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

WeWork India Management Ltd / 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 Ltd (1690124D IN)</a> is looking to raise about US$338m in its India IPO.</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 our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO.
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 our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.


WeWork India IPO - Thoughts on Peer Comp and Valuation

<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>  is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.</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 our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.</li>
</ul>



WeWork India Management Ltd (1690124D IN)  is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about US$407m.
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 our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates.


WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

<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> is looking to raise about US$407m in its upcoming India IPO.</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 talk about the not-so-positive aspects of the deal.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
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 talk about the not-so-positive aspects of the deal.


WeWork India Pre-IPO - Lease Mismatch and Structural Strains

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>Flexible workspaces now form nearly 10% of India’s commercial office stock and are projected to grow at a 20% CAGR, supported by demand from GCCs, startups, and Tier II expansion.</li>
<li>A shift in office demand trends, driven by hybrid work, rising occupancy in managed spaces, and premium-grade infrastructure, is pushing flexible workspaces into the mainstream corporate strategy. </li>
<li>Once seen as temporary or startup-specific, flexible workspaces have become critical infrastructure for enterprises, redefining how businesses approach office space, cost, and employee experience.</li>
</ul>


Flexible workspaces now form nearly 10% of India’s commercial office stock and are projected to grow at a 20% CAGR, supported by demand from GCCs, startups, and Tier II expansion.
A shift in office demand trends, driven by hybrid work, rising occupancy in managed spaces, and premium-grade infrastructure, is pushing flexible workspaces into the mainstream corporate strategy. 
Once seen as temporary or startup-specific, flexible workspaces have become critical infrastructure for enterprises, redefining how businesses approach office space, cost, and employee experience.


India’s Co-Working Boom: The Future of Work Is Flexible?

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?

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)

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

WeWork India is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about...

Akshat Shah

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

India’s Co-Working Boom: The Future of Work Is Flexible?

Flexible workspaces in India are on the rise, now making up nearly 10% of commercial office stock and projected to grow at a 20% CAGR, driven by...

Sudarshan Bhandari

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

WeWork India IPO - RHP Updates - Growing Footprint, Softening Operational Trends

WeWork India is looking to raise about US$338m in its India IPO. The all-secondary IPO has been downsized from its initial estimated size of about...

Akshat Shah

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

India’s Co-Working Boom: The Future of Work Is Flexible?

​Flexible workspaces in India are on the rise, now making up nearly 10% of commercial office stock and projected to grow at a 20% CAGR, driven by...

Sudarshan Bhandari

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

Flexible workspaces in India are on the rise, now making up nearly 10% of commercial office stock and projected to grow at a 20% CAGR, driven by...

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