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> is looking to raise about US$155m in its upcoming 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>In this note, we talk about the company’s historical performance.</li>
</ul>



Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$155m in its upcoming 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.
In this note, we talk about the company’s historical performance.


Aditya Infotech Pre-IPO - Expanding Channel Network and Increased Production Capacity to Drive Sales

Prestige Hospitality Ventures Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prestige-hospitality-ventures-ltd" target="_blank" data-smartkarma-citation="entities:45138:1" rel="noopener">Prestige Hospitality Ventures Ltd (1831338D IN)</a> is looking to raise about US$317m in its upcoming India IPO.</li>
<li>Prestige Hospitality Ventures Ltd (PHVL) is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Prestige Hospitality Ventures Ltd (1831338D IN) is looking to raise about US$317m in its upcoming India IPO.
Prestige Hospitality Ventures Ltd (PHVL) is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.
In this note, we talk about the company’s historical performance.


Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

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 100bp rate cut cycle is transmitting unevenly, with Private Banks raising loan spreads to 415bp while PSBs cut more sharply, compressing margins. </li>
<li>This divergence is reshaping profitability, with NIMs under pressure through Q2–Q3 FY26 and relief delayed by slow deposit rate repricing.</li>
<li>Margin recovery now hinges on H2FY26 onwards, aided by CRR liquidity, easing funding costs, and credit cost normalization.</li>
</ul>


The 100bp rate cut cycle is transmitting unevenly, with Private Banks raising loan spreads to 415bp while PSBs cut more sharply, compressing margins. 
This divergence is reshaping profitability, with NIMs under pressure through Q2–Q3 FY26 and relief delayed by slow deposit rate repricing.
Margin recovery now hinges on H2FY26 onwards, aided by CRR liquidity, easing funding costs, and credit cost normalization.


Bank Margins Under Pressure: Navigating the Rate Cut Ripple

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlight: Three Aussie pair trade opportunities across three sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlight: Three Aussie pair trade opportunities across three sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup.

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>With CPI inflation at 2.1%YoY in Jun'25, the real policy rate is +3.4% -- higher than in Jan'25 (+2.19%) before the 100bp of repo rate cuts. </li>
<li>Despite a shift to a larger rate cut (accompanied by reductions in CRR), the RBI is still a bit behind the curve. We expect another 100bp of cuts by Feb'26. </li>
<li>Vegetable deflation will persist through H2CY25, so we expect headline CPI inflation to average 2.9% in FY26, obliging more rate cuts, enabling real GDP growth of 8.5%+ in FY26. </li>
</ul>


With CPI inflation at 2.1%YoY in Jun'25, the real policy rate is +3.4% -- higher than in Jan'25 (+2.19%) before the 100bp of repo rate cuts. 
Despite a shift to a larger rate cut (accompanied by reductions in CRR), the RBI is still a bit behind the curve. We expect another 100bp of cuts by Feb'26. 
Vegetable deflation will persist through H2CY25, so we expect headline CPI inflation to average 2.9% in FY26, obliging more rate cuts, enabling real GDP growth of 8.5%+ in FY26. 


India: More Rate Cuts Likely as Inflation Edges to the Bottom of RBI's Target Range

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ICICI Bank Ltd (ICICIBC IN)

Aditya Infotech Pre-IPO - Expanding Channel Network and Increased Production Capacity to Drive Sales

Aditya Infotech has launched an INR 13bn (US$151m) IPO. We had looked at the company's past performance in our prior note.

Akshat Shah

Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

Prestige Hospitality Ventures is looking to raise about US$317m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Bank Margins Under Pressure: Navigating the Rate Cut Ripple

Private Banks raise loan spreads while PSBs cut more, reshaping profitability and compressing margins, with margin recovery expected in H2FY26.

Nimish Maheshwari

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup.

Statistical methodology identifies pair trade opportunities across markets and sectors, offering unique insights for investors.

Gaudenz Schneider

India: More Rate Cuts Likely as Inflation Edges to the Bottom of RBI's Target Range

Despite faster easing, RBI is still behind the curve with real policy rate at +3.4%. Vegetable deflation to persist Jul-Dec'25, prompting 100bp...

Prasenjit K. Basu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aditya Infotech Pre-IPO - Expanding Channel Network and Increased Production Capacity to Drive Sales

Aditya Infotech has launched an INR 13bn (US$151m) IPO. We had looked at the company's past performance in our prior note.

Akshat Shah

Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

Prestige Hospitality Ventures is looking to raise about US$317m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Bank Margins Under Pressure: Navigating the Rate Cut Ripple

​Private Banks raise loan spreads while PSBs cut more, reshaping profitability and compressing margins, with margin recovery expected in H2FY26.

Nimish Maheshwari

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup.

​Statistical methodology identifies pair trade opportunities across markets and sectors, offering unique insights for investors.

Gaudenz Schneider

India: More Rate Cuts Likely as Inflation Edges to the Bottom of RBI's Target Range

​Despite faster easing, RBI is still behind the curve with real policy rate at +3.4%. Vegetable deflation to persist Jul-Dec'25, prompting 100bp...

Prasenjit K. Basu

Private Banks raise loan spreads while PSBs cut more, reshaping profitability and compressing margins, with margin recovery expected in H2FY26.

Statistical methodology identifies pair trade opportunities across markets and sectors, offering unique insights for investors.

Despite faster easing, RBI is still behind the curve with real policy rate at +3.4%. Vegetable deflation to persist Jul-Dec'25, prompting 100bp...