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> is looking to raise up to US$736m in its upcoming India IPO.</li>
<li>Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Groww (1573648D IN) is looking to raise up to US$736m in its upcoming India IPO.
Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.
In this note, we talk about the company’s historical performance.


Groww Pre-IPO - Scaling Fast in a Competitive Market

Rubber News Specialist, Helixtap

Vinod Nedumudy

Rubber News Specialist

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

<ul><li>Tire makers see profit pressure despite revenue gains  </li><li>JK Tyre eyes double-digit growth, expands global footprint  </li><li> CEAT eyes expanding Chennai plant at US$51 million spend  </li></ul>

Tire makers see profit pressure despite revenue gains  JK Tyre eyes double-digit growth, expands global footprint   CEAT eyes expanding Chennai plant at US$51 million spend  

GST Cut Lifts Outlook As Indian Tire Majors Navigate Weak Q1

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

Thematic (Sector/Industry)

<ul>
<li>India’s tyre market is expected to grow at 6–7% volume CAGR, yet raw material volatility like the 33% rubber price spike in FY24 has squeezed margins across the board.</li>
<li>Managements acknowledge EBITDA margin pressure, but cite strategic inventory, revised capex, and sourcing shifts to mitigate further contraction.</li>
<li>Looking ahead, leaders remain cautiously optimistic, expecting stable RM costs in Q1FY26, export growth at 10–11% CAGR, and EV-related demand to accelerate medium-term recovery.</li>
</ul>


India’s tyre market is expected to grow at 6–7% volume CAGR, yet raw material volatility like the 33% rubber price spike in FY24 has squeezed margins across the board.
Managements acknowledge EBITDA margin pressure, but cite strategic inventory, revised capex, and sourcing shifts to mitigate further contraction.
Looking ahead, leaders remain cautiously optimistic, expecting stable RM costs in Q1FY26, export growth at 10–11% CAGR, and EV-related demand to accelerate medium-term recovery.


Thematic Report: Tyre Industry ~ What's Next For India’s Struggling Giants?

<ul><li>MRF stages recovery in margin in Q4, others suffer  </li><li>CEAT breaches US$1.51 billion for the first time in revenue in FY25  </li><li>High raw material costs eat into profits of majors</li></ul>

MRF stages recovery in margin in Q4, others suffer  CEAT breaches US$1.51 billion for the first time in revenue in FY25  High raw material costs eat into profits of majors

FY 2025 Marks Shrinking Margins For Indian Tire Majors

<ul>
<li>Brent crude prices have fallen below $70 per barrel, driven by rising non-OPEC supply, weak global demand, and geopolitical shifts, easing inflationary pressures in oil-importing economies like India.</li>
<li>Lower crude prices benefit OMCs, paints, tyres, and aviation, boosting margins, while upstream oil producers and government revenue face pressure, creating a mixed impact on India's economy.</li>
<li>Oil prices may remain range-bound in the mid-$60s to $70s, with OPEC+ production strategies, global demand trends, and geopolitical risks shaping future market movements.</li>
</ul>


Brent crude prices have fallen below $70 per barrel, driven by rising non-OPEC supply, weak global demand, and geopolitical shifts, easing inflationary pressures in oil-importing economies like India.
Lower crude prices benefit OMCs, paints, tyres, and aviation, boosting margins, while upstream oil producers and government revenue face pressure, creating a mixed impact on India's economy.
Oil prices may remain range-bound in the mid-$60s to $70s, with OPEC+ production strategies, global demand trends, and geopolitical risks shaping future market movements.


How Is the Decline in Oil Prices Reshaping India’s Economy?

India

JK Tyre and Industries Limited manufactures a wide range of automobile tires, tubes and flaps. The Company also operates a chain of tire outlets across India which sell the Company's tires in addition to providing a range of automotive services, including wheel alignment and tire changing.

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

JK Tyre & Industries (JKI IN)

Groww Pre-IPO - Scaling Fast in a Competitive Market

Groww is looking to raise up to US$736m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

GST Cut Lifts Outlook As Indian Tire Majors Navigate Weak Q1

The Indian tire sector sports a bullish outlook for FY 2025-26 (April 1 2025 to March 31 2026) riding on the GST cut effected by the Indian...

Helixtap

Thematic Report: Tyre Industry ~ What's Next For India’s Struggling Giants?

India's tyre market faces margin squeeze from raw material volatility, but management strategies aim to mitigate contraction and drive growth...

Nimish Maheshwari

FY 2025 Marks Shrinking Margins For Indian Tire Majors

India’s top tire manufacturers closed FY 2024–25 (April 2024-March 2025) on a mixed note, as solid replacement demand and operational...

Helixtap

How Is the Decline in Oil Prices Reshaping India’s Economy?

Falling Brent crude prices below $70/barrel benefit Indian economy through easing inflation, boosting certain industries, but pose challenges for...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Groww Pre-IPO - Scaling Fast in a Competitive Market

Groww is looking to raise up to US$736m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

GST Cut Lifts Outlook As Indian Tire Majors Navigate Weak Q1

​​​​​​​The Indian tire sector sports a bullish outlook for FY 2025-26 (April 1 2025 to March 31 2026) riding on the GST cut effected by the Indian...

Helixtap

Thematic Report: Tyre Industry ~ What's Next For India’s Struggling Giants?

​India's tyre market faces margin squeeze from raw material volatility, but management strategies aim to mitigate contraction and drive growth...

Nimish Maheshwari

FY 2025 Marks Shrinking Margins For Indian Tire Majors

​​​​​​​India’s top tire manufacturers closed FY 2024–25 (April 2024-March 2025) on a mixed note, as solid replacement demand and operational...

Helixtap

How Is the Decline in Oil Prices Reshaping India’s Economy?

​Falling Brent crude prices below $70/barrel benefit Indian economy through easing inflation, boosting certain industries, but pose challenges for...

Nimish Maheshwari

The Indian tire sector sports a bullish outlook for FY 2025-26 (April 1 2025 to March 31 2026) riding on the GST cut effected by the Indian...

India's tyre market faces margin squeeze from raw material volatility, but management strategies aim to mitigate contraction and drive growth...

India’s top tire manufacturers closed FY 2024–25 (April 2024-March 2025) on a mixed note, as solid replacement demand and operational...

Falling Brent crude prices below $70/barrel benefit Indian economy through easing inflation, boosting certain industries, but pose challenges for...