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

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 Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & 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

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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.

Thematic (Sector/Industry)

<ul><li>Jun’25 Wholesale Volumes: The overall domestic 2W industry witnessed 2% marginal uptick (and 10% YoY without HMSI) in volumes, led by outperformance in exports (up 35% YoY) while the domestic industry witnessed 3% YoY decline.</li><li>Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&amp;M and JSW MG, followed by Toyota.</li><li>The domestic CV industry (proxy) saw a degrowth of 4% YoY, while the domestic tractor industry (proxy) registered 15% YoY volume growth in Jun’25.</li></ul><p><em>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.</em></p>

Jun’25 Wholesale Volumes: The overall domestic 2W industry witnessed 2% marginal uptick (and 10% YoY without HMSI) in volumes, led by outperformance in exports (up 35% YoY) while the domestic industry witnessed 3% YoY decline.Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&amp;M and JSW MG, followed by Toyota.The domestic CV industry (proxy) saw a degrowth of 4% YoY, while the domestic tractor industry (proxy) registered 15% YoY volume growth in Jun’25.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.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.</li>
<li>Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.</li>
<li>As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
</ul>


We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.
Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.
As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).


Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

<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

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.

Price Gauge
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Hyundai Motor India (HYUNDAI IN)

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

Auto Monthly Sales Volume - June 2025

Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&M and JSW...

Axis Direct

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding on $ACWI ($123-123.50), $EEM ($46)

Vermilion Research

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Auto Monthly Sales Volume - June 2025

Domestic PV industry sales volume was down 7-8% YoY, due to declines in Hyundai /TaMo /Maruti being partly offset by strong volumes by M&M and JSW...

Axis Direct

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding on $ACWI ($123-123.50), $EEM ($46)

Vermilion Research

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

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