Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>In Aug 2022, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.</li>
<li>Leading to a selldown by <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


In Aug 2022, Zomato (ZOMATO IN) completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.
Leading to a selldown by Softbank Group (9984 JP) in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.
In this note, we will talk about the lock-up dynamics and recent updates.


Zomato Lock-Up - Last of the Softbank Selldown

<ul>
<li>In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN)</a>. Prior to that it had sold a similar amount in Mar 2022.</li>
<li>CPPIB will be released from its placement linked lockup early next month.</li>
<li>In this note, we will talk about the lockup dynamics and past deals performance.</li>
</ul>


In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in Mar 2022.
CPPIB will be released from its placement linked lockup early next month.
In this note, we will talk about the lockup dynamics and past deals performance.


Kotak Mahindra Bank - US$1.2 Billion Lockup Release

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

<ul>
<li>Infosys approved the strategic acquisition of Optimum Healthcare and Stratus Global for a combined value of USD 560 million, expected to close in Q1 FY27.</li>
<li>These deals target high-growth healthcare and insurance verticals, adding 2,050 domain experts to accelerate the adoption of Topaz AI and Cobalt cloud platforms.</li>
<li>Success depends on retaining specialised talent during integration and proving that Optimum’s massive FY25 revenue spike is sustainable rather than a non-recurring event.</li>
</ul>


Infosys approved the strategic acquisition of Optimum Healthcare and Stratus Global for a combined value of USD 560 million, expected to close in Q1 FY27.
These deals target high-growth healthcare and insurance verticals, adding 2,050 domain experts to accelerate the adoption of Topaz AI and Cobalt cloud platforms.
Success depends on retaining specialised talent during integration and proving that Optimum’s massive FY25 revenue spike is sustainable rather than a non-recurring event.


Event Driven: Infosys’ Combined Acquisitions~ What Do They Mean for the Tech Giant?

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>INR 13 lakh crore (~$150 bn) of equity value has been erased as investors reassess the terminal durability of Indian IT’s effort-based revenue model in an AI-accelerated cost structure.</li>
<li>Management execution matters, but ownership discipline matters equally; absent capital pressure during visible disruption amplified the scale and speed of the valuation reset.</li>
<li>In a genuine market economy, capital must be vocal during disruption; without visible investor scrutiny and measurable demands, strategic urgency weakens and terminal value risk compounds.</li>
</ul>


INR 13 lakh crore (~$150 bn) of equity value has been erased as investors reassess the terminal durability of Indian IT’s effort-based revenue model in an AI-accelerated cost structure.
Management execution matters, but ownership discipline matters equally; absent capital pressure during visible disruption amplified the scale and speed of the valuation reset.
In a genuine market economy, capital must be vocal during disruption; without visible investor scrutiny and measurable demands, strategic urgency weakens and terminal value risk compounds.


Indian IT | AI Reckoning Is a Governance Story

<ul>
<li>The shift to "Agentic AI" could propel the global economy to $500 trillion, provided companies overhaul business architectures to bridge the current gap between tech progress and realized value.</li>
<li>Through the Topaz Fabric, Infosys is deploying over 600 specialized agents and small language models (SLMs) to help 90% of their top clients move from pilots to production.</li>
<li>Success requires navigating the "Brownfield" productivity gap, where legacy systems and data silos currently consume 60-80% of IT budgets, hindering the deployment of high-impact AI solutions.</li>
</ul>


The shift to "Agentic AI" could propel the global economy to $500 trillion, provided companies overhaul business architectures to bridge the current gap between tech progress and realized value.
Through the Topaz Fabric, Infosys is deploying over 600 specialized agents and small language models (SLMs) to help 90% of their top clients move from pilots to production.
Success requires navigating the "Brownfield" productivity gap, where legacy systems and data silos currently consume 60-80% of IT budgets, hindering the deployment of high-impact AI solutions.


Infosys: The AI-First Services Opportunity- Capturing a $400 Billion Market

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)

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

Kotak Mahindra Bank - US$1.2 Billion Lockup Release

In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in...

Sumeet Singh

Event Driven: Infosys’ Combined Acquisitions~ What Do They Mean for the Tech Giant?

Infosys to acquire Optimum Healthcare and Stratus Global for $560 million, focusing on healthcare and insurance growth with Topaz AI and Cobalt...

Nimish Maheshwari

Indian IT | AI Reckoning Is a Governance Story

Investors are reevaluating the sustainability of Indian IT's revenue model but equality Important is Ownership discipline and investor scrutiny to...

Pranav Bhavsar

Infosys: The AI-First Services Opportunity- Capturing a $400 Billion Market

Transitioning to "Agentic AI" has the potential to boost the global economy to $500 trillion by revamping business architectures and overcoming...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

Kotak Mahindra Bank - US$1.2 Billion Lockup Release

In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in...

Sumeet Singh

Event Driven: Infosys’ Combined Acquisitions~ What Do They Mean for the Tech Giant?

​Infosys to acquire Optimum Healthcare and Stratus Global for $560 million, focusing on healthcare and insurance growth with Topaz AI and Cobalt...

Nimish Maheshwari

Indian IT | AI Reckoning Is a Governance Story

​Investors are reevaluating the sustainability of Indian IT's revenue model but equality Important is Ownership discipline and investor scrutiny to...

Pranav Bhavsar

Infosys: The AI-First Services Opportunity- Capturing a $400 Billion Market

​Transitioning to "Agentic AI" has the potential to boost the global economy to $500 trillion by revamping business architectures and overcoming...

Nimish Maheshwari

Infosys to acquire Optimum Healthcare and Stratus Global for $560 million, focusing on healthcare and insurance growth with Topaz AI and Cobalt...

Investors are reevaluating the sustainability of Indian IT's revenue model but equality Important is Ownership discipline and investor scrutiny to...

Transitioning to "Agentic AI" has the potential to boost the global economy to $500 trillion by revamping business architectures and overcoming...