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

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a>  raised about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</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>



Jain Resource Recycling (2300699D IN)  raised about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
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.


Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The Indian automobile sector is at a critical juncture, with recent GST rate rationalization and the imminent 8th Pay Commission for government employees converging to create a powerful demand stimulus.</li>
<li>These policy-driven catalysts are directly addressing long-standing affordability issues, particularly in the entry-level passenger vehicle and two-wheeler segments, positioning the industry for a multi-year cyclical upswing.</li>
<li>While challenges remain, the clear legislative support and improving macroeconomic environment suggest a significant demand revival, making a fresh look at India's auto OEMs a necessity for investors.</li>
</ul>


The Indian automobile sector is at a critical juncture, with recent GST rate rationalization and the imminent 8th Pay Commission for government employees converging to create a powerful demand stimulus.
These policy-driven catalysts are directly addressing long-standing affordability issues, particularly in the entry-level passenger vehicle and two-wheeler segments, positioning the industry for a multi-year cyclical upswing.
While challenges remain, the clear legislative support and improving macroeconomic environment suggest a significant demand revival, making a fresh look at India's auto OEMs a necessity for investors.


Thematic Report on India’s Auto Boom: Is Policy the New Fuel Igniting a Cyclical Revival?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Chery Automobile / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (9973 HK)</a> raised around US$1.2bn in its Hong Kong IPO.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.


Chery Auto IPO Trading - Half Decent Demand

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Equity Bottom-Up

<ul>
<li>Exide Industries is doubling down on lithium-ion cell and pack manufacturing with huge committed capex, while sustaining its dominant lead-acid franchise.</li>
<li>The company’s strong cash flows from lead acid batteries are funding high-risk, high-reward bets on EV and renewable storage, positioning it as India’s only dual-chemistry energy storage leader.</li>
<li>
Execution risk in lithium-ion scale-up is high, but Exide’s brand equity provide a buffer. The story now hinges on whether early-mover advantage in Li-ion can translate into sustainable returns. 
</li>
</ul>


Exide Industries is doubling down on lithium-ion cell and pack manufacturing with huge committed capex, while sustaining its dominant lead-acid franchise.
The company’s strong cash flows from lead acid batteries are funding high-risk, high-reward bets on EV and renewable storage, positioning it as India’s only dual-chemistry energy storage leader.

Execution risk in lithium-ion scale-up is high, but Exide’s brand equity provide a buffer. The story now hinges on whether early-mover advantage in Li-ion can translate into sustainable returns. 



The Beat Ideas: Exide Industries- Powering India’s Energy Transition From Lead-Acid to Li-Ion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile </a>is looking to raise about US$1.2bn in its upcoming Hong Kong IPO.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.</li>
</ul>



Chery Automobile is looking to raise about US$1.2bn in its upcoming Hong Kong IPO.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.


Chery Auto IPO - Probably Around Fair Value, Cash and Peer Momentum Might Save the Day

South Korea

Hyundai Motor India Limited (HMIL) designs and manufactures automobiles. The Company offers cars, vans, sedans, and sport utility vehicles along with financing, leasing, and maintenance services. HMIL serves customers globally.

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Hyundai Motor India (HYUNDAI IN)

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Thematic Report on India’s Auto Boom: Is Policy the New Fuel Igniting a Cyclical Revival?

Recent policy changes in India, including GST rate rationalization and the 8th Pay Commission, are expected to boost demand in the automobile...

Nimish Maheshwari

Chery Auto IPO Trading - Half Decent Demand

Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

The Beat Ideas: Exide Industries- Powering India’s Energy Transition From Lead-Acid to Li-Ion

Exide Industries is investing heavily in lithium-ion technology while maintaining its lead-acid business, with potential for sustainable returns...

Sudarshan Bhandari

Chery Auto IPO - Probably Around Fair Value, Cash and Peer Momentum Might Save the Day

Chery Automobile is looking to raise about US$1.2bn in its upcoming Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Thematic Report on India’s Auto Boom: Is Policy the New Fuel Igniting a Cyclical Revival?

​Recent policy changes in India, including GST rate rationalization and the 8th Pay Commission, are expected to boost demand in the automobile...

Nimish Maheshwari

Chery Auto IPO Trading - Half Decent Demand

Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

The Beat Ideas: Exide Industries- Powering India’s Energy Transition From Lead-Acid to Li-Ion

​Exide Industries is investing heavily in lithium-ion technology while maintaining its lead-acid business, with potential for sustainable returns...

Sudarshan Bhandari

Chery Auto IPO - Probably Around Fair Value, Cash and Peer Momentum Might Save the Day

Chery Automobile is looking to raise about US$1.2bn in its upcoming Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Recent policy changes in India, including GST rate rationalization and the 8th Pay Commission, are expected to boost demand in the automobile...

Exide Industries is investing heavily in lithium-ion technology while maintaining its lead-acid business, with potential for sustainable returns...