   Tata Motors Ltd (TTMT IN) has seen significant investor flight

HDFC Bank (HDFCB IN) and Housing Development Finance Corporation (HDFC IN) have seen ownership rise to record levels.  


India:  Where Are We Now? A GEM Manager Perspective

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions-limited" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions (LENSKART IN)</a> (LS) raised around US$825m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Lenskart Solutions (LENSKART IN) (LS) raised around US$825m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Lenskart Lockup Expiry - US$6.7bn Lockup Release with Everyone Well in the Money

Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

Long Term Allocation (Strategic view) Relative Value vs MXAP in USD terms• SOUTH KOREA: Strategic downgrade on KOSPI from overweight to neutral ( Note that KOSPI has broken key support at 270 as well.)Mid Term Country Allocation (Tactical view) Relative Value vs MXAP in USD terms • Upgrade Australia (ASX 200) from neutral to overweight. The index reacted off the trend pivot support at 5570 and vs MXAP, signals are also bullish. • Downgrade Korea (KOSPI 200) from tactical neutral to underweight as RV (KOSPI/ MXAP) is breaking support and shows room for further tactical underperformance with KOSPI below 270. • “Hold” rating unchanged for Japan (Nikkei 225), Hong Kong (HSI), HSCEI (China) and Taiwan (TWSE). Still overweight for India (Nifty 50)

Long Term Allocation (Strategic view) Relative Value vs MXAP in USD terms• SOUTH KOREA: Strategic downgrade on KOSPI from overweight to neutral ( Note that KOSPI has broken key support at 270 as well.)Mid Term Country Allocation (Tactical view) Relative Value vs MXAP in USD terms  • Upgrade Australia (ASX 200) from neutral to overweight. The index reacted off the trend pivot support at 5570 and vs MXAP, signals are also bullish. • Downgrade Korea (KOSPI 200) from tactical neutral to underweight as RV (KOSPI/ MXAP) is breaking support and shows room for further tactical underperformance with KOSPI below 270. • “Hold” rating unchanged for Japan (Nikkei 225), Hong Kong (HSI), HSCEI (China) and Taiwan (TWSE). Still overweight for India (Nifty 50)

BBSP ASIA Equity Asia Weekly Research - 31 Oct 2018

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Thematic (Sector/Industry)

NBFCs along with global PE funds have provided almost 80% of Real estate sector financing needs in the last 5 years as banks slowly reduced exposure to the sectorGiven the prevalent slowdown in the real estate sector, much of the lending was simply a refinancing of loans between NBFCs and also from banks to NBFCs. Developers meanwhile managed to sell just about enough apartments to service the debtHigh competition among NBFCs resulted in significantly lower yields for construction finance, from 18-20% in FY16 down to 13-14% in FY18. With NBFCs carrying exposure to B category builder, the NPL risks run highNBFCs had a false sense of security by having geeks structure these loans nicely (compared to PSU banks) and also took comfort in higher collateral (basically more unfinished apartments!).  Several NBFCs face a double whammy as mortgage finance for the end user has also dried up and so has firms ability to refinance construction finance loans. NBFCs with higher exposure to developer loans are witnessing large sell-off in the markets (see table below)

NBFCs along with global PE funds have provided almost 80% of Real estate sector financing needs in the last 5 years as banks slowly reduced exposure to the sectorGiven the prevalent slowdown in the real estate sector, much of the lending was simply a refinancing of loans between NBFCs and also from banks to NBFCs. Developers meanwhile managed to sell just about enough apartments to service the debtHigh competition among NBFCs resulted in significantly lower yields for construction finance, from 18-20% in FY16 down to 13-14% in FY18. With NBFCs carrying exposure to B category builder, the NPL risks run highNBFCs had a false sense of security by having geeks structure these loans nicely (compared to PSU banks) and also took comfort in higher collateral (basically more unfinished apartments!).  Several NBFCs face a double whammy as mortgage finance for the end user has also dried up and so has firms ability to refinance construction finance loans. NBFCs with higher exposure to developer loans are witnessing large sell-off in the markets (see table below) 

Real Estate Loans Blow up Has Been Cooking For NBFC As High Competition Drove Down Quality & Yields

India

Housing Development Finance Corporation (HDFC) was an Indian private-sector mortgage lender, widely recognized as the largest housing finance company in India, offering long-term home loans to individuals and corporations for housing purposes. It also provided construction finance to housing development businesses. The company had diversified interests through its associate and subsidiary companies in banking, life and general insurance, asset management, venture capital, and deposit services. HDFC was incorporated in 1977 and headquartered in Mumbai, India. On July 1, 2023, HDFC merged with HDFC Bank, its subsidiary.

Housing Development Finance Corporation (HDFC IN)

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Housing Development Finance Corporation (HDFC IN)

Aequitas: ICICI Pru AMC Lockup Expiry - US$4.6bn Lockup Release for JV Partner

ICICI Prudential AMC (ICICIAMC IN) (IPAMC) raised around US$1.2bn in its India IPO in December 2025. The lockup on its promoters and pre-IPO...

Sumeet Singh

India: Where Are We Now? A GEM Manager Perspective

As the NIFTY index approaches new highs this week, we thought it useful to provide a thorough breakdown of India positioning among global emerging...

Steven Holden

Aequitas: Lenskart Lockup Expiry - US$6.7bn Lockup Release with Everyone Well in the Money

This time around softbank is looking to raise around US$300m via selling some of its stake in Lenskart. The deal is being run by GS.

Sumeet Singh

BBSP ASIA Equity Asia Weekly Research - 31 Oct 2018

Long Term Allocation (Strategic view) Relative Value vs MXAP in USD terms• SOUTH KOREA: Strategic downgrade on KOSPI from overweight to neutral (...

BBSP Asia

Real Estate Loans Blow up Has Been Cooking For NBFC As High Competition Drove Down Quality & Yields

NBFCs along with global PE funds have provided almost 80% of Real estate sector financing needs in the last 5 years as banks slowly reduced...

Asia Advisors

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