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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> co-founder, Rakesh Gangwal, aims to raise around US$802m via selling around a 3% stake in Indigo.</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN) co-founder, Rakesh Gangwal, aims to raise around US$802m via selling around a 3% stake in Indigo.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Interglobe Aviation (Indigo) Placement - Second US$800m+ Deal by Co-Founder This Year

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vikram-solar" target="_blank" data-smartkarma-citation="entities:36670:1" rel="noopener">Vikram Solar (0490158D IN)</a> raised about US$238m in its India IPO.</li>
<li>Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Vikram Solar (0490158D IN) raised about US$238m in its India IPO.
Vikram Solar is an integrated solar photo-voltaic modules producer and an integrated solar energy solutions provider offering engineering, procurement and construction services, and operations and maintenance services to its customers.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Max Healthcare Institute / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> and <a href="https://www.smartkarma.com/entities/max-healthcare-institute-ltd" target="_blank" data-smartkarma-citation="entities:35275:1" rel="noopener">Max Healthcare Institute (MAXHEALT IN)</a> replace <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> and <a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> in the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> in September.</li>
<li>There are 5 constituent changes to the <a href="https://www.smartkarma.com/entities/nifty-100-index" target="_blank" data-smartkarma-citation="entities:36051:1" rel="noopener">Nifty 100 Index (NSE100 INDEX)</a> leading to 4 changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a>. </li>
<li>There will be global passive buying in <a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> on Tuesday. Then there will be net selling in the stock at the close on 29 September.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN) and Max Healthcare Institute (MAXHEALT IN) replace Hero Motocorp (HMCL IN) and Indusind Bank (IIB IN) in the NIFTY Index (NIFTY INDEX) in September.
There are 5 constituent changes to the Nifty 100 Index (NSE100 INDEX) leading to 4 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX). 
There will be global passive buying in Swiggy (SWIGGY IN) on Tuesday. Then there will be net selling in the stock at the close on 29 September.


NIFTY50/NEXT50 Index Rebalance: Bunch Of (Mostly) Expected Changes; Positioning Increases

Knowledge Realty Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-realty-trust" target="_blank" data-smartkarma-citation="entities:44486:1" rel="noopener">Knowledge Realty Trust (258259D IN)</a> raised around US$551m in its India IPO. The trust undertook a pre-IPO placement round of around INR14bn (US$160m) in June 2025 as well.</li>
<li>Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between CY16-1QCY25, as per the CBRE report.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Knowledge Realty Trust (258259D IN) raised around US$551m in its India IPO. The trust undertook a pre-IPO placement round of around INR14bn (US$160m) in June 2025 as well.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India's office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
In this note, we will talk about the trading dynamics.


Knowledge Realty Trust IPO Trading - Decent Demand; Leads Past REIT Listings

India

InterGlobe Aviation Ltd. operates IndiGo, India's largest passenger airline by domestic market share, focusing on low fares, punctuality, and a hassle-free travel experience. The company provides air transportation services for passengers and cargo on scheduled flights, along with ancillary services like car rental, airport lounge access, and travel insurance. IndiGo is headquartered in Gurugram, Haryana, India, and was founded in 2004.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

IndiGo (INDIGO IN)

Interglobe Aviation (Indigo) Placement - Second US$800m+ Deal by Co-Founder This Year

Indigo’s co-founder, Rakesh Gangwal, aims to pare down another 3% stake in Interglobe Aviation Limited (Indigo), raising around US$802m.

Akshat Shah

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

Vikram Solar IPO Trading - Robust Insti-Led Demand; Decent Anchor

Vikram Solar raised about US$238m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

NIFTY50/NEXT50 Index Rebalance: Bunch Of (Mostly) Expected Changes; Positioning Increases

The changes to the NIFTY/NIFTYJR indices are mostly on expected lines. The inclusion of HZ could be a surprise. There is positioning in the changes...

Brian Freitas

Knowledge Realty Trust IPO Trading - Decent Demand; Leads Past REIT Listings

Knowledge Realty Trust (KRT) raised around US$551m in its India IPO. The market value of its assets stood at INR584.5bn (US$6.7bn), as of Mar'25....

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)