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/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management (WEWORK IN)</a> raised around US$338m in its IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



WeWork India Management (WEWORK IN) raised around US$338m in its IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: WeWork India IPO Lockup Expiry-Shares Have Traded Down but WeWork Global Well in The Money

Canara HSBC Life Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener">Canara HSBC Life Insurance (CHLI) (2908709Z IJ)</a> raised about US$284m from its India IPO.</li>
<li>CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Canara HSBC Life Insurance (CHLI) (2908709Z IJ) raised about US$284m from its India IPO.
CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.
In this note, we will talk about the trading dynamics.


Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

JSW Cement Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> raised about US$410m in its India IPO.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</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>



JSW Cement Limited (9858514Z IN) raised about US$410m in its India IPO.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
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.


JSW Cement IPO Trading - Overall Demand Lags Recent Listings

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>We interact with our dealer network representing <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a>  and Birla Opus <a href="https://www.smartkarma.com/entities/grasim-industries-ltd" target="_blank" data-smartkarma-citation="entities:290:1" rel="noopener">Grasim Industries (GRASIM IN)</a> dealers with an objective to understand the current operating environment.</li>
<li>Aggression in a slow-moving market will result in short-term market share gains for players like Birla Opus.</li>
<li>While <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> may appear to lose market share, we believe this would be transient in nature.</li>
</ul>


We interact with our dealer network representing Asian Paints (APNT IN)  and Birla Opus Grasim Industries (GRASIM IN) dealers with an objective to understand the current operating environment.
Aggression in a slow-moving market will result in short-term market share gains for players like Birla Opus.
While Asian Paints (APNT IN) may appear to lose market share, we believe this would be transient in nature.


Birla Opus | Short Term Gain, Long Term Pain

Ajax Engineering Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ajax-engineering-limited" target="_blank" data-smartkarma-citation="entities:44026:1" rel="noopener">Ajax Engineering Limited (0896529D IN)</a> is looking to raise about US$145m in its upcoming India IPO.</li>
<li>Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.</li>
<li>In this note, we take a quick look at the company’s past performance and the IPO valuations.</li>
</ul>



Ajax Engineering Limited (0896529D IN) is looking to raise about US$145m in its upcoming India IPO.
Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
In this note, we take a quick look at the company’s past performance and the IPO valuations.


Ajax Engineering IPO - Robust Growth Driven by a Comprehensive Dealer Network

India

Indigo Paints is an Indian company that manufactures, sells, and distributes a comprehensive range of decorative paints. Its product portfolio includes interior and exterior emulsions, enamels, waterproofing solutions, wood coatings, distempers, primers, putties, and cement paints. The company is headquartered in Pune, Maharashtra, India, and was founded in 2000.

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Indigo Paints (INDIGOPN IN)

Aequitas: WeWork India IPO Lockup Expiry-Shares Have Traded Down but WeWork Global Well in The Money

WeWork India raised around US$338m in its IPO in Oct 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

Canara HSBC Life Insurance raised about US$284m from its India IPO. In this note, we will talk about the trading dynamics.

Akshat Shah

JSW Cement IPO Trading - Overall Demand Lags Recent Listings

JSW Cement raised about US$410m in its India IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

Birla Opus | Short Term Gain, Long Term Pain

In this Insight, we interact with Paint Dealers to understand market dynamics; Birla Opus may gain short-term market share, while Asian Paints...

Pranav Bhavsar

Ajax Engineering IPO - Robust Growth Driven by a Comprehensive Dealer Network

Ajax Engineering Limited is looking to raise about US$145m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

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