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

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the not-so-positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

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

Forensic Accounting

<ul>
<li>Gensol clarified that debt woes are because of short term liability mismatch which contradicts with Lender's clarification</li>
<li>Promoter said they will buy from the open market and will also infuse money into company but their recent stake sale again contradicts.</li>
<li>2nd CFO Resignation within 6 months further raises alarm over governance issues.</li>
</ul>


Gensol clarified that debt woes are because of short term liability mismatch which contradicts with Lender's clarification
Promoter said they will buy from the open market and will also infuse money into company but their recent stake sale again contradicts.
2nd CFO Resignation within 6 months further raises alarm over governance issues.


Gensol Engineering: Debt Woes, Management Assurances and Lingering Red Flags

Rosita Fernandes

Trualt Bioenergy Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trualt-bioenergy-ltd" target="_blank" data-smartkarma-citation="entities:44364:1" rel="noopener">Trualt Bioenergy Ltd (2350587D IN)</a> (TBL) is planning to raise about US$120m through its upcoming India IPO. </li>
<li>TBL is one of India’s largest biofuels producers. As of FY24, TBL’s business verticals were Ethanol, ENA (Extra Neutral Alcohol), CBG (Compressed Biogas), FOM (Fermented Organic Manure), CO2 (Carbon Dioxide).</li>
<li>As per the CRISIL Report, TBL held the distinction of being the largest ethanol producer in India based on installed capacity, as of Mar 24.</li>
</ul>



Trualt Bioenergy Ltd (2350587D IN) (TBL) is planning to raise about US$120m through its upcoming India IPO. 
TBL is one of India’s largest biofuels producers. As of FY24, TBL’s business verticals were Ethanol, ENA (Extra Neutral Alcohol), CBG (Compressed Biogas), FOM (Fermented Organic Manure), CO2 (Carbon Dioxide).
As per the CRISIL Report, TBL held the distinction of being the largest ethanol producer in India based on installed capacity, as of Mar 24.


Trualt Bioenergy Limited Pre-IPO - Built in a Flash: The Rapid Rise to an IPO

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

China Resources Beverage / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  it hasn't been this busy for a while, with deals live in Japan and Korea, and possible launches in Hong Kong and India as well.</li>
<li>On the placements front, there were a few China ADR blocks and other placements across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  it hasn't been this busy for a while, with deals live in Japan and Korea, and possible launches in Hong Kong and India as well.
On the placements front, there were a few China ADR blocks and other placements across the region.


ECM Weekly (30th Sep 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

India

Indian Renewable Energy Development Agency Limited (IREDA) develops renewable energy and energy conservation projects. The Company provides financial support to projects for generating electricity through new and renewable resources. IREDA serves customers in India.

Indian Renewable Energy Development Agency (IREDA IN)

Indian Renewable Energy Development Agency

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Indian Renewable Energy Development Agency (IREDA IN)

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Gensol Engineering: Debt Woes, Management Assurances and Lingering Red Flags

Gensol faces debt troubles due to short term liability mismatch, conflicting statements from lenders and promoters, and concerns over governance...

Nimish Maheshwari

Trualt Bioenergy Limited Pre-IPO - Built in a Flash: The Rapid Rise to an IPO

Trualt Bioenergy Ltd (TBL) plans to raise $120m in India IPO, known for being one of India's largest biofuels producers with various business...

Rosita Fernandes

ECM Weekly (30th Sep 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

Gensol Engineering: Debt Woes, Management Assurances and Lingering Red Flags

​Gensol faces debt troubles due to short term liability mismatch, conflicting statements from lenders and promoters, and concerns over governance...

Nimish Maheshwari

Trualt Bioenergy Limited Pre-IPO - Built in a Flash: The Rapid Rise to an IPO

​Trualt Bioenergy Ltd (TBL) plans to raise $120m in India IPO, known for being one of India's largest biofuels producers with various business...

Rosita Fernandes

ECM Weekly (30th Sep 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Gensol faces debt troubles due to short term liability mismatch, conflicting statements from lenders and promoters, and concerns over governance...

Trualt Bioenergy Ltd (TBL) plans to raise $120m in India IPO, known for being one of India's largest biofuels producers with various business...