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

Bharat Coking Coal Limited (BCCL) / Equity Capital Markets

Bharat Coking Coal Limited (BCCL) (7535956Z IN)

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<li>
<a href="https://www.smartkarma.com/entities/bharat-coking-coal-limited-bccl" target="_blank" data-smartkarma-citation="entities:45272:1" rel="noopener">Bharat Coking Coal Limited (BCCL) (7535956Z IN)</a> is looking to raise around US$119m in its all-secondary India IPO. Coal India's subsidiary, it is engaged in the mining of coking coal.</li>
<li>BCCL produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors.</li>
<li>In this note, we talk about the company’s historical performance and IPO valuations.</li>
</ul>



Bharat Coking Coal Limited (BCCL) (7535956Z IN) is looking to raise around US$119m in its all-secondary India IPO. Coal India's subsidiary, it is engaged in the mining of coking coal.
BCCL produces various grades of coking coal, non-coking coal, and washed coal, primarily for use in the steel and power sectors.
In this note, we talk about the company’s historical performance and IPO valuations.


Aequitas: BCCL IPO - Market Leadership in Domestic Coking Coal, with Key Considerations to Monitor

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<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> raised about US$338m in its India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.</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>



WeWork India Management Ltd (1690124D IN) raised about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
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.


WeWork India IPO Trading - Muted Demand, Likely to Trade Weak

Rubicon Research Limited / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$155m in its India IPO.</li>
<li>RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$155m in its India IPO.
RR’s has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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>Kalyan is aggressively expanding its non-South presence and scaling its omni-channel platform, Candere, driven by an asset-light, franchisee-owned, company-operated (FOCO) model.</li>
<li>The FOCO model and a higher margin studded-jewellery mix in new markets are structurally improving return ratios and freeing up capital for aggressive, low-risk store rollouts.</li>
<li>With significant deleveraging and a clear path to enhanced profitability, the fundamental story remains intact, nudging investors to look beyond cyclical factors and towards execution consistency.</li>
</ul>


Kalyan is aggressively expanding its non-South presence and scaling its omni-channel platform, Candere, driven by an asset-light, franchisee-owned, company-operated (FOCO) model.
The FOCO model and a higher margin studded-jewellery mix in new markets are structurally improving return ratios and freeing up capital for aggressive, low-risk store rollouts.
With significant deleveraging and a clear path to enhanced profitability, the fundamental story remains intact, nudging investors to look beyond cyclical factors and towards execution consistency.


The Beat Ideas: Kalyan Jewellers- Scaling New Heights with an Asset-Light Strategy

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Bluestone Jewellery and Lifestyle Ltd (BJL) / Equity Capital Markets

Bluestone Jewellery and Lifestyle Ltd (BJL) (0124165D IN)

Bluestone Jewellery and Lifestyle Ltd (BJL)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bluestone-jewellery-and-lifestyle-ltd-bjl" target="_blank" data-smartkarma-citation="entities:44176:1" rel="noopener">Bluestone Jewellery and Lifestyle Ltd (BJL)</a> raised around US$176m in its India IPO.</li>
<li>BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Bluestone Jewellery and Lifestyle Ltd (BJL) raised around US$176m in its India IPO.
BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Bluestone Jewellery IPO Trading - Tepid Demand

India

Kalyan Jewellers is an Indian multinational jewellery company that designs, manufactures, and sells a wide range of gold, diamond, silver, platinum, and gemstone jewellery. The company utilizes a hyperlocal strategy to cater to regional consumer preferences across its extensive network of showrooms and online platforms. It was founded in 1993 and is headquartered in Thrissur, Kerala, India.

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Kalyan Jewellers (KALYANKJ IN)

Aequitas: BCCL IPO - Market Leadership in Domestic Coking Coal, with Key Considerations to Monitor

Bharat Coking Coal Ltd (BCCL) is looking to raise around US$119m in its all-secondary India IPO. In this note, we talk about the company’s...

Akshat Shah

WeWork India IPO Trading - Muted Demand, Likely to Trade Weak

WeWork India raised about US$338m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

The Beat Ideas: Kalyan Jewellers- Scaling New Heights with an Asset-Light Strategy

Kalyan is expanding non-South presence with FOCO model, higher margin jewelry mix, improving return ratios and profitability, urging investors to...

Nimish Maheshwari

Bluestone Jewellery IPO Trading - Tepid Demand

Bluestone Jewellery and Lifestyle Ltd (BJL) raised around US$176m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

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Aequitas: BCCL IPO - Market Leadership in Domestic Coking Coal, with Key Considerations to Monitor

Bharat Coking Coal Ltd (BCCL) is looking to raise around US$119m in its all-secondary India IPO. In this note, we talk about the company’s...

Akshat Shah

WeWork India IPO Trading - Muted Demand, Likely to Trade Weak

WeWork India raised about US$338m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Rubicon Research IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Rubicon Research Limited (RR) is looking to raise about US$155m in its India IPO. In this note, we talk about the RHP updates, peer comp and...

Akshat Shah

The Beat Ideas: Kalyan Jewellers- Scaling New Heights with an Asset-Light Strategy

​Kalyan is expanding non-South presence with FOCO model, higher margin jewelry mix, improving return ratios and profitability, urging investors to...

Nimish Maheshwari

Bluestone Jewellery IPO Trading - Tepid Demand

Bluestone Jewellery and Lifestyle Ltd (BJL) raised around US$176m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Kalyan is expanding non-South presence with FOCO model, higher margin jewelry mix, improving return ratios and profitability, urging investors to...