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/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a> is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.</li>
<li>The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.</li>
</ul>



Bank Of Baroda (BOB IN) is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).
In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.
The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.


Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>The Indian steel sector has been a shining star in an otherwise dull global landscape</li><li>Steel demand in India has been growing at a solid pace, consistently outpacing other major economies</li><li>In fact, it has been delivering double-digit growth in the past few years, in contrast to demand contraction across most major economies</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The Indian steel sector has been a shining star in an otherwise dull global landscapeSteel demand in India has been growing at a solid pace, consistently outpacing other major economiesIn fact, it has been delivering double-digit growth in the past few years, in contrast to demand contraction across most major economiesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Metals: Steel-Ing the Show! India’s Metal Momentum

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/sanyo-special-steel-co-ltd" target="_blank" data-smartkarma-citation="entities:15900:1" rel="noopener">Sanyo Special Steel (5481 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a>’s tender offer at JPY2,750, a 37.4% premium to the last close.</li>
<li>The offer is light, implying a P/B of 0.67x, below the midpoint of the IFA DCF range, below the Board's requested price, and unattractive compared to peer multiples. </li>
<li>The lack of an irrevocable and unattractive offer suggests that satisfying the minimum acceptance condition is likely challenging. This situation requires activism to force a bump.   </li>
</ul>



Sanyo Special Steel (5481 JP) has recommended Nippon Steel Corporation (5401 JP)’s tender offer at JPY2,750, a 37.4% premium to the last close.
The offer is light, implying a P/B of 0.67x, below the midpoint of the IFA DCF range, below the Board's requested price, and unattractive compared to peer multiples. 
The lack of an irrevocable and unattractive offer suggests that satisfying the minimum acceptance condition is likely challenging. This situation requires activism to force a bump.   


Sanyo Special Steel (5481 JP): Nippon Steel (5401 JP)’s Light Tender Offer Begs for Activism

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

<ul>
<li>Indian media firms, including NDTV, Network18, and the Indian Express, filed a lawsuit against OpenAI, accusing the company of scraping their content to train AI models without proper copyright permission.</li>
<li>
<a href="https://www.smartkarma.com/entities/larsen-toubro-ltd" target="_blank" data-smartkarma-citation="entities:2499:1" rel="noopener">Larsen &amp; Toubro (LT IN)</a>  lost a Rs 70,000 crore tender for building six submarines after its bid was deemed non-compliant by the Defence Ministry.</li>
<li>UBS is in advanced talks with India's 360 One WAM to form a joint venture aimed at expanding its wealth management presence in India, a rapidly growing market for HNI.</li>
</ul>


Indian media firms, including NDTV, Network18, and the Indian Express, filed a lawsuit against OpenAI, accusing the company of scraping their content to train AI models without proper copyright permission.

Larsen &amp; Toubro (LT IN)  lost a Rs 70,000 crore tender for building six submarines after its bid was deemed non-compliant by the Defence Ministry.
UBS is in advanced talks with India's 360 One WAM to form a joint venture aimed at expanding its wealth management presence in India, a rapidly growing market for HNI.


#93 India Insight: Indian Media Sues OpenAI, L&T Loses Submarine Tender, UBS Explores JV in India.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Shankara Building Products L / Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/shankara-building-products-l" target="_blank" data-smartkarma-citation="entities:27268:1" rel="noopener">Shankara Building Products L (SHANKARA IN)</a> plans to demerge its steel manufacturing and building materials marketplace, enabling each business to operate independently with tailored leadership and capital allocation strategies.</li>
<li>This separation allows for targeted expansions in non-steel product lines and dedicated manufacturing improvements, potentially raising margins and fueling profitable growth in India’s booming construction market.</li>
<li>Focused leadership, improved transparency, and strategic capital deployment could enhance investor confidence, offering significant upside as Shankara refocuses on high-growth segments and streamlines its operations post-demerger.</li>
</ul>



Shankara Building Products L (SHANKARA IN) plans to demerge its steel manufacturing and building materials marketplace, enabling each business to operate independently with tailored leadership and capital allocation strategies.
This separation allows for targeted expansions in non-steel product lines and dedicated manufacturing improvements, potentially raising margins and fueling profitable growth in India’s booming construction market.
Focused leadership, improved transparency, and strategic capital deployment could enhance investor confidence, offering significant upside as Shankara refocuses on high-growth segments and streamlines its operations post-demerger.


Event Driven: Shankara Building Products, A Demerger Play

India

JSW Steel Limited is an integrated steel producer with manufacturing facilities in Karnataka, Tamil Nadu and the western state of Maharashtra. The Company produces products including hot rolled coils, cold rolled coils, wire rods, galvanized coils and sheets.

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JSW Steel Ltd (JSTL IN)

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Metals: Steel-Ing the Show! India’s Metal Momentum

The Indian steel sector has been a shining star in an otherwise dull global landscape. Steel demand in India has been growing at a solid pace,...

HDFC Securities

Sanyo Special Steel (5481 JP): Nippon Steel (5401 JP)’s Light Tender Offer Begs for Activism

The offer is light, implying a P/B of 0.67x, below the midpoint of the IFA DCF range and unattractive compared to peer multiples. This needs...

Arun George

#93 India Insight: Indian Media Sues OpenAI, L&T Loses Submarine Tender, UBS Explores JV in India.

Indian media firms sue OpenAI for allegedly scraping content without permission, Larsen & Toubro loses submarine bid, UBS in talks for wealth...

Sudarshan Bhandari

Event Driven: Shankara Building Products, A Demerger Play

The promoter of Kalyan Jewellers has pledged an additional 5% stake amid ongoing allegations of corporate governance issues, contributing to a...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Metals: Steel-Ing the Show! India’s Metal Momentum

The Indian steel sector has been a shining star in an otherwise dull global landscape. Steel demand in India has been growing at a solid pace,...

HDFC Securities

Sanyo Special Steel (5481 JP): Nippon Steel (5401 JP)’s Light Tender Offer Begs for Activism

The offer is light, implying a P/B of 0.67x, below the midpoint of the IFA DCF range and unattractive compared to peer multiples. This needs...

Arun George

#93 India Insight: Indian Media Sues OpenAI, L&T Loses Submarine Tender, UBS Explores JV in India.

​Indian media firms sue OpenAI for allegedly scraping content without permission, Larsen & Toubro loses submarine bid, UBS in talks for wealth...

Sudarshan Bhandari

Event Driven: Shankara Building Products, A Demerger Play

The promoter of Kalyan Jewellers has pledged an additional 5% stake amid ongoing allegations of corporate governance issues, contributing to a...

Nimish Maheshwari

Indian media firms sue OpenAI for allegedly scraping content without permission, Larsen & Toubro loses submarine bid, UBS in talks for wealth...