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

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the not-so-positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Infosys: Infosys’ (INFO) sequential revenue decline of 3.5% in CC was primarily due to a reduction in third-party costs and the associated revenue, which accounted for ~2/3rd of the drop</li><li>Additionally, some deals that were in the pipeline slipped towards the end of the quarter, and Q4 seasonality and drop in volumes contributed to the lower than anticipated performance</li><li>Infosys provided a growth guidance of 0% to 3% in CC terms for FY26, and an operating margin guidance of 20-22%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Infosys: Infosys’ (INFO) sequential revenue decline of 3.5% in CC was primarily due to a reduction in third-party costs and the associated revenue, which accounted for ~2/3rd of the dropAdditionally, some deals that were in the pipeline slipped towards the end of the quarter, and Q4 seasonality and drop in volumes contributed to the lower than anticipated performanceInfosys provided a growth guidance of 0% to 3% in CC terms for FY26, and an operating margin guidance of 20-22%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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>Trump’s reciprocal tariff plan imposes a 27% duty on Indian goods, sparing pharma and IT but impacting autos, textiles, chemicals, and solar exports.</li>
<li>Despite steep headline tariffs, India’s top export sectors, IT services and pharma, remain unaffected, preserving key revenue streams and softening near-term macroeconomic impact.</li>
<li>Investors will likely rotate into resilient sectors like pharma and IT while avoiding margin-sensitive names in textiles, chemicals, and auto ancillaries vulnerable to export-led earnings volatility.</li>
</ul>


Trump’s reciprocal tariff plan imposes a 27% duty on Indian goods, sparing pharma and IT but impacting autos, textiles, chemicals, and solar exports.
Despite steep headline tariffs, India’s top export sectors, IT services and pharma, remain unaffected, preserving key revenue streams and softening near-term macroeconomic impact.
Investors will likely rotate into resilient sectors like pharma and IT while avoiding margin-sensitive names in textiles, chemicals, and auto ancillaries vulnerable to export-led earnings volatility.


Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> had rallied quite hard the week before last week, then stalled last week, however its looks like maybe is changing in its trend structure, maybe a breakout...</li>
<li>However the breakout may have to wait a bit more, as the NIFTY is overbought WEEKLY according to our model: before the uptrend resumes, there will be a pullback.</li>
<li>Last: as written by <a href="https://www.smartkarma.com/companies/acegama-advisors" target="_blank" data-smartkarma-citation="companies:30807" rel="noopener">AceGama Advisors</a> the WEEKLY options expiry will be moved from Thursday to Monday, starting in April 2025, impacting the market. Read their insight for detailed analysis.</li>
</ul>


The NIFTY Index had rallied quite hard the week before last week, then stalled last week, however its looks like maybe is changing in its trend structure, maybe a breakout...
However the breakout may have to wait a bit more, as the NIFTY is overbought WEEKLY according to our model: before the uptrend resumes, there will be a pullback.
Last: as written by AceGama Advisors the WEEKLY options expiry will be moved from Thursday to Monday, starting in April 2025, impacting the market. Read their insight for detailed analysis.


NIFTY Outlook: Possible Breakout as Options Expiry Moves to Monday

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.

Price Gauge
52-week Range	0.00 - 0.00
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Infosys Ltd (INFO IN)

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

HSIE Results Daily: Infosys, Tata Elxsi

Infosys’ (INFO) sequential revenue decline of 3.5% in CC was primarily due to a reduction in third-party costs and the associated revenue, which...

HDFC Securities

Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

Nimish Maheshwari

NIFTY Outlook: Possible Breakout as Options Expiry Moves to Monday

The NIFTY is showing a potential breakout, possibly the start of an uptrend, but it is OVERBOUGHT: expect a pullback before a rally. Weekly...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Dorf-Ketal Chemicals India Pre-IPO -The Positives - Strategic Blend of Organic & Inorganic Expansion

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Akshat Shah

HSIE Results Daily: Infosys, Tata Elxsi

Infosys’ (INFO) sequential revenue decline of 3.5% in CC was primarily due to a reduction in third-party costs and the associated revenue, which...

HDFC Securities

Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

​Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

Nimish Maheshwari

NIFTY Outlook: Possible Breakout as Options Expiry Moves to Monday

The ​NIFTY is showing a potential breakout, possibly the start of an uptrend, but it is OVERBOUGHT: expect a pullback before a rally. Weekly...

Nico Rosti

Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

The NIFTY is showing a potential breakout, possibly the start of an uptrend, but it is OVERBOUGHT: expect a pullback before a rally. Weekly...