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

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a> is looking to raise about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</li>
<li>In this note, we take a quick look at the peer comparison and IPO valuations.</li>
</ul>



Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
In this note, we take a quick look at the peer comparison and IPO valuations.


Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

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

Thematic (Sector/Industry)

<ul>
<li>A U.S. executive order, "Project Firewall" has imposed a substantial one-time fee of USD100,000 on new H-1B visa applications, directly impacting the primary talent pipeline for Indian IT services firms.</li>
<li>This policy change represents a catalyst that will accelerate Indian IT companies towards higher offshore delivery and greater local hiring in the United States, thereby reshaping their global operating models.</li>
<li>The initial panic has eased, the fee is now seen as manageable, with its real impact unfolding through profitability pressures and evolving talent strategies amid tighter regulations.</li>
</ul>


A U.S. executive order, "Project Firewall" has imposed a substantial one-time fee of USD100,000 on new H-1B visa applications, directly impacting the primary talent pipeline for Indian IT services firms.
This policy change represents a catalyst that will accelerate Indian IT companies towards higher offshore delivery and greater local hiring in the United States, thereby reshaping their global operating models.
The initial panic has eased, the fee is now seen as manageable, with its real impact unfolding through profitability pressures and evolving talent strategies amid tighter regulations.


Thematic Report on H-1B Visa Impact: Can Brain Drain in US Become Brain Gain for India?

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>The Trump administration's announcement of U.S. $100,000 fee for new H-1B petitions  triggered anxiety, travel confusion, and immediate negative market reaction for Indian IT names.</li>
<li>Tech workers in the US report heightened hostility, reluctance to travel, and SMB clients unable to absorb fees risk reduced sponsorship, higher attrition, and retention challenges.</li>
<li>While there may be limited short-term P&amp;L impact, but structural threats — including the HIRE Act — could reshape delivery models, near-shoring, and pricing over 6–18 months.</li>
</ul>


The Trump administration's announcement of U.S. $100,000 fee for new H-1B petitions  triggered anxiety, travel confusion, and immediate negative market reaction for Indian IT names.
Tech workers in the US report heightened hostility, reluctance to travel, and SMB clients unable to absorb fees risk reduced sponsorship, higher attrition, and retention challenges.
While there may be limited short-term P&amp;L impact, but structural threats — including the HIRE Act — could reshape delivery models, near-shoring, and pricing over 6–18 months.


H-1B Fee Fallout: An Employee’s Perspective and Implications for Indian IT

<ul>
<li>Indian IT outperformed over 10 years, but recent underperformance and weak R&amp;D spending raise questions on innovation versus high dividend and buyback payouts.</li>
<li>AI disruption threatens coding demand and outsourcing models, risking productivity shocks, workforce layoffs, and urban consumption downturns if companies don’t adapt with innovation.</li>
<li>Boards must prioritize bold investments and acquisitions over capital returns, positioning Indian IT as innovation leaders rather than risk-averse cash generators.</li>
</ul>


Indian IT outperformed over 10 years, but recent underperformance and weak R&amp;D spending raise questions on innovation versus high dividend and buyback payouts.
AI disruption threatens coding demand and outsourcing models, risking productivity shocks, workforce layoffs, and urban consumption downturns if companies don’t adapt with innovation.
Boards must prioritize bold investments and acquisitions over capital returns, positioning Indian IT as innovation leaders rather than risk-averse cash generators.


Indian IT | Urge to the Boards – Stop the Buybacks

SAI Life Sciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
In this note, we will talk about the lockup dynamics and possible placement.


Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

India

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

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Infosys Ltd Sp Adr (INFY US)

Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

Jain Resource Recycling is looking to raise about US$142m in its India IPO. In this note, we take a quick look at the peer comparison and IPO...

Akshat Shah

Thematic Report on H-1B Visa Impact: Can Brain Drain in US Become Brain Gain for India?

US executive order imposes $100,000 fee on new H-1B visas, pushing Indian IT firms towards offshore delivery and local hiring in the US, reshaping...

Nimish Maheshwari

H-1B Fee Fallout: An Employee’s Perspective and Implications for Indian IT

Trump's $100,000 fee for new H-1B petitions causes anxiety, travel confusion, and negative market reaction for Indian IT names, leading to...

Pranav Bhavsar

Indian IT | Urge to the Boards – Stop the Buybacks

Indian IT industry faces challenges with underperformance and lack of innovation, must prioritize bold investments to adapt to AI disruption and...

Pranav Bhavsar

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

TPG Asia has launched an INR26.4bn (US$302m) cleanup block (14.7% stake) in Sai Life Sciences at a floor price of INR860/share, a 5.2% discount to...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

Jain Resource Recycling is looking to raise about US$142m in its India IPO. In this note, we take a quick look at the peer comparison and IPO...

Akshat Shah

Thematic Report on H-1B Visa Impact: Can Brain Drain in US Become Brain Gain for India?

​US executive order imposes $100,000 fee on new H-1B visas, pushing Indian IT firms towards offshore delivery and local hiring in the US, reshaping...

Nimish Maheshwari

H-1B Fee Fallout: An Employee’s Perspective and Implications for Indian IT

​Trump's $100,000 fee for new H-1B petitions causes anxiety, travel confusion, and negative market reaction for Indian IT names, leading to...

Pranav Bhavsar

Indian IT | Urge to the Boards – Stop the Buybacks

​Indian IT industry faces challenges with underperformance and lack of innovation, must prioritize bold investments to adapt to AI disruption and...

Pranav Bhavsar

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

TPG Asia has launched an INR26.4bn (US$302m) cleanup block (14.7% stake) in Sai Life Sciences at a floor price of INR860/share, a 5.2% discount to...

Akshat Shah

US executive order imposes $100,000 fee on new H-1B visas, pushing Indian IT firms towards offshore delivery and local hiring in the US, reshaping...

Trump's $100,000 fee for new H-1B petitions causes anxiety, travel confusion, and negative market reaction for Indian IT names, leading to...

Indian IT industry faces challenges with underperformance and lack of innovation, must prioritize bold investments to adapt to AI disruption and...