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

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<li>
<a href="https://www.smartkarma.com/entities/meesho-limited" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (MEESHO IN)</a> raised about US$600m in its Dec 2025 India IPO. The lockup on a part of stake of its promoters and pre-IPO investors is set to expire soon.</li>
<li>Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Meesho (MEESHO IN) raised about US$600m in its Dec 2025 India IPO. The lockup on a part of stake of its promoters and pre-IPO investors is set to expire soon.
Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Meesho Ltd IPO Lockup Expiry - US$5.7bn Lockup Release with PE Investors Well in The Money

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.

Thematic (Sector/Industry)

<ul><li>In Oct’22, the life insurance industry witnessed a decent performance in YoY NBP/APE growth with NBP/APE growing at 15.3%/10.3% YoY but NBP/APE growth moderated to 1.8%/-21.2% MoM.</li><li>The strong growth YoY was largely driven by LIC’s YoY performance.</li><li>In Oct’22, the private players reported overall lacklusture YoY performance with NBP growing at 7.9% YoY but APE declining by 4.3% YoY.</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.

In Oct’22, the life insurance industry witnessed a decent performance in YoY NBP/APE growth with NBP/APE growing at 15.3%/10.3% YoY but NBP/APE growth moderated to 1.8%/-21.2% MoM.The strong growth YoY was largely driven by LIC’s YoY performance.In Oct’22, the private players reported overall lacklusture YoY performance with NBP growing at 7.9% YoY but APE declining by 4.3% YoY.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.

Life Insurance Monthly Performance Tracker - Oct 22

<ul><li>Steady Industry Performance: In Sep’22, the life insurance industry witnessed a steady performance in NBP/APE growth, which stood at 17.3/11.5% YoY and 48.6/9.8% MoM.</li><li>Strong NBP growth on an MoM basis was largely on account of LIC’s performance.</li><li>In Sep’22, the private players’ performance was quite lacklusture, reporting a de-growth of 13.9%/5.1% YoY in NBP/APE. </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.

Steady Industry Performance: In Sep’22, the life insurance industry witnessed a steady performance in NBP/APE growth, which stood at 17.3/11.5% YoY and 48.6/9.8% MoM.Strong NBP growth on an MoM basis was largely on account of LIC’s performance.In Sep’22, the private players’ performance was quite lacklusture, reporting a de-growth of 13.9%/5.1% YoY in NBP/APE. 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.

Life Insurance Companies Performance – Sep’22 and H1FY23

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> raised about US$395m in its India IPO. IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. </li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</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>



Indo-MIM Ltd (1666551D IN) raised about US$395m in its India IPO. IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology. 
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Indo-MIM IPO Trading - Strong Overall Demand

Juniper Green Energy Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/juniper-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:45455:1" rel="noopener">Juniper Green Energy Ltd (1831458D IN)</a> is looking to raise about US$187m in its India IPO. The deal has been downsized from its earlier estimated size of over US$310m.</li>
<li>Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.</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>



Juniper Green Energy Ltd (1831458D IN) is looking to raise about US$187m in its India IPO. The deal has been downsized from its earlier estimated size of over US$310m.
Juniper Green Energy Limited (JGEL) is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.
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.


Aequitas: Juniper Green Energy IPO - RHP Updates, Peer Comp and Thoughts on Valuation

India

Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company. It primarily offers a wide range of life insurance products, including endowment plans, money-back plans, term assurance plans, pension plans, health plans, and unit-linked products, along with investment management services. LIC is headquartered in Mumbai, India, and was founded on September 1, 1956.

Life Insurance Corporation of India (LICI IN)

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Life Insurance Corporation of India (LICI IN)

Aequitas: Meesho Ltd IPO Lockup Expiry - US$5.7bn Lockup Release with PE Investors Well in The Money

A group of investors (Elevation Capital and Peak XV) have launched an INR19bn (US$199m) selldown at a floor price of INR182.08/share, a 5% discount...

Akshat Shah

Life Insurance Monthly Performance Tracker - Oct 22

In Oct’22, the life insurance industry witnessed a decent performance in YoY NBP/APE growth with NBP/APE growing at 15.3%/10.3% YoY

Axis Direct

Life Insurance Companies Performance – Sep’22 and H1FY23

Steady Industry Performance: In Sep’22, the life insurance industry witnessed a steady performance in NBP/APE growth, which stood at 17.3/11.5% YoY...

Axis Direct

Aequitas: Indo-MIM IPO Trading - Strong Overall Demand

Indo-MIM Ltd (IML) raised about US$395m in its India IPO. In this note, we talk about the demand and the trading dynamics.

Akshat Shah

Aequitas: Juniper Green Energy IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Juniper Green Energy is looking to raise about US$187m in its downsized India IPO. In this note, we talk about the RHP updates and implied...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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