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

Ajax Engineering Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ajax-engineering-limited" target="_blank" data-smartkarma-citation="entities:44026:1" rel="noopener">Ajax Engineering Limited (0896529D IN)</a> raised around US$145m in its India IPO.</li>
<li>Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.</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>



Ajax Engineering Limited (0896529D IN) raised around US$145m in its India IPO.
Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
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.


Ajax Engineering IPO Trading - Decent Insti Coverage but Subdued Retail Demand

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Thematic (Sector/Industry)

<ul>
<li>Continuing the trend from December'24, wholesale volume growth in Jan'2025 remained strong in the passenger vehicle segment. This was driven by channel filling, and strong rural demand.</li>
<li>
<a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a>,holding approximately 43% market share, reported growth in both the utility vehicle (UV) and compact SUV segments. <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> reported 18% YoY growth.</li>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HYUNDAI IN)</a> &amp; <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> reported decline in volume growth. Tax initiatives introduced in recent Union Budget are expected to increase demand in medium term.</li>
</ul>


Continuing the trend from December'24, wholesale volume growth in Jan'2025 remained strong in the passenger vehicle segment. This was driven by channel filling, and strong rural demand.

Maruti Suzuki India (MSIL IN),holding approximately 43% market share, reported growth in both the utility vehicle (UV) and compact SUV segments. Mahindra &amp; Mahindra (MM IN) reported 18% YoY growth.

Hyundai Motor India (HYUNDAI IN) &amp; Tata Motors Ltd (TTMT IN) reported decline in volume growth. Tax initiatives introduced in recent Union Budget are expected to increase demand in medium term.


Monthly Sales Overview of Listed Indian Passenger Vehicle Companies (January 2025)

<ul>
<li>The YTD FY2025 sales volume of commercial vehicle(CV) companies has been soft due to elections,sluggish government capital expenditure and less replacement demand. However,Jan2025 saw a modest uptick in wholesale volume.</li>
<li>Domestic volumes for <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a>,<a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>,and <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a> grew by 21%, 2%,and 3% YoY, respectively,while <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> declined by 2%.</li>
<li>According to industry reports and management interviews, the commercial vehicle industry is expected to remain largely flat in FY2025 and hopes for a positive growth in FY2026.</li>
</ul>


The YTD FY2025 sales volume of commercial vehicle(CV) companies has been soft due to elections,sluggish government capital expenditure and less replacement demand. However,Jan2025 saw a modest uptick in wholesale volume.
Domestic volumes for Eicher Motors (EIM IN),Mahindra &amp; Mahindra (MM IN),and Ashok Leyland (AL IN) grew by 21%, 2%,and 3% YoY, respectively,while Tata Motors Ltd (TTMT IN) declined by 2%.
According to industry reports and management interviews, the commercial vehicle industry is expected to remain largely flat in FY2025 and hopes for a positive growth in FY2026.


Monthly Sales Overview of Listed Indian Commercial Vehicle Companies (January 2025)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ajax-engineering-limited" target="_blank" data-smartkarma-citation="entities:44026:1" rel="noopener">Ajax Engineering Limited (0896529D IN)</a> is looking to raise about US$145m in its upcoming India IPO.</li>
<li>Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.</li>
<li>In this note, we take a quick look at the company’s past performance and the IPO valuations.</li>
</ul>



Ajax Engineering Limited (0896529D IN) is looking to raise about US$145m in its upcoming India IPO.
Ajax Engineering Limited (AEL) is one of the leading concrete equipment manufacturers with a comprehensive range of concrete equipment, services and solutions across the concrete application value chain.
In this note, we take a quick look at the company’s past performance and the IPO valuations.


Ajax Engineering IPO - Robust Growth Driven by a Comprehensive Dealer Network

Dr Agarwal's Health Care Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</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>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
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.


Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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

Mahindra & Mahindra (MM IN)

Ajax Engineering IPO Trading - Decent Insti Coverage but Subdued Retail Demand

Ajax Engineering Limited raised around US$145m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Monthly Sales Overview of Listed Indian Passenger Vehicle Companies (January 2025)

Passenger Vehicle Retail Sales Update: The Federation of Automobile Dealers Associations(FADA)’s January 2025 update shows a strong 15.53% YoY and...

Sreemant Dudhoria,CFA

Monthly Sales Overview of Listed Indian Commercial Vehicle Companies (January 2025)

Retail Sales Update: Federation of Automobile Dealers Associations(FADA)’s January 2025 update shows a 8.22% YoY and 38.04% MoM rise in commercial...

Sreemant Dudhoria,CFA

Ajax Engineering IPO - Robust Growth Driven by a Comprehensive Dealer Network

Ajax Engineering Limited is looking to raise about US$145m in its upcoming India IPO. In this note, we take a quick look at the company’s past...

Akshat Shah

Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

Dr Agarwal’s Healthcare raised around US$350m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)