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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aequs-ltd" target="_blank" data-smartkarma-citation="entities:45903:1" rel="noopener">Aequs Ltd (1009206D IN)</a> raised about US$104m in its India IPO in Dec 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.</li>
<li>Aequs is an Indian aerospace precision component manufacturer providing vertically integrated product solutions for the aerospace and consumer industries, serving global OEMs and Tier-1 suppliers.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aequs Ltd (1009206D IN) raised about US$104m in its India IPO in Dec 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.
Aequs is an Indian aerospace precision component manufacturer providing vertically integrated product solutions for the aerospace and consumer industries, serving global OEMs and Tier-1 suppliers.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Aequs Ltd IPO Lockup Expiry - US$933m Lockup Release

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions-limited" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions (LENSKART IN)</a> (LS) raised around US$825m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Lenskart Solutions (LENSKART IN) (LS) raised around US$825m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Lenskart Lockup Expiry - US$6.7bn Lockup Release with Everyone Well in the Money

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 Derivatives

<ul>
<li>SBI Funds Management filed its DRHP with SEBI on 19 March 2026 targeting a September 2026 listing.</li>
<li>While NSE in which SBI and SBI Caps hold a combined 7.56%, is preparing to file its DRHP by Jun-26 after receiving SEBI's NOC in January.</li>
<li>With 30% discount to the NSE stake and other subsidiary valuation, still SBI has potential for 18% upside based on SoTP valuation.</li>
</ul>


SBI Funds Management filed its DRHP with SEBI on 19 March 2026 targeting a September 2026 listing.
While NSE in which SBI and SBI Caps hold a combined 7.56%, is preparing to file its DRHP by Jun-26 after receiving SEBI's NOC in January.
With 30% discount to the NSE stake and other subsidiary valuation, still SBI has potential for 18% upside based on SoTP valuation.


SBI's Hidden Balance Sheet:Two Events That Could Re-Rate India's Biggest Bank

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> raised about US$750m in its India IPO in Nov 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.</li>
<li>Groww is a direct-to-customer digital investment platform, where customers can invest and trade in stocks, derivatives, bonds, mutual funds etc., and also avail margin trading facility and personal loans.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Groww (1573648D IN) raised about US$750m in its India IPO in Nov 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.
Groww is a direct-to-customer digital investment platform, where customers can invest and trade in stocks, derivatives, bonds, mutual funds etc., and also avail margin trading facility and personal loans.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money

Orkla India Ltd. / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orkla-india-ltd" target="_blank" data-smartkarma-citation="entities:45300:1" rel="noopener">Orkla India Ltd. (0752506D IN)</a> raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.</li>
<li>Orkla India Limited (OIL) is a multi-category Indian food company offering a diverse range of spices and convenience food products catering to every meal occasion.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Orkla India Ltd. (0752506D IN) raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.
Orkla India Limited (OIL) is a multi-category Indian food company offering a diverse range of spices and convenience food products catering to every meal occasion.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Orkla India IPO Lockup - Shares Have Traded Below IPO Price but PE Owner Well in The Money

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)

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

Life Insurance Corporation of India (LICI IN)

Aequitas: Aequs Ltd IPO Lockup Expiry - US$933m Lockup Release

Aequs Ltd raised about US$104m in its India IPO in Dec 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.

Akshat Shah

Aequitas: Lenskart Lockup Expiry - US$6.7bn Lockup Release with Everyone Well in the Money

This time around softbank is looking to raise around US$300m via selling some of its stake in Lenskart. The deal is being run by GS.

Sumeet Singh

SBI's Hidden Balance Sheet:Two Events That Could Re-Rate India's Biggest Bank

SBI Funds Management files DRHP for September 2026 listing, potential 70% upside based on SoTP valuation despite 30% discount to NSE and its...

Sudarshan Bhandari

Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money

A bunch of pre-IPO investors have launched a ~US$500m placement amounting to 4.3% of Groww's shares right on the day of lockup expiry. Hence, the...

Akshat Shah

Aequitas: Orkla India IPO Lockup - Shares Have Traded Below IPO Price but PE Owner Well in The Money

Orkla India raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Aequs Ltd IPO Lockup Expiry - US$933m Lockup Release

Aequs Ltd raised about US$104m in its India IPO in Dec 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.

Akshat Shah

Aequitas: Lenskart Lockup Expiry - US$6.7bn Lockup Release with Everyone Well in the Money

This time around softbank is looking to raise around US$300m via selling some of its stake in Lenskart. The deal is being run by GS.

Sumeet Singh

SBI's Hidden Balance Sheet:Two Events That Could Re-Rate India's Biggest Bank

​SBI Funds Management files DRHP for September 2026 listing, potential 70% upside based on SoTP valuation despite 30% discount to NSE and its...

Sudarshan Bhandari

Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money

A bunch of pre-IPO investors have launched a ~US$500m placement amounting to 4.3% of Groww's shares right on the day of lockup expiry. Hence, the...

Akshat Shah

Aequitas: Orkla India IPO Lockup - Shares Have Traded Below IPO Price but PE Owner Well in The Money

Orkla India raised about US$190m in its India IPO in Nov 2025. The lockup on its promoter and pre-IPO investors is set to expire soon.

Akshat Shah

SBI Funds Management files DRHP for September 2026 listing, potential 70% upside based on SoTP valuation despite 30% discount to NSE and its...