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

Dr Agarwal's Health Care Ltd / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

HDB Financial Services Ltd / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
In this note, we talk about the not-so-positive aspects of the deal.


HDB Financial Services Pre-IPO - The Negatives - Performance Has Been Slipping

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<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
In this note, we talk about the positive aspects of the deal.


HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> is looking to raise US$1.5bn+ via part-selling its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a>.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
In this note, we talk about the not-so-positive aspects of the deal.


LG Electronics India Pre-IPO - The Negatives - Not All Categories Have Been Growing

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, following up with a look at India after having looked at Hong Kong earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, following up with a look at India after having looked at Hong Kong earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


India

Housing Development Finance Corporation Ltd. HDFC provides housing finance company. The Company provides wide range of housing loans, loan for home improvement, extensions, top ups, and non housing loans and loans for non resident Indian (NRI). HDFC serves customers in India, kuwait, Singapore, Oman, UAE, and the United Kingdom.

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HDFC Limited (HDFC IN)

Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Dr Agarwal’s Healthcare is looking to raise about US$350m in its India IPO. In this note, we provide a summary of its RHP updates and share our...

Akshat Shah

HDB Financial Services Pre-IPO - The Negatives - Performance Has Been Slipping

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Sumeet Singh

HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

LG Electronics India Pre-IPO - The Negatives - Not All Categories Have Been Growing

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India. In this note, we talk about the not-so...

Sumeet Singh

Aequitas 2025 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, following up with a look at India after having looked at Hong Kong...

Sumeet Singh

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