APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

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

IndiQube Spaces Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indiqube-spaces-ltd" target="_blank" data-smartkarma-citation="entities:44238:1" rel="noopener">IndiQube Spaces Ltd (1628202D IN)</a>  (ISL) is planning to raise about US$100m in its upcoming India IPO. </li>
<li>ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.</li>
<li>ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.</li>
</ul>



IndiQube Spaces Ltd (1628202D IN)  (ISL) is planning to raise about US$100m in its upcoming India IPO. 
ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.
ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.


IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indiqube-spaces-ltd" target="_blank" data-smartkarma-citation="entities:44238:1" rel="noopener">IndiQube Spaces Ltd (1628202D IN)</a> (ISL) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are ICICI and JM fin.</li>
<li>IndiQube Spaces Limited (ISL) is a managed workplace solutions provider offering technological workplace solutions.</li>
<li>According to CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24. </li>
</ul>



IndiQube Spaces Ltd (1628202D IN) (ISL) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are ICICI and JM fin.
IndiQube Spaces Limited (ISL) is a managed workplace solutions provider offering technological workplace solutions.
According to CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24. 


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

Equity Bottom-Up

Smartworks Coworking Spaces Ltd / Equity Bottom-Up

<ul>
<li>Smartworks, India’s largest managed campus operator, is launching a INR 582.56 crore IPO, combining fresh issue and OFS to fund expansion and reduce debt. </li>
<li>Smartworks shows strong growth in operational metrics and high occupancy underline rising demand, but consistent losses, high debt, and client concentration remain key concerns. </li>
<li>While the industry outlook is robust, the success depends on Smartworks achieving profitability, managing risk, and sustaining client retention in a competitive market.</li>
</ul>


Smartworks, India’s largest managed campus operator, is launching a INR 582.56 crore IPO, combining fresh issue and OFS to fund expansion and reduce debt. 
Smartworks shows strong growth in operational metrics and high occupancy underline rising demand, but consistent losses, high debt, and client concentration remain key concerns. 
While the industry outlook is robust, the success depends on Smartworks achieving profitability, managing risk, and sustaining client retention in a competitive market.


Smartworks Coworking Spaces Ltd. IPO - Should You Sign the Lease?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Contemporary Amperex Technology (CATL) / 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, we looked at the possible A/H premium for <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>, along with two live deals in Hong Kong . </li>
<li>On the placements front, only <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a>'s shareholders were brave enough to launch a placement in the turbulent markets. </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, we looked at the possible A/H premium for Jiangsu Hengrui Medicine (600276 CH), along with two live deals in Hong Kong . 
On the placements front, only Suzuki Motor (7269 JP)'s shareholders were brave enough to launch a placement in the turbulent markets. 


ECM Weekly (14 Apr 2025) - Suzuki, EBOS, Hengrui Pharma, Zenergy, Chagee, LG India, Huge Dental

WeWork India Management Ltd / Equity Bottom-Up

<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 Ltd (1690124D IN)</a>, operating independently, has turned profitable and is preparing for an IPO via an OFS, diverging from its troubled global parent.</li>
<li>The OFS structure, driven by a revenue-sharing model and a focus on enterprise clients, demonstrates strong operational resilience and an asset-light business model.</li>
<li>Investors can re-assess risk and growth potential as WeWork India’s strategic shift, improved governance, and profitability offer a compelling alternative to its global counterpart as well as other competitor.</li>
</ul>



WeWork India Management Ltd (1690124D IN), operating independently, has turned profitable and is preparing for an IPO via an OFS, diverging from its troubled global parent.
The OFS structure, driven by a revenue-sharing model and a focus on enterprise clients, demonstrates strong operational resilience and an asset-light business model.
Investors can re-assess risk and growth potential as WeWork India’s strategic shift, improved governance, and profitability offer a compelling alternative to its global counterpart as well as other competitor.


WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

India

IndiQube Spaces Private Limited provides internet based services. The Company offers through its platform office properties search, information and real estate services. IndiQube Spaces serves customers in India.

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IndiQube Spaces Ltd (1628202D IN)

IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.

Rosita Fernandes

IndiQube Spaces Ltd Pre-IPO Tearsheet

IndiQube Spaces Ltd (ISL) plans to raise $100m in India IPO with ICICI and JM Fin as bookrunners, recognized as a top operator in Bengaluru by...

Rosita Fernandes

Smartworks Coworking Spaces Ltd. IPO - Should You Sign the Lease?

India's largest managed campus operator, Smartworks, launches a INR 582.56 crore IPO to fund expansion and reduce debt, facing challenges of...

Sudarshan Bhandari

ECM Weekly (14 Apr 2025) - Suzuki, EBOS, Hengrui Pharma, Zenergy, Chagee, LG India, Huge Dental

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

WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

WeWork India Management Ltd, operating independently and profitable, prepares for IPO via OFS with strong operational resilience and focus on...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

​IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.

Rosita Fernandes

IndiQube Spaces Ltd Pre-IPO Tearsheet

​IndiQube Spaces Ltd (ISL) plans to raise $100m in India IPO with ICICI and JM Fin as bookrunners, recognized as a top operator in Bengaluru by...

Rosita Fernandes

Smartworks Coworking Spaces Ltd. IPO - Should You Sign the Lease?

​India's largest managed campus operator, Smartworks, launches a INR 582.56 crore IPO to fund expansion and reduce debt, facing challenges of...

Sudarshan Bhandari

ECM Weekly (14 Apr 2025) - Suzuki, EBOS, Hengrui Pharma, Zenergy, Chagee, LG India, Huge Dental

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

WeWork India IPO: A Homegrown Success Story Amid Global Turmoil

​WeWork India Management Ltd, operating independently and profitable, prepares for IPO via OFS with strong operational resilience and focus on...

Sudarshan Bhandari

IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.

IndiQube Spaces Ltd (ISL) plans to raise $100m in India IPO with ICICI and JM Fin as bookrunners, recognized as a top operator in Bengaluru by...

India's largest managed campus operator, Smartworks, launches a INR 582.56 crore IPO to fund expansion and reduce debt, facing challenges of...

WeWork India Management Ltd, operating independently and profitable, prepares for IPO via OFS with strong operational resilience and focus on...