Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Hindalco Industries, Adani Enterprises, Grasim Industries, Reliance Industries, Axis Bank, ICICI Bank, HDFC Bank, Tata Motors Passenger Vehicles.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Hindalco Industries, Adani Enterprises, Grasim Industries, Reliance Industries, Axis Bank, ICICI Bank, HDFC Bank, Tata Motors Passenger Vehicles.


MS-India Index Earning Revision (Aug): Hindalco Industries, Adani Enterprises, Grasim Industries

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a> and <a href="https://www.smartkarma.com/entities/momenta-global-limited" target="_blank" data-smartkarma-citation="entities:50275:1" rel="noopener">Momenta Global (6880 HK)</a> are set to list this week. </li>
<li>On the placement front, deals continued to flow in across the region, throughout the week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SHEIN Global Holdings (625 HK) and Momenta Global (6880 HK) are set to list this week. 
On the placement front, deals continued to flow in across the region, throughout the week.


Aequitas ECM Weekly (31 August 2026)-Alibaba, Shein, Momenta, Longsys, Jio, Wuxi XDC, Wistron

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The Closing Auction Session (CAS) kicked off on 3 August for Indian stocks that are part of the Futures &amp; Options (F&amp;O) segment of the market.</li>
<li>Daily total turnover in CAS since launch has averaged around US$128m. In comparison, global passives will need to trade around US$4bn of F&amp;O stocks at the CAS on 31 August.</li>
<li>There could be large moves in affected stocks in the lead up to the CAS on Monday, followed by more large moves at CAS, and a potential reversal on Tuesday. </li>
</ul>


The Closing Auction Session (CAS) kicked off on 3 August for Indian stocks that are part of the Futures &amp; Options (F&amp;O) segment of the market.
Daily total turnover in CAS since launch has averaged around US$128m. In comparison, global passives will need to trade around US$4bn of F&amp;O stocks at the CAS on 31 August.
There could be large moves in affected stocks in the lead up to the CAS on Monday, followed by more large moves at CAS, and a potential reversal on Tuesday. 


India: Key CAS Test on Monday as Global Index Rebalances

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> manage to stay above its IPO price, which should help the overall market</li>
<li>There were a few lockup expiry linked placements in the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) manage to stay above its IPO price, which should help the overall market
There were a few lockup expiry linked placements in the past week.


Aequitas ECM Weekly (15 June 2026) - SpaceX, GO, Lingyi, Nexchip, SG Micro, Semi-Tech, BIWIN, ICICI

Index Rebalance

ICICI Prudential Asset Management Company / Index Rebalance

ICICI Prudential Asset Management Company (ICICIAMC IN)

ICICI Prudential Asset Management Company

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icici-prudential-amc-ltd" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC (ICICIAMC IN)</a> (IPAMC) raised around US$1.2bn in its India IPO in December 2025.  The lockup on its promoters and pre-IPO shareholders is set to expire soon.</li>
<li>IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



ICICI Prudential AMC (ICICIAMC IN) (IPAMC) raised around US$1.2bn in its India IPO in December 2025.  The lockup on its promoters and pre-IPO shareholders is set to expire soon.
IPru AMC is an asset management company involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: ICICI Pru AMC Lockup Expiry - US$4.6bn Lockup Release for JV Partner

India

Lenskart is an Indian multinational eyewear company that designs, manufactures, distributes, and retails prescription and regular eyewear. It offers a wide range of products including eyeglasses, sunglasses, and contact lenses through its website, mobile app, and over 2,000 physical stores. The company operates on a vertically integrated, omnichannel business model, controlling the entire value chain from manufacturing to customer delivery. Lenskart Solutions Limited was founded in 2008 and is headquartered in Gurugram, India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Lenskart (LENSKART IN)

MS-India Index Earning Revision (Aug): Hindalco Industries, Adani Enterprises, Grasim Industries

We analyzed MS-India's consensus for Aug 2026 and highlighted changes of EPS in Hindalco Industries (HNDL IN), Adani Enterprises (ADE/S IN), Grasim...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (31 August 2026)-Alibaba, Shein, Momenta, Longsys, Jio, Wuxi XDC, Wistron

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

India: Key CAS Test on Monday as Global Index Rebalances

CAS kicked off on 3 August and turnover has averaged US$128m. A global index rebalance on Monday will require passives to trade many multiples of...

Brian Freitas

Aequitas ECM Weekly (15 June 2026) - SpaceX, GO, Lingyi, Nexchip, SG Micro, Semi-Tech, BIWIN, ICICI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas: ICICI Pru AMC Lockup Expiry - US$4.6bn Lockup Release for JV Partner

ICICI Prudential AMC (ICICIAMC IN) (IPAMC) raised around US$1.2bn in its India IPO in December 2025. The lockup on its promoters and pre-IPO...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)