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 looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.</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 CY16-1QCY25, as per the CBRE report.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



Knowledge Realty Trust (258259D IN) is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.
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 CY16-1QCY25, as per the CBRE report.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Aditya Infotech Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aditya-infotech-ltd" target="_blank" data-smartkarma-citation="entities:43994:1" rel="noopener">Aditya Infotech Ltd (6596564Z IN)</a> raised about US$151m in its India IPO. </li>
<li>Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Aditya Infotech Ltd (6596564Z IN) raised about US$151m in its India IPO. 
Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Aditya Infotech IPO Trading - Strong Overall Demand with Decent Anchor

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.</li>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index in the December 2025 index rebal event.</li>
<li>As things stand, there are no index changes expected for the BSE SENSEX index. However, if there are strong relative price swings, ADDs/DELs could be triggered.</li>
</ul>


BSE SENSEX represents the 30 largest stocks listed in the Bombay Stock Exchange (BSE) of India.
In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX index in the December 2025 index rebal event.
As things stand, there are no index changes expected for the BSE SENSEX index. However, if there are strong relative price swings, ADDs/DELs could be triggered.


Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HYUNDAI IN)</a> Q1FY26 results saw exports and rural markets as shining stars, offsetting weak domestic urban demand; rural penetration reached an all-time high of 22.6%.</li>
<li>
<strong>Gross margin improved QoQ</strong> driven by localization gains, better model mix, and increased export contribution despite higher discounting.</li>
<li>
<strong>Outlook positive for H2FY26</strong> with festive demand, new product launches, and Pune plant ramp-up, though profitability may be impacted by higher depreciation.</li>
</ul>



Hyundai Motor India (HYUNDAI IN) Q1FY26 results saw exports and rural markets as shining stars, offsetting weak domestic urban demand; rural penetration reached an all-time high of 22.6%.

Gross margin improved QoQ driven by localization gains, better model mix, and increased export contribution despite higher discounting.

Outlook positive for H2FY26 with festive demand, new product launches, and Pune plant ramp-up, though profitability may be impacted by higher depreciation.


Hyundai Motor India: All Eyes on a Healthy Festive Sales

<ul>
<li>The semiannual index rebal events of the SENSEX index, BSE 100 index, and BSE 200 index will take place in June 2025.</li>
<li>There will be two changes for BSE Sensex, three changes for BSE 100, and eight changes for BSE 200.</li>
<li>In this insight, we take a look at our final flow expectations.</li>
</ul>


The semiannual index rebal events of the SENSEX index, BSE 100 index, and BSE 200 index will take place in June 2025.
There will be two changes for BSE Sensex, three changes for BSE 100, and eight changes for BSE 200.
In this insight, we take a look at our final flow expectations.


Quiddity BSE/​​​​SENSEX Jun25 Results: 23/26 Correct; ~US$600mn Total One-Way Flows

India

Hyundai Motor India Limited (HMIL) is the Indian subsidiary of the South Korean automobile manufacturer Hyundai Motor Company. It manufactures and sells a wide range of four-wheeler passenger vehicles, including sedans, hatchbacks, sports-utility vehicles (SUVs), and electric vehicles (EVs), along with related parts such as transmissions and engines. The company also provides after-sales activities and engineering services. Hyundai Motor India was founded on May 6, 1996, and is headquartered in Gurugram, Haryana, India, with a registered office in Kancheepuram, Tamil Nadu, India.

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Hyundai Motor India (HYUNDAI IN)

Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (KRT) is looking to raise around US$551m in its India IPO. The trust undertook a pre-IPO round of around INR14bn (US$160m)...

Akshat Shah

Aditya Infotech IPO Trading - Strong Overall Demand with Decent Anchor

Aditya Infotech raised about US$151m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition

If Tech Mahindra underperforms other names, it could become a SENSEX DEL and if that happens Interglobe Aviation could become the replacement ADD...

Janaghan Jeyakumar, CFA

Hyundai Motor India: All Eyes on a Healthy Festive Sales

Hyundai Motor India's Q1FY26 results show strong exports and rural market performance, offsetting weak urban demand; All eyes on upcoming festive...

Sreemant Dudhoria

Quiddity BSE/SENSEX Jun25 Results: 23/26 Correct; ~US$600mn Total One-Way Flows

We expect US$429mn, US$106mn, and US$62mn one-way index flows for SENSEX, BSE 100, and BSE 200 during the June 2025 index rebal event.

Janaghan Jeyakumar, CFA

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52-week Range

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Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (KRT) is looking to raise around US$551m in its India IPO. The trust undertook a pre-IPO round of around INR14bn (US$160m)...

Akshat Shah

Aditya Infotech IPO Trading - Strong Overall Demand with Decent Anchor

Aditya Infotech raised about US$151m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Quiddity Leaderboard BSE ​​​​SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition

If Tech Mahindra underperforms other names, it could become a SENSEX DEL and if that happens Interglobe Aviation could become the replacement ADD...

Janaghan Jeyakumar, CFA

Hyundai Motor India: All Eyes on a Healthy Festive Sales

​Hyundai Motor India's Q1FY26 results show strong exports and rural market performance, offsetting weak urban demand; All eyes on upcoming festive...

Sreemant Dudhoria

Quiddity BSE/​​​​SENSEX Jun25 Results: 23/26 Correct; ~US$600mn Total One-Way Flows

We expect US$429mn, US$106mn, and US$62mn one-way index flows for SENSEX, BSE 100, and BSE 200 during the June 2025 index rebal event.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE SENSEX Dec25: Tech Mahindra Close to Deletion; Indigo Close to Addition

Hyundai Motor India's Q1FY26 results show strong exports and rural market performance, offsetting weak urban demand; All eyes on upcoming festive...

Quiddity BSE/SENSEX Jun25 Results: 23/26 Correct; ~US$600mn Total One-Way Flows