Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, Inida ECM flows continued unabated with more deals being launched.</li>
<li>On the placements front as well, India saw over US$2bn worth of deals during the week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Inida ECM flows continued unabated with more deals being launched.
On the placements front as well, India saw over US$2bn worth of deals during the week.


ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

JSW Cement Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>JSW Cements comes for listing at $180/t which is a premium to similar sized player despite weaker operating performance</li>
<li>It stands out as a Slag cement player while peers primarily focus on Portland and Pozzolana composite cement products. Its listing positions it to become another consolidator with strong Balance-sheet.</li>
<li>JSW has higher concentration towards South (50% of current capacity) which has struggled with excess supply for many years. Its upcoming 10MT capex in North may also face similar situation</li>
</ul>


JSW Cements comes for listing at $180/t which is a premium to similar sized player despite weaker operating performance
It stands out as a Slag cement player while peers primarily focus on Portland and Pozzolana composite cement products. Its listing positions it to become another consolidator with strong Balance-sheet.
JSW has higher concentration towards South (50% of current capacity) which has struggled with excess supply for many years. Its upcoming 10MT capex in North may also face similar situation


JSW Cements - Another Cement IPO in India Exactly 4 Yrs Later

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>JSW Cement has filed for IPO to raise up to ₹36B. The company plans to sell 244.9M shares at between ₹139 and ₹147 per share.</li>
<li>JSW Cement is one of the mid-tier cement manufacturing companies with operations across southern, western, and eastern regions of India. It has an installed grinding capacity of 20.6 MMTPA.</li>
<li>The IPO offer price range appears to be a more reasonable for the company considering the fact that it lags behind on many fronts when compared to its peers.</li>
</ul>


JSW Cement has filed for IPO to raise up to ₹36B. The company plans to sell 244.9M shares at between ₹139 and ₹147 per share.
JSW Cement is one of the mid-tier cement manufacturing companies with operations across southern, western, and eastern regions of India. It has an installed grinding capacity of 20.6 MMTPA.
The IPO offer price range appears to be a more reasonable for the company considering the fact that it lags behind on many fronts when compared to its peers.


JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation

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> is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.</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 our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



Knowledge Realty Trust (258259D IN) is looking to raise around US$551m in its India IPO. It has undertaken a pre-IPO placement round of around INR14bn (US$160m) in June 2025.
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 our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

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JSW Cement Limited (9858514Z IN)

ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...

Akshat Shah

JSW Cements - Another Cement IPO in India Exactly 4 Yrs Later

JSW Cement lists at $180/t, a premium despite weaker near-term performance, stands out on ESG as slag cement player. Poised for aggressive...

Himanshu Dugar

JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation

JSW Cement files for IPO to raise ₹36B, selling shares at ₹139–147. The IPO opens for subscription on August 7. The proceeds will be used for...

Tina Banerjee

Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (KRT) is looking to raise around US$551m in its India IPO. The trust undertook a pre-IPO round of around INR14bn (US$160m)...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...

Akshat Shah

JSW Cements - Another Cement IPO in India Exactly 4 Yrs Later

​JSW Cement lists at $180/t, a premium despite weaker near-term performance, stands out on ESG as slag cement player. Poised for aggressive...

Himanshu Dugar

JSW Cement IPO: Reasonably Priced; Growth Momentum Not Concrete Enough To Sustain Valuation

​JSW Cement files for IPO to raise ₹36B, selling shares at ₹139–147. The IPO opens for subscription on August 7. The proceeds will be used for...

Tina Banerjee

Knowledge Realty Trust IPO - Steady FY25 Growth, Digestible Pricing

Knowledge Realty Trust (KRT) is looking to raise around US$551m in its India IPO. The trust undertook a pre-IPO round of around INR14bn (US$160m)...

Akshat Shah

JSW Cement lists at $180/t, a premium despite weaker near-term performance, stands out on ESG as slag cement player. Poised for aggressive...

JSW Cement files for IPO to raise ₹36B, selling shares at ₹139–147. The IPO opens for subscription on August 7. The proceeds will be used for...