APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

INOX India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inox-india-limited" target="_blank" data-smartkarma-citation="entities:40138:1" rel="noopener">INOX India Limited (INOX IN)</a> raised around US$175m in its Indian IPO, after pricing the deal at INR660/share. It will begin trading tomorrow on 21st Dec 2023.</li>
<li>Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.</li>
</ul>



INOX India Limited (INOX IN) raised around US$175m in its Indian IPO, after pricing the deal at INR660/share. It will begin trading tomorrow on 21st Dec 2023.
Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.


Inox India IPO Trading - Hot Demand for Cryogenics

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inox-india-limited" target="_blank" data-smartkarma-citation="entities:40138:1" rel="noopener">INOX India Limited (INOX IN)</a> is looking to raise up to US$175m in its Indian IPO.</li>
<li>Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.</li>
<li>In our previous note, we looked at the company’s background. In this note, we talk about the company’s performance and share our quick thoughts on valuation.</li>
</ul>



INOX India Limited (INOX IN) is looking to raise up to US$175m in its Indian IPO.
Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.
In our previous note, we looked at the company’s background. In this note, we talk about the company’s performance and share our quick thoughts on valuation.


Inox India IPO - Offering Access to a Niche Sector

Clarence Chu

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inox-india-limited" target="_blank" data-smartkarma-citation="entities:40138:1" rel="noopener">INOX India Limited (INOX IN)</a> is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Axis Capital, and ICICI Securities.</li>
<li>INOX India (INOX) is a manufacturer of cryogenic equipment, with over 30 years of experience in designing, engineering, manufacturing and installation of equipment and systems for cryogenic conditions.</li>
<li>As per CRISIL, the firm was the largest exporter of cryogenic tanks from India in terms of FY22 sales.</li>
</ul>



INOX India Limited (INOX IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Axis Capital, and ICICI Securities.
INOX India (INOX) is a manufacturer of cryogenic equipment, with over 30 years of experience in designing, engineering, manufacturing and installation of equipment and systems for cryogenic conditions.
As per CRISIL, the firm was the largest exporter of cryogenic tanks from India in terms of FY22 sales.


Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

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>
<a href="https://www.smartkarma.com/entities/inox-india-limited" target="_blank" data-smartkarma-citation="entities:40138:1" rel="noopener">INOX India Limited (INOX IN)</a> ( or IWL) and <a href="https://www.smartkarma.com/entities/inox-wind-energy-ltd" target="_blank" data-smartkarma-citation="entities:40911:1" rel="noopener">Inox Wind Energy (IWEL IN)</a> (or IWEL) have announced a merger, where IWEL will be amalgamated with IWL</li>
<li>The share swap ratio in the scheme of amalgamation gives a very evident arbitrage opportunity. </li>
<li>The arbitrage opportunity has become bigger than when announced in June 2023. While the strategy is still possible, we try to justify the market behaviour.</li>
</ul>



INOX India Limited (INOX IN) ( or IWL) and Inox Wind Energy (IWEL IN) (or IWEL) have announced a merger, where IWEL will be amalgamated with IWL
The share swap ratio in the scheme of amalgamation gives a very evident arbitrage opportunity. 
The arbitrage opportunity has become bigger than when announced in June 2023. While the strategy is still possible, we try to justify the market behaviour.


Embassy Office Parks REIT / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, things started to cool down into the year end with some smaller issuers still trying their luck to get listed before the year ends.</li>
<li>On the placement front, most of the action continued to come from India. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, things started to cool down into the year end with some smaller issuers still trying their luck to get listed before the year ends.
On the placement front, most of the action continued to come from India. 


ECM Weekly (24th Dec 2023) - Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

India

INOX India (INOX) is a manufacturer of cryogenic equipment.

INOX India Limited (INOX IN)

Inox India IPO Trading - Hot Demand for Cryogenics

INOX India Limited (INOX IN) raised around US$175m in its Indian IPO, after pricing the deal at INR660/share. It will begin trading tomorrow on...

Ethan Aw

Inox India IPO - Offering Access to a Niche Sector

INOX India Limited (INOX IN) is looking to raise up to US$175m in its Indian IPO. In this note, we talk about the company’s performance and share...

Ethan Aw

INOX India Pre-IPO Tearsheet

INOX India Limited (INOX IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Axis Capital, and ICICI...

Clarence Chu

Inox Wind Merger: Behind the Arbitrage

INOX India Limited and Inox Wind Energy have announced a merger, presenting a clear arbitrage opportunity. The opportunity has grown since the...

Nitin Mangal

ECM Weekly (24th Dec 2023) - Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Ethan Aw

Inox India IPO Trading - Hot Demand for Cryogenics

INOX India Limited (INOX IN) raised around US$175m in its Indian IPO, after pricing the deal at INR660/share. It will begin trading tomorrow on...

Ethan Aw

Inox India IPO - Offering Access to a Niche Sector

INOX India Limited (INOX IN) is looking to raise up to US$175m in its Indian IPO. In this note, we talk about the company’s performance and share...

Ethan Aw

INOX India Pre-IPO Tearsheet

INOX India Limited (INOX IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Axis Capital, and ICICI...

Clarence Chu

Inox Wind Merger: Behind the Arbitrage

​INOX India Limited and Inox Wind Energy have announced a merger, presenting a clear arbitrage opportunity. The opportunity has grown since the...

Nitin Mangal

ECM Weekly (24th Dec 2023) - Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Ethan Aw

INOX India Limited and Inox Wind Energy have announced a merger, presenting a clear arbitrage opportunity. The opportunity has grown since the...