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

Ajax Engineering Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ajax-engineering-limited" target="_blank" data-smartkarma-citation="entities:44026:1" rel="noopener">Ajax Engineering Limited (0896529D IN)</a> raised around US$145m in its India IPO.</li>
<li>Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Ajax Engineering Limited (0896529D IN) raised around US$145m in its India IPO.
Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Ajax Engineering IPO Trading - Decent Insti Coverage but Subdued Retail Demand

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

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jubilant-foodworks-ltd" target="_blank" data-smartkarma-citation="entities:986:1" rel="noopener">Jubilant Foodworks (JUBI IN)</a>  reports a 56.2% YoY revenue growth in Q3 FY25, driven by strong performance in Domino’s India. The company adds 130 new stores and partners with Coca-Cola.</li>
<li>
<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a>  surpassed <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a>  in 2024 car sales, driven by the success of its compact SUV, the Tata Punch</li>
<li>Tata Sons has redefined its financing strategy by directing group companies, newer ventures like Tata Digital and Air India, to independently manage debt, relying on equity investments and internal accruals.</li>
</ul>



Jubilant Foodworks (JUBI IN)  reports a 56.2% YoY revenue growth in Q3 FY25, driven by strong performance in Domino’s India. The company adds 130 new stores and partners with Coca-Cola.

Tata Motors Ltd (TTMT IN)  surpassed Maruti Suzuki India (MSIL IN)  in 2024 car sales, driven by the success of its compact SUV, the Tata Punch
Tata Sons has redefined its financing strategy by directing group companies, newer ventures like Tata Digital and Air India, to independently manage debt, relying on equity investments and internal accruals.


#81 India Insight: Jubilant Hits Record Revenue, Tata Sons Shifts Debt Management, Aero India 2025

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.

<ul><li>We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes</li><li>At an aggregate level, we anticipate revenue and EBITDA growth of 9% and 1%, respectively, in 3QFY25</li><li>However, profitability is expected to decline by 6% due to negative operating leverage and gross margin pressures (excluding the liquor segment).</li></ul><p><em>Content is an 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>

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikesAt an aggregate level, we anticipate revenue and EBITDA growth of 9% and 1%, respectively, in 3QFY25However, profitability is expected to decline by 6% due to negative operating leverage and gross margin pressures (excluding the liquor segment).Content is an 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.

Consumer (3QFY25 Results Preview): Challenges Persist

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cochin-shipyard-ltd" target="_blank" data-smartkarma-citation="entities:24261:1" rel="noopener">Cochin Shipyard Ltd (COCHIN IN)</a>  has secured a Rs. 450 crore order to build tugboats for <a href="https://www.smartkarma.com/entities/adani-ports-special-economic-zone-ltd" target="_blank" data-smartkarma-citation="entities:246:1" rel="noopener">Adani Ports &amp; Special Economic Zone (ADSEZ IN)</a> , signalling growth in India's shipbuilding industry.</li>
<li>
<a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a>  is expanding beyond electronics manufacturing by entering the refrigerator market through a partnership with Cellecor Gadgets.</li>
<li>
<a href="https://www.smartkarma.com/entities/va-tech-wabag-ltd" target="_blank" data-smartkarma-citation="entities:9096:1" rel="noopener">VA Tech Wabag (VATW IN)</a>  is making waves with a Rs. 700 crore wastewater treatment project in Zambia, highlighting its commitment to sustainable solutions and expansion across the African market.</li>
</ul>



Cochin Shipyard Ltd (COCHIN IN)  has secured a Rs. 450 crore order to build tugboats for Adani Ports &amp; Special Economic Zone (ADSEZ IN) , signalling growth in India's shipbuilding industry.

Dixon Technologies India Ltd (DIXON IN)  is expanding beyond electronics manufacturing by entering the refrigerator market through a partnership with Cellecor Gadgets.

VA Tech Wabag (VATW IN)  is making waves with a Rs. 700 crore wastewater treatment project in Zambia, highlighting its commitment to sustainable solutions and expansion across the African market.


#76 India Insight: Cochin’s ₹450 Cr Tug Order, Dixon's Refrigerator Play, Wabag's African Expansion

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Vishal Mega Mart / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishal-mega-mart" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart (VMM)</a> raised around US$950m in its India IPO.</li>
<li>Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Vishal Mega Mart (VMM) raised around US$950m in its India IPO.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Vishal Mega Mart IPO Trading - Strong Demand Despite Not so Strong Anchor

India

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

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Jubilant Foodworks (JUBI IN)

Ajax Engineering IPO Trading - Decent Insti Coverage but Subdued Retail Demand

Ajax Engineering Limited raised around US$145m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

#81 India Insight: Jubilant Hits Record Revenue, Tata Sons Shifts Debt Management, Aero India 2025

Jubilant Foodworks sees strong revenue growth in Q3 FY25, Tata Motors surpasses Maruti Suzuki in car sales, Tata Sons redefines financing strategy.

Sudarshan Bhandari

Consumer (3QFY25 Results Preview): Challenges Persist

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes. At an aggregate level, we...

HDFC Securities

#76 India Insight: Cochin’s ₹450 Cr Tug Order, Dixon's Refrigerator Play, Wabag's African Expansion

Cochin secures Rs. 450 cr order to build tugboats for Adani Ports. Dixon Technologies expands into refrigerator market. VA Tech Wabag undertakes...

Sudarshan Bhandari

Vishal Mega Mart IPO Trading - Strong Demand Despite Not so Strong Anchor

Vishal Mega Mart (VMM) raised around US$950m in its India IPO. We have looked at the past performance in our earlier notes. In this note, we talk...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ajax Engineering IPO Trading - Decent Insti Coverage but Subdued Retail Demand

Ajax Engineering Limited raised around US$145m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

#81 India Insight: Jubilant Hits Record Revenue, Tata Sons Shifts Debt Management, Aero India 2025

​Jubilant Foodworks sees strong revenue growth in Q3 FY25, Tata Motors surpasses Maruti Suzuki in car sales, Tata Sons redefines financing strategy.

Sudarshan Bhandari

Consumer (3QFY25 Results Preview): Challenges Persist

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes. At an aggregate level, we...

HDFC Securities

#76 India Insight: Cochin’s ₹450 Cr Tug Order, Dixon's Refrigerator Play, Wabag's African Expansion

​Cochin secures Rs. 450 cr order to build tugboats for Adani Ports. Dixon Technologies expands into refrigerator market. VA Tech Wabag undertakes...

Sudarshan Bhandari

Vishal Mega Mart IPO Trading - Strong Demand Despite Not so Strong Anchor

Vishal Mega Mart (VMM) raised around US$950m in its India IPO. We have looked at the past performance in our earlier notes. In this note, we talk...

Sumeet Singh

Jubilant Foodworks sees strong revenue growth in Q3 FY25, Tata Motors surpasses Maruti Suzuki in car sales, Tata Sons redefines financing strategy.

Cochin secures Rs. 450 cr order to build tugboats for Adani Ports. Dixon Technologies expands into refrigerator market. VA Tech Wabag undertakes...