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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Vikram Solar (0490158D IN) raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

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>
Highlights: Currently seven pair trade opportunities persist across three markets and two sectors.
</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.

Highlights: Currently seven pair trade opportunities persist across three markets and two sectors.


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 (16 Feb 2026)

<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>
Highlights: Currently five pair trade opportunities persist across three markets and three sectors.</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.

Highlights: Currently five pair trade opportunities persist across three markets and three sectors.

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 (9 Feb 2026)

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/idfc-first-bank-limited" target="_blank" data-smartkarma-citation="entities:26934:1" rel="noopener">IDFC First Bank (IDFCFB IN)</a> vs. <a href="https://www.smartkarma.com/entities/yes-bank-ltd" target="_blank" data-smartkarma-citation="entities:767:1" rel="noopener">Yes Bank (YES IN)</a> price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long <a href="https://www.smartkarma.com/entities/yes-bank-ltd" target="_blank" data-smartkarma-citation="entities:767:1" rel="noopener">Yes Bank (YES IN)</a> and short <a href="https://www.smartkarma.com/entities/idfc-first-bank-limited" target="_blank" data-smartkarma-citation="entities:26934:1" rel="noopener">IDFC First Bank (IDFCFB IN)</a> targets a 6% return, with Yes Bank supported by cheaper valuations.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The IDFC First Bank (IDFCFB IN) vs. Yes Bank (YES IN) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long Yes Bank (YES IN) and short IDFC First Bank (IDFCFB IN) targets a 6% return, with Yes Bank supported by cheaper valuations.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Yes Bank (YES IN) Vs IDFC First Bank (IDFCFB IN): Fresh Stat Arb Signal Backed by Historical Success

ICICI Lombard General Insurance / Equity Bottom-Up

ICICI Lombard General Insurance (ICICIGI IN)

<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>
Highlights: Currently ten pair trade opportunities persist across three markets and six sectors.
</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.

Highlights: Currently ten pair trade opportunities persist across three markets and six sectors.


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 (12 Jan 2025)

India

IDFC First Bank is an Indian private sector universal bank offering a comprehensive suite of products and services across retail, MSME, rural, startups, corporate banking, cash management, credit cards, and wealth management. The bank provides savings and current accounts, fixed deposits, various loans, and investment solutions. It is headquartered in Mumbai, Maharashtra, India, and was founded in October 2015.

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IDFC First Bank (IDFCFB IN)

Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

Vikram Solar raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk...

Akshat Shah

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (16 Feb 2026)

Statistical methodology identifies seven pair trade opportunities across three markets and two sectors, offering unique insights into relative value.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (9 Feb 2026)

Statistical methodology identifies five pair trade opportunities across three markets and three sectors, offering unique insights into relative...

Gaudenz Schneider

Yes Bank (YES IN) Vs IDFC First Bank (IDFCFB IN): Fresh Stat Arb Signal Backed by Historical Success

Pair trade with a 6% target-return and a history of successful signals. Opportunity for quantitative traders seeking mean-reversion plays.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Jan 2025)

Insight on statistical pair trading opportunities across ten pairs in three markets and six sectors, offering unique perspective on relative value.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Vikram Solar IPO Lockup Expiry - US$170m Lockup Release, Likely to Be in Smaller Chunks

Vikram Solar raised around US$238m in its IPO in August 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk...

Akshat Shah

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (16 Feb 2026)

​Statistical methodology identifies seven pair trade opportunities across three markets and two sectors, offering unique insights into relative value.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (9 Feb 2026)

​Statistical methodology identifies five pair trade opportunities across three markets and three sectors, offering unique insights into relative...

Gaudenz Schneider

Yes Bank (YES IN) Vs IDFC First Bank (IDFCFB IN): Fresh Stat Arb Signal Backed by Historical Success

Pair trade with a 6% target-return and a history of successful signals. Opportunity for quantitative traders seeking mean-reversion plays.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (12 Jan 2025)

​Insight on statistical pair trading opportunities across ten pairs in three markets and six sectors, offering unique perspective on relative value.

Gaudenz Schneider

Statistical methodology identifies seven pair trade opportunities across three markets and two sectors, offering unique insights into relative value.

Statistical methodology identifies five pair trade opportunities across three markets and three sectors, offering unique insights into relative...

Insight on statistical pair trading opportunities across ten pairs in three markets and six sectors, offering unique perspective on relative value.