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/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> raised about US$750m in its India IPO in Nov 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.</li>
<li>Groww is a direct-to-customer digital investment platform, where customers can invest and trade in stocks, derivatives, bonds, mutual funds etc., and also avail margin trading facility and personal loans.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Groww (1573648D IN) raised about US$750m in its India IPO in Nov 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.
Groww is a direct-to-customer digital investment platform, where customers can invest and trade in stocks, derivatives, bonds, mutual funds etc., and also avail margin trading facility and personal loans.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money

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

Godfrey Phillips India / Equity Bottom-Up

<ul>
<li>Godfrey Phillips delivered 23% gross sales growth and 22% profit growth in H1 FY26, then faced Sweeping Excise and GST Overhaul that led the stock down 40% from 52-Week high</li>
<li>Tax shock is biggest structural reset for Indian tobacco. How Godfrey Phillips with 14% market share and near-zero debt navigates pricing, volume and illicit trade will define next earnings cycle</li>
<li>The company's balance sheet is one of the cleanest in the sector, but margin recovery depends on volume holding up through aggressive price hikes. Watch Q4 FY26 results closely.</li>
</ul>


Godfrey Phillips delivered 23% gross sales growth and 22% profit growth in H1 FY26, then faced Sweeping Excise and GST Overhaul that led the stock down 40% from 52-Week high
Tax shock is biggest structural reset for Indian tobacco. How Godfrey Phillips with 14% market share and near-zero debt navigates pricing, volume and illicit trade will define next earnings cycle
The company's balance sheet is one of the cleanest in the sector, but margin recovery depends on volume holding up through aggressive price hikes. Watch Q4 FY26 results closely.


Godfrey Phillips: Strong Numbers and Steeper Taxes

Bagmane Prime Office REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bagmane-prime-office-reit" target="_blank" data-smartkarma-citation="entities:46266:1" rel="noopener">Bagmane Prime Office REIT (BPO IN)</a> plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. </li>
<li>The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).</li>
<li>The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).</li>
</ul>



Bagmane Prime Office REIT (BPO IN) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. 
The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).
The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).


Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

LR Research

Thematic (Sector/Industry)

In Today's Issue<table class="table table-striped"><tbody>
<tr>
<td>Area</td>
<td>Item</td>
</tr>
<tr>
<td>Economic/Commodities</td>
<td>
REMITTANCES TO INDIA ARE DOWN
BRAZIL SOYBEAN EXPORTS ARE UP
PRECIOUS METALS PRICES FLIRT WITH SUPPORT _ COULD BREAKDOWN
PEMEX MAKES SIZEABLE OIL DISCOVERY
</td>
</tr>
<tr>
<td>Policy Led</td>
<td>
SAUDI PURGE
CHINA'S PARIS OUTPERFORMANCE
PBoC LOOKING AT ITS OWN DIGITAL CURRENCY
VENEZUELA SEEKS EXTERNAL DEBT RESTRUCTURING
CHINA'S MAINLAND LAW ON THE NATIONAL ANTHEM TO APPLY TO HK AND MACAU
</td>
</tr>
<tr>
<td>Management Specific</td>
<td>
AMAZON INTO HEALTH INSURANCE IN EUROPE?
CJ CHEILJIDANG SELLING CJ HEALTH?
HDFC STANDARD…
</td>
</tr>
</tbody></table>

In Today's Issue

Area
Item


Economic/Commodities

REMITTANCES TO INDIA ARE DOWN
BRAZIL SOYBEAN EXPORTS ARE UP
PRECIOUS METALS PRICES FLIRT WITH SUPPORT _ COULD BREAKDOWN
PEMEX MAKES SIZEABLE OIL DISCOVERY



Policy Led

SAUDI PURGE
CHINA'S PARIS OUTPERFORMANCE
PBoC LOOKING AT ITS OWN DIGITAL CURRENCY
VENEZUELA SEEKS EXTERNAL DEBT RESTRUCTURING
CHINA'S MAINLAND LAW ON THE NATIONAL ANTHEM TO APPLY TO HK AND MACAU



Management Specific

AMAZON INTO HEALTH INSURANCE IN EUROPE?
CJ CHEILJIDANG SELLING CJ HEALTH?
HDFC STANDARD…




Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Churning of the Indian economy’s ecosystem over the past two years has delivered two major reforms in taxation and accounting. The Goods and Services Tax (GST) and the paradigm shift in the accounting standards adopted by the Indian companies have in them inherent drive potent enough to usher in far-reaching implications on both sides of the scale. These shifts also lead to major changes in the presentation of financial statements, which makes them non-comparable with historical financials. One…

Churning of the Indian economy’s ecosystem over the past two years has delivered two major reforms in taxation and accounting. The Goods and Services Tax (GST) and the paradigm shift in the accounting standards adopted by the Indian companies have in them inherent drive potent enough to usher in far-reaching implications on both sides of the scale. These shifts also lead to major changes in the presentation of financial statements, which makes them non-comparable with historical financials. One…

The First Impact Of GST And Ind-AS Combine: Visible During Q2F18

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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

ITC Ltd (ITC IN)

Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money

A bunch of pre-IPO investors have launched a ~US$500m placement amounting to 4.3% of Groww's shares right on the day of lockup expiry. Hence, the...

Akshat Shah

Godfrey Phillips: Strong Numbers and Steeper Taxes

Godfrey Phillips sees strong growth in H1 FY26, but faces 40% stock drop due to tax overhaul. Clean balance sheet and market share key to...

Sudarshan Bhandari

Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

Bagmane Prime Office Reit (BPOR) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. In this note, we...

Akshat Shah

21 Things Worth Knowing (#8)

In Today's Issue1. Saudi Crown Prince kick starts an anti-corruption drive in a bid to cement his power. So far 11 princes, 4 ministers and a...

Mark Artherton

The First Impact Of GST And Ind-AS Combine: Visible During Q2F18

Churning of the Indian economy’s ecosystem over the past two years has delivered two major reforms in taxation and accounting. The Goods and...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money

A bunch of pre-IPO investors have launched a ~US$500m placement amounting to 4.3% of Groww's shares right on the day of lockup expiry. Hence, the...

Akshat Shah

Godfrey Phillips: Strong Numbers and Steeper Taxes

​Godfrey Phillips sees strong growth in H1 FY26, but faces 40% stock drop due to tax overhaul. Clean balance sheet and market share key to...

Sudarshan Bhandari

Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

Bagmane Prime Office Reit (BPOR) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. In this note, we...

Akshat Shah

21 Things Worth Knowing (#8)

In Today's Issue1. Saudi Crown Prince kick starts an anti-corruption drive in a bid to cement his power. So far 11 princes, 4 ministers and a...

Mark Artherton

The First Impact Of GST And Ind-AS Combine: Visible During Q2F18

Churning of the Indian economy’s ecosystem over the past two years has delivered two major reforms in taxation and accounting. The Goods and...

Nitin Mangal

Godfrey Phillips sees strong growth in H1 FY26, but faces 40% stock drop due to tax overhaul. Clean balance sheet and market share key to...