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

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<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 around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.</li>
</ul>



Groww (1573648D IN) is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.


Groww IPO - Peer Comp and Thoughts on Valuation

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors, HDFC Bank, Coal India, Eternal, Hdfc Bank, Icici Bank, Infosys, Tata Motors, Coal India, Jsw Steel.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors, HDFC Bank, Coal India, Eternal, Hdfc Bank, Icici Bank, Infosys, Tata Motors, Coal India, Jsw Steel.


NIFTY Index Earning Revision (Oct): Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors

Orkla India Ltd. / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/orkla-india-ltd" target="_blank" data-smartkarma-citation="entities:45300:1" rel="noopener">Orkla India Ltd. (0752506D IN)</a> is looking to raise about US$300m in its upcoming India IPO.</li>
<li>Orkla India is a multi-category food company offering a diverse range of spices and convenience food products, catering to every meal occasion across breakfast, lunch, dinner, snacks, beverages and desserts.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Orkla India Ltd. (0752506D IN) is looking to raise about US$300m in its upcoming India IPO.
Orkla India is a multi-category food company offering a diverse range of spices and convenience food products, catering to every meal occasion across breakfast, lunch, dinner, snacks, beverages and desserts.
In this note, we talk about the company’s historical performance.


Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

Clean Max Enviro Energy Solutions / Equity Capital Markets

Clean Max Enviro Energy Solutions (CLEANMAX IN)

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<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) is looking to raise about US$586m in its upcoming India IPO.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$586m in its upcoming India IPO.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In this note, we talk about the not-so-positive aspects of the deal.


CleanMax Enviro Energy Solutions Pre-IPO - The Negatives - Elevated Debt Amid Inconsistent Growth

Canara HSBC Life Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener">Canara HSBC Life Insurance (CHLI) (2908709Z IJ)</a> raised about US$284m from its India IPO.</li>
<li>CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Canara HSBC Life Insurance (CHLI) (2908709Z IJ) raised about US$284m from its India IPO.
CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.
In this note, we will talk about the trading dynamics.


Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

India

JSW Steel Limited is an Indian multinational steel company. It manufactures and sells a wide range of steel products, including hot rolled, cold rolled, galvanized, and color-coated steel, as well as TMT bars, wire rods, and alloy steel products, serving various industries such as automotive, construction, and infrastructure. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1982.

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JSW Steel (JSTL IN)

Groww IPO - Peer Comp and Thoughts on Valuation

Groww is looking to raise around US$747m in its India IPO. In this note, we talk about the peer comp and implied valuations in the price range.

Akshat Shah

NIFTY Index Earning Revision (Oct): Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors

We analyzed NIFTY's consensus for Oct 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), JSW Steel (JSTL IN), ICICI Bank (ICICIBC...

Ke Yan, CFA, FRM

Orkla India Pre-IPO - Strong Market Presence, Growth Yet to Catch Up

Orkla India has launched a smaller IPO of up to INR 16.6bn (US$190m) in a INR695–730 range. Anchor books open on 28th October, with the rest of the...

Akshat Shah

CleanMax Enviro Energy Solutions Pre-IPO - The Negatives - Elevated Debt Amid Inconsistent Growth

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

Canara HSBC Life Insurance raised about US$284m from its India IPO. In this note, we will talk about the trading dynamics.

Akshat Shah

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