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

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a> is looking to raise about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</li>
<li>In this note, we take a quick look at the company’s past performance</li>
</ul>



Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
In this note, we take a quick look at the company’s past performance


Jain Resource Recycling Pre-IPO - Robust Growth but Inorganic Moves Lack Full Value

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be three ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be three ADDs/DELs for the BSE 100 index and eight ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Lloyds Metals & Energy / Equity Bottom-Up

<ul>
<li>Resource-Backed Growth Story: Lloyds Metals &amp; Energy Ltd. owns 857 MT of iron ore reserves (including 700 MT BHQ) with a 50-year lease, providing unmatched raw material security.</li>
<li>Transformational Expansion + MDO Play: Ongoing capex will ramp mining to 25+ MTPA and add 4.2 MTPA of steel capacity. Acquisition of Thriveni’s MDO business adds high-margin, annuity-style revenue stream.</li>
<li>Tax-Efficient, Debt-Light Strategy: Supported by Maharashtra’s IPS benefits, Lloyds is executing a capital-intensive buildout while aiming to remain net-debt free and structurally cost-advantaged.</li>
</ul>


Resource-Backed Growth Story: Lloyds Metals &amp; Energy Ltd. owns 857 MT of iron ore reserves (including 700 MT BHQ) with a 50-year lease, providing unmatched raw material security.
Transformational Expansion + MDO Play: Ongoing capex will ramp mining to 25+ MTPA and add 4.2 MTPA of steel capacity. Acquisition of Thriveni’s MDO business adds high-margin, annuity-style revenue stream.
Tax-Efficient, Debt-Light Strategy: Supported by Maharashtra’s IPS benefits, Lloyds is executing a capital-intensive buildout while aiming to remain net-debt free and structurally cost-advantaged.


Lloyds Metals: On the Verge of a Massive Ramp-Up

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be two ADDs/DELs for the BSE 100 Index and four ADDs/DELs for the BSE 200 Index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be two ADDs/DELs for the BSE 100 Index and four ADDs/DELs for the BSE 200 Index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun25: One Change to Expectations; US$500mn One-Way Collectively

Quiddity Leaderboard BSE/​​​​SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows

India

Lloyds Metals & Energy Ltd. is an India-based metals and mining company primarily engaged in iron ore mining, the manufacturing of sponge iron (Direct Reduced Iron - DRI), and power generation. The company is transitioning into an integrated steel manufacturer with strategic expansions in pellet manufacturing and steel making. It was founded in 1977 and is headquartered in Mumbai, India.

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Lloyds Metals & Energy (LLOYDSME IN)

Jain Resource Recycling Pre-IPO - Robust Growth but Inorganic Moves Lack Full Value

Jain Resource Recycling is looking to raise about US$142m in its India IPO. In this note, we take a quick look at the past performance.

Akshat Shah

Quiddity Leaderboard BSE/SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

The reference period for selection ranks ended on 30th April 2025. The only change in expectations since this insight is that we no longer see...

Janaghan Jeyakumar, CFA

Lloyds Metals: On the Verge of a Massive Ramp-Up

Lloyds Metals & Energy Ltd. secures iron ore reserves for growth, expands mining and steel capacity, and aims for tax-efficient, debt-light...

Rahul Jain

Quiddity Leaderboard BSE/SENSEX Jun25: One Change to Expectations; US$500mn One-Way Collectively

Collectively, we see one way flows of around US$500mn for BSE Sensex, BSE 100, and BSE 200 in June 2025 based on the latest data. Some names have...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE/SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows

IndusInd Bank and Nestle India are expected DELs and Trent and Bharat Electronics are expected ADDs for the SENSEX index in June 2025. However,...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jain Resource Recycling Pre-IPO - Robust Growth but Inorganic Moves Lack Full Value

Jain Resource Recycling is looking to raise about US$142m in its India IPO. In this note, we take a quick look at the past performance.

Akshat Shah

Quiddity Leaderboard BSE/​​​​SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

The reference period for selection ranks ended on 30th April 2025. The only change in expectations since this insight is that we no longer see...

Janaghan Jeyakumar, CFA

Lloyds Metals: On the Verge of a Massive Ramp-Up

​Lloyds Metals & Energy Ltd. secures iron ore reserves for growth, expands mining and steel capacity, and aims for tax-efficient, debt-light...

Rahul Jain

Quiddity Leaderboard BSE/​​​​SENSEX Jun25: One Change to Expectations; US$500mn One-Way Collectively

Collectively, we see one way flows of around US$500mn for BSE Sensex, BSE 100, and BSE 200 in June 2025 based on the latest data. Some names have...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE/​​​​SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows

IndusInd Bank and Nestle India are expected DELs and Trent and Bharat Electronics are expected ADDs for the SENSEX index in June 2025. However,...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard BSE/SENSEX Jun25: Pair Trade Delivers Strong Alpha; More Pair Trade Ideas

Lloyds Metals & Energy Ltd. secures iron ore reserves for growth, expands mining and steel capacity, and aims for tax-efficient, debt-light...

Quiddity Leaderboard BSE/SENSEX Jun25: One Change to Expectations; US$500mn One-Way Collectively

Quiddity Leaderboard BSE/SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows