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/jsw-one" target="_blank" data-smartkarma-citation="entities:47848:1" rel="noopener">JSW One Platforms (JSWONE IN)</a> is looking to raise about US$400m in its upcoming India IPO. The deal will be run by JM Fin, Kotak, ICICI, SBI Caps, PL Cap.</li>
<li>JSW One Platforms (JSOPL) is a technology-enabled B2B commerce platform focused on manufacturing-construction materials, which combines marketplace commerce-distribution- fulfilment, processing/customisation, private brands, logistics, embedded financing and direct lending to MSMEs.</li>
<li>According to the 1Lattice report, JSOPL was one of the fastest-growing business-to-business (B2B) commerce players in India, as of June 2026.</li>
</ul>



JSW One Platforms (JSWONE IN) is looking to raise about US$400m in its upcoming India IPO. The deal will be run by JM Fin, Kotak, ICICI, SBI Caps, PL Cap.
JSW One Platforms (JSOPL) is a technology-enabled B2B commerce platform focused on manufacturing-construction materials, which combines marketplace commerce-distribution- fulfilment, processing/customisation, private brands, logistics, embedded financing and direct lending to MSMEs.
According to the 1Lattice report, JSOPL was one of the fastest-growing business-to-business (B2B) commerce players in India, as of June 2026.


Aequitas: JSW One Platforms Pre-IPO Tearsheet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Biren Technology / 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, <a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. </li>
<li>On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.</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, Jio Platforms is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. 
On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.


Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

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

<ul>
<li>JSW Steel reported Q4 FY26 consolidated PAT of INR 19,243 crore, mainly driven by a INR 17,888 crore exceptional gain from the BPSL slump sale to the JFE JV.</li>
<li>Excluding the exceptional gain, normalised Q4 PAT was INR 3,475 crore, supported by INR 9,713 crore adjusted EBITDA, lower net debt, and record quarterly steel sales of 7.97 MT.</li>
<li>FY26 was transformational as the BPSL restructuring strengthened JSW’s balance sheet, deepened strategic partnerships with JFE and POSCO, and supported its 62 MTPA FY32 roadmap.</li>
</ul>


JSW Steel reported Q4 FY26 consolidated PAT of INR 19,243 crore, mainly driven by a INR 17,888 crore exceptional gain from the BPSL slump sale to the JFE JV.
Excluding the exceptional gain, normalised Q4 PAT was INR 3,475 crore, supported by INR 9,713 crore adjusted EBITDA, lower net debt, and record quarterly steel sales of 7.97 MT.
FY26 was transformational as the BPSL restructuring strengthened JSW’s balance sheet, deepened strategic partnerships with JFE and POSCO, and supported its 62 MTPA FY32 roadmap.


JSW Q4FY26: BPSL Sales Lift Profit, Capacity Expansion Remains in Focus

India

The company operates a digital marketplace platform for the steel industry. The firm provides medium and small enterprises with a centralized procurement solution to streamline supply chains, access real-time pricing, and source materials. Its platform enables clients to optimize steel procurement costs and manage demand-side requirements.

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JSW One (JSWONE IN)

Aequitas: JSW One Platforms Pre-IPO Tearsheet

JSW One Platforms Limited is looking to raise about US$400m in its upcoming India IPO. The deal will be run by JM Fin, Kotak, ICICI, SBI Caps, PL Cap.

Akshat Shah

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

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 Q4FY26: BPSL Sales Lift Profit, Capacity Expansion Remains in Focus

JSW Steel's Q4 FY26 PAT boosted by exceptional gain from BPSL slump sale, normalised PAT at INR 3,475 crore, strong performance supports FY32...

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: JSW One Platforms Pre-IPO Tearsheet

JSW One Platforms Limited is looking to raise about US$400m in its upcoming India IPO. The deal will be run by JM Fin, Kotak, ICICI, SBI Caps, PL Cap.

Akshat Shah

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

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 Q4FY26: BPSL Sales Lift Profit, Capacity Expansion Remains in Focus

​JSW Steel's Q4 FY26 PAT boosted by exceptional gain from BPSL slump sale, normalised PAT at INR 3,475 crore, strong performance supports FY32...

Sudarshan Bhandari

JSW Steel's Q4 FY26 PAT boosted by exceptional gain from BPSL slump sale, normalised PAT at INR 3,475 crore, strong performance supports FY32...