Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

ICICI Prudential AMC / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC</a> raised around US$1.2bn in its upcoming India IPO.</li>
<li>IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

ICICI Prudential Life Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC</a> is looking to raise about US$1.2bn in its upcoming India IPO.</li>
<li>IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



ICICI Prudential AMC is looking to raise about US$1.2bn in its upcoming India IPO.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


ICICI Pru AMC IPO - Doesn’t Need to Trade at a Discount

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



ICICI Prudential AMC is looking to raise about US$1bn in its upcoming India IPO.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
In this note, we look at the company’s past performance.


ICICI Pru AMC Pre-IPO - Ticking All the Right Boxes

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.</li>
<li>The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.</li>
<li>We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.</li>
</ul>


Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.
The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.
We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.


NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Niva Bupa Health Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/niva-bupa-health-insurance" target="_blank" data-smartkarma-citation="entities:43716:1" rel="noopener">Niva Bupa Health Insurance (1226871D IN)</a> (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Niva Bupa Health Insurance (1226871D IN) (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

India

IIFL Holdings Limited is a financial services company and is engaged, through its subsidiaries, in the businesses of  non-banking finance, housing finance, wealth management, asset management, institutional & retail brokerage and investment banking. The Company is also a distributor of insurance and other financial products.

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IIFL Holdings (IIFL IN)

ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

ICICI Pru AMC IPO - Doesn’t Need to Trade at a Discount

ICICI Prudential AMC is looking to raise about US$1.2bn in its upcoming India IPO. In this note, we talk about the recent updates and valuations.

Sumeet Singh

ICICI Pru AMC Pre-IPO - Ticking All the Right Boxes

ICICI Prudential AMC is looking to raise about US$1bn in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ICICI Pru AMC IPO Trading - Last of the Big Listing Sees Big Demand, SEBI Announces TER Changes

ICICI Prudential AMC raised around US$1.2bn in its upcoming India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

ICICI Pru AMC IPO - Doesn’t Need to Trade at a Discount

ICICI Prudential AMC is looking to raise about US$1.2bn in its upcoming India IPO. In this note, we talk about the recent updates and valuations.

Sumeet Singh

ICICI Pru AMC Pre-IPO - Ticking All the Right Boxes

ICICI Prudential AMC is looking to raise about US$1bn in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

​Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...