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

InterGlobe Aviation Ltd / 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

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Equity Bottom-Up

InterGlobe Aviation Ltd / Equity Bottom-Up

<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> reported record quarterly PAT and crossed $10 billion in annual revenue for the first time and recommended a dividend after five years.</li>
<li>Capacity significantly expanded in FY25 and plans continue, adding aircraft, routes, and widebodies for international growth. On consolidated basis, management guides early double digit growth in FY26.</li>
<li>Geopolitical events like India-Pak war caused booking dips and flight delays. </li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN) reported record quarterly PAT and crossed $10 billion in annual revenue for the first time and recommended a dividend after five years.
Capacity significantly expanded in FY25 and plans continue, adding aircraft, routes, and widebodies for international growth. On consolidated basis, management guides early double digit growth in FY26.
Geopolitical events like India-Pak war caused booking dips and flight delays. 


InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion

<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>'s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around a 3.3% 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)'s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around a 3.3% 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 - Another US$800m+ Deal by Co-Founder

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

InterGlobe Aviation Ltd / Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the September 2025 index rebal event.</li>
<li>We see two changes for NIFTY 50 and five changes for NIFTY 100.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the September 2025 index rebal event.
We see two changes for NIFTY 50 and five changes for NIFTY 100.


Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expectations

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

<ul><li>Interglobe Aviation Limited (IndiGo) is an India-based company, engaged in the airline business.</li><li>IndiGo is engaged in air transportation and pre-flight and post-flight ground handling operations, including passenger and cargo services and providing related allied services, such as in-flight sales, ground handling business, and other allied services at the airports.</li><li>With over 3 Lc customers a day for FY24, Indigo is increasing its foothold on not just the Indian but also the global aviation stage.</li></ul><p><em>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.</em></p>

Interglobe Aviation Limited (IndiGo) is an India-based company, engaged in the airline business.IndiGo is engaged in air transportation and pre-flight and post-flight ground handling operations, including passenger and cargo services and providing related allied services, such as in-flight sales, ground handling business, and other allied services at the airports.With over 3 Lc customers a day for FY24, Indigo is increasing its foothold on not just the Indian but also the global aviation stage.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.

Axis Punch: Interglobe Aviations Ltd - 16th April, 2025

India

InterGlobe Aviation Limited provides passenger airlines services. The Company offers ground management, air transportation, terminal maintenance, and other services. InterGlobe Aviation conducts its business globally.

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InterGlobe Aviation Ltd (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

InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion

InterGlobe Aviation Ltd (INDIGO IN) achieves record quarterly profit and surpasses $10 billion in annual revenue, recommending a dividend after...

Sudarshan Bhandari

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

InterGlobe Aviation (Indigo)’s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around 3.3% stake in Indigo.

Akshat Shah

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expectations

We see US$886mn and US$391mn one-way flows, respectively, for the NIFTY 50 and NIFTY Next 50 September 2025 index rebalance events.

Janaghan Jeyakumar, CFA

Axis Punch: Interglobe Aviations Ltd - 16th April, 2025

IndiGo is engaged in air transportation and pre-flight and post-flight ground handling operations, including passenger and cargo services and...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

InterGlobe Aviation Limited Q4 FY25 Update: Record Quarter Driven by Demand and Strategic Expansion

​InterGlobe Aviation Ltd (INDIGO IN) achieves record quarterly profit and surpasses $10 billion in annual revenue, recommending a dividend after...

Sudarshan Bhandari

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

InterGlobe Aviation (Indigo)’s co-founder, Rakesh Gangwal, aims to raise around US$803m via selling around 3.3% stake in Indigo.

Akshat Shah

Quiddity Leaderboard NIFTY Sep25: Multiple Changes to Expectations

We see US$886mn and US$391mn one-way flows, respectively, for the NIFTY 50 and NIFTY Next 50 September 2025 index rebalance events.

Janaghan Jeyakumar, CFA

Axis Punch: Interglobe Aviations Ltd - 16th April, 2025

IndiGo is engaged in air transportation and pre-flight and post-flight ground handling operations, including passenger and cargo services and...

Axis Direct

InterGlobe Aviation Ltd (INDIGO IN) achieves record quarterly profit and surpasses $10 billion in annual revenue, recommending a dividend after...