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

Kaynes Technology India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.</li>
<li>The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.</li>
</ul>



Kaynes Technology India (KAYNES IN) is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).
In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.
The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.


Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

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

Amber Enterprises India / Equity Bottom-Up

<ul>
<li>Amber Group’s electronics arm, ILJIN Electronics, has raised Rs 1,200 crore in its first-ever institutional fundraise, led by private equity firm ChrysCapital and supported by InCred Growth Partners.</li>
<li>This capital infusion accelerates ILJIN’s organic expansion &amp; supports its strategic inorganic growth ambitions, positioning the company as key beneficiary of India’s push for self-reliance under PLI and ECMS schemes.</li>
<li>The fundraise is a powerful validation of Amber’s strategic pivot towards high-growth EMS sector, paving the way for sustained, multi-year growth and a potential re-rating of the consolidated entity.</li>
</ul>


Amber Group’s electronics arm, ILJIN Electronics, has raised Rs 1,200 crore in its first-ever institutional fundraise, led by private equity firm ChrysCapital and supported by InCred Growth Partners.
This capital infusion accelerates ILJIN’s organic expansion &amp; supports its strategic inorganic growth ambitions, positioning the company as key beneficiary of India’s push for self-reliance under PLI and ECMS schemes.
The fundraise is a powerful validation of Amber’s strategic pivot towards high-growth EMS sector, paving the way for sustained, multi-year growth and a potential re-rating of the consolidated entity.


Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Kaynes Technology: Kaynes’ revenue grew 54% YoY at INR 9.85bn, supported by a strong order book</li><li>Gross margins significantly expanded by 720bps YoY to 32.1% due to a better product mix</li><li>EBITDAM improved by 210bps YoY to 17.1%, limited by a substantial increase in other expenses</li></ul>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.

Kaynes Technology: Kaynes’ revenue grew 54% YoY at INR 9.85bn, supported by a strong order bookGross margins significantly expanded by 720bps YoY to 32.1% due to a better product mixEBITDAM improved by 210bps YoY to 17.1%, limited by a substantial increase in other expensesContent 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.

HSIE Results Daily: Kaynes Technology, LIC Housing Finance, CreditAccess Grameen

<ul>
<li>Tim Cook said in a recent call, starting June 25, all iPhones entering US will be sourced from India, creating a billion-dollar opportunity for India.</li>
<li>Apple’s growing investment in India represents a strategic shift away from China due to rising geopolitical tensions and high production costs in China.</li>
<li>As India continues to scale up, the country has the potential to close the gap with China and become a critical player in high-tech manufacturing.</li>
</ul>


Tim Cook said in a recent call, starting June 25, all iPhones entering US will be sourced from India, creating a billion-dollar opportunity for India.
Apple’s growing investment in India represents a strategic shift away from China due to rising geopolitical tensions and high production costs in China.
As India continues to scale up, the country has the potential to close the gap with China and become a critical player in high-tech manufacturing.


Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

<ul>
<li>India leads in electronics assembly but imports 94% of components. EMS 2.0 seeks to change this dynamic with local manufacturing</li>
<li>Display modules and PCBs offer growth potential with new manufacturing facilities being built nationwide to reduce import dependence</li>
<li>2025's $2.7B PLI scheme for components aims to attract $7B investment and create 91,600 new jobs across the electronics sector</li>
</ul>


India leads in electronics assembly but imports 94% of components. EMS 2.0 seeks to change this dynamic with local manufacturing
Display modules and PCBs offer growth potential with new manufacturing facilities being built nationwide to reduce import dependence
2025's $2.7B PLI scheme for components aims to attract $7B investment and create 91,600 new jobs across the electronics sector


Silicon Dreams: Can India Outgrow Its EMS Assembly Tag?

India

Kaynes Technology India Private Limited manufactures electronic components. The Company offers pcba's, bluetooth modules, and chipset. Kaynes Technology India serves defence, aerospace, railways, other transportation, health care, automobiles, and aerospace sectors worldwide.

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Kaynes Technology India (KAYNES IN)

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE

ILJIN Electronics, part of Amber Group, secures Rs 1,200 crore in funding led by ChrysCapital, supporting its growth plans in India's electronics...

Nimish Maheshwari

HSIE Results Daily: Kaynes Technology, LIC Housing Finance, CreditAccess Grameen

Kaynes Technology: Kaynes’ revenue grew 54% YoY at INR 9.85bn, supported by a strong order book. Gross margins significantly expanded by 720bps YoY...

HDFC Securities

Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...

Nimish Maheshwari

Silicon Dreams: Can India Outgrow Its EMS Assembly Tag?

India aims to reduce import dependence in electronics assembly by promoting local manufacturing through EMS 2.0 and the $2.7B PLI scheme for...

Viral Kishorchandra Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE

​ILJIN Electronics, part of Amber Group, secures Rs 1,200 crore in funding led by ChrysCapital, supporting its growth plans in India's electronics...

Nimish Maheshwari

HSIE Results Daily: Kaynes Technology, LIC Housing Finance, CreditAccess Grameen

Kaynes Technology: Kaynes’ revenue grew 54% YoY at INR 9.85bn, supported by a strong order book. Gross margins significantly expanded by 720bps YoY...

HDFC Securities

Charted Insight: India’s Growing Cost Advantage in Global IPhone Manufacturing

​Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...

Nimish Maheshwari

Silicon Dreams: Can India Outgrow Its EMS Assembly Tag?

​India aims to reduce import dependence in electronics assembly by promoting local manufacturing through EMS 2.0 and the $2.7B PLI scheme for...

Viral Kishorchandra Shah

ILJIN Electronics, part of Amber Group, secures Rs 1,200 crore in funding led by ChrysCapital, supporting its growth plans in India's electronics...

Tim Cook announces all iPhones entering US will be sourced from India, marking a strategic shift away from China and creating a billion-dollar...

India aims to reduce import dependence in electronics assembly by promoting local manufacturing through EMS 2.0 and the $2.7B PLI scheme for...