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

Raajmarg Infra Investment Trust / Equity Capital Markets

Raajmarg Infra Investment Trust (RIIT IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raajmarg-infra-investment-trust" target="_blank" data-smartkarma-citation="entities:47598:1" rel="noopener">Raajmarg Infra Investment Trust (RIIT IN)</a> raised around US$650m in its India IPO.</li>
<li>RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.</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>



Raajmarg Infra Investment Trust (RIIT IN) raised around US$650m in its India IPO.
RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.
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.


Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raajmarg-infra-investment-trust" target="_blank" data-smartkarma-citation="entities:47598:1" rel="noopener">Raajmarg Infra Investment Trust (RIIT IN)</a> is planning to raise about US$652m through its India IPO.</li>
<li>RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.</li>
<li>In this note, we talk about the company’s historical performance, peer comparison and IPO valuations.</li>
</ul>



Raajmarg Infra Investment Trust (RIIT IN) is planning to raise about US$652m through its India IPO.
RIIT owns and manages a portfolio of five highway assets in India spread across six cities, like Tamil Nadu, Karnataka, Jharkhand, and Andhra Pradesh, as per the CARE Industry Report.
In this note, we talk about the company’s historical performance, peer comparison and IPO valuations.


Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

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

Equity Bottom-Up

<ul>
<li>The ongoing Middle East conflict is causing uncertainty for Indian industrial companies, particularly in project execution, workforce safety, and logistics.</li>
<li>
Disruptions to maritime routes and airspace could delay projects, increase costs, and impact delivery schedules, affecting companies like L&amp;T, KECI, and KPIL. </li>
<li>The situation remains uncertain. Short-term challenges will depend on conflict duration, maritime disruptions, and freight costs, while long-term opportunities in the region persist.</li>
</ul>


The ongoing Middle East conflict is causing uncertainty for Indian industrial companies, particularly in project execution, workforce safety, and logistics.

Disruptions to maritime routes and airspace could delay projects, increase costs, and impact delivery schedules, affecting companies like L&amp;T, KECI, and KPIL. 
The situation remains uncertain. Short-term challenges will depend on conflict duration, maritime disruptions, and freight costs, while long-term opportunities in the region persist.


Larsen & Toubro: Assessing the Impact of Middle East Geopolitical Risks on Project Execution

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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>Healthy Order Backlog Ensuring Revenue Visibility: As of 30 th June, 2025, the company's order book stands at Rs 34,409 Cr.</li><li>This, combined with an order inflow of Rs 5,517 Cr, provides strong revenue growth visibility for the next 18-24 months.</li><li>Additionally, KEC holds the L1 position in projects valued at over Rs 40,000 Cr, primarily in the T&amp;D business. </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.

Healthy Order Backlog Ensuring Revenue Visibility: As of 30 th June, 2025, the company's order book stands at Rs 34,409 Cr.This, combined with an order inflow of Rs 5,517 Cr, provides strong revenue growth visibility for the next 18-24 months.Additionally, KEC holds the L1 position in projects valued at over Rs 40,000 Cr, primarily in the T&amp;D business. 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.

KEC International Ltd - T&D Business Gaining Traction; Order Book Provides Revenue Visibility

<ul><li>Robust order book &amp; L1 position: The company holds a robust order book and L1 position of over Rs 44,639 Cr, with a T&amp;D and Non-T&amp;D mix of 61:39.</li><li>Additionally, a strong bid pipeline of Rs 1,80,000 Cr is under evaluation. As of now, order intake for FY26 stands at Rs 4,639 Cr, with management expecting total inflows of Rs 30,000 Cr during the year.</li><li>This order book provides clear revenue visibility for the next 6-8 quarters. The company has guided for 15% revenue growth in FY26. </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.

Robust order book &amp; L1 position: The company holds a robust order book and L1 position of over Rs 44,639 Cr, with a T&amp;D and Non-T&amp;D mix of 61:39.Additionally, a strong bid pipeline of Rs 1,80,000 Cr is under evaluation. As of now, order intake for FY26 stands at Rs 4,639 Cr, with management expecting total inflows of Rs 30,000 Cr during the year.This order book provides clear revenue visibility for the next 6-8 quarters. The company has guided for 15% revenue growth in FY26. 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.

Pick of the Week: KEC International Ltd - 12th July, 2025

India

KEC International is an Indian multinational company and a global Engineering, Procurement, and Construction (EPC) major. It specializes in power transmission and distribution, railways, civil, urban infrastructure, oil and gas pipelines, renewables, and cables. The company also manufactures electric power transmission towers and a range of power and special-purpose cables. KEC International is headquartered in Mumbai, India, and was founded on May 7, 1945.

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KEC International (KECI IN)

Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Raajmarg Infra Investment Trust (RIIT) raised around US$650m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Raajmarg Infra Investment Trust (RIIT) is planning to raise about US$652m through its India IPO. In this note, we talk about the company’s...

Akshat Shah

Larsen & Toubro: Assessing the Impact of Middle East Geopolitical Risks on Project Execution

Ongoing Middle East conflict causing uncertainty for Indian industrial companies, with disruptions to maritime routes and airspace potentially...

Sudarshan Bhandari

KEC International Ltd - T&D Business Gaining Traction; Order Book Provides Revenue Visibility

Healthy Order Backlog Ensuring Revenue Visibility: As of 30 th June, 2025, the company's order book stands at Rs 34,409 Cr. This, combined with an...

Axis Direct

Pick of the Week: KEC International Ltd - 12th July, 2025

Robust order book & L1 position: The company holds a robust order book and L1 position of over Rs 44,639 Cr, with a T&D and Non-T&D mix of 61:39.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Raajmarg Infra InvIT IPO Trading - Decent Demand; Leads Past REIT Listings

Raajmarg Infra Investment Trust (RIIT) raised around US$650m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Aequitas: Raajmarg InvIT IPO - Stable Assets in a Small Portfolio, but Limited Immediate Appeal

Raajmarg Infra Investment Trust (RIIT) is planning to raise about US$652m through its India IPO. In this note, we talk about the company’s...

Akshat Shah

Larsen & Toubro: Assessing the Impact of Middle East Geopolitical Risks on Project Execution

​Ongoing Middle East conflict causing uncertainty for Indian industrial companies, with disruptions to maritime routes and airspace potentially...

Sudarshan Bhandari

KEC International Ltd - T&D Business Gaining Traction; Order Book Provides Revenue Visibility

Healthy Order Backlog Ensuring Revenue Visibility: As of 30 th June, 2025, the company's order book stands at Rs 34,409 Cr. This, combined with an...

Axis Direct

Pick of the Week: KEC International Ltd - 12th July, 2025

Robust order book & L1 position: The company holds a robust order book and L1 position of over Rs 44,639 Cr, with a T&D and Non-T&D mix of 61:39.

Axis Direct

Ongoing Middle East conflict causing uncertainty for Indian industrial companies, with disruptions to maritime routes and airspace potentially...