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

Index Rebalance

<ul>
<li>Following the lock-up expiry, pre-IPO investors have been selling stock, and the increased free float should lead to <a href="https://www.smartkarma.com/entities/meesho-limited" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (MEESHO IN)</a>'s inclusion in a global index in November. </li>
<li>The stock is up 11% since we highlighted it as a potential inclusion a couple of weeks back.</li>
<li>Positioning has surged in the last few trading sessions and there could be more to go before passives need to buy.</li>
</ul>


Following the lock-up expiry, pre-IPO investors have been selling stock, and the increased free float should lead to Meesho (MEESHO IN)'s inclusion in a global index in November. 
The stock is up 11% since we highlighted it as a potential inclusion a couple of weeks back.
Positioning has surged in the last few trading sessions and there could be more to go before passives need to buy.


Meesho (MEESHO IN): Higher Float & Global Index Inclusion

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/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

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>Reported vs "Reality" extends the Broken Promises methodology. Where Broken Promises tests standing management claims, this series presents our independent read of "The Reality" vs what gets Reported. </li>
<li>Reported Highlights (management's word), What Caught Our Attention (the gap), The "Reality" (our read of true economics and thesis implications) — three parts per name.</li>
<li>This note focuses on : <a href="https://www.smartkarma.com/entities/meesho-limited" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (MEESHO IN)</a> , <a href="https://www.smartkarma.com/entities/bluestone-jewellery-and-lifestyle-ltd-bjl" target="_blank" data-smartkarma-citation="entities:44176:1" rel="noopener">Bluestone Jewellery and Lifestyle Ltd (BJL) (0124165D IN)</a> &amp; <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a>.  </li>
</ul>


Reported vs "Reality" extends the Broken Promises methodology. Where Broken Promises tests standing management claims, this series presents our independent read of "The Reality" vs what gets Reported. 
Reported Highlights (management's word), What Caught Our Attention (the gap), The "Reality" (our read of true economics and thesis implications) — three parts per name.
This note focuses on : Meesho (MEESHO IN) , Bluestone Jewellery and Lifestyle Ltd (BJL) (0124165D IN) &amp; IndiaMart (INMART IN).  


Reported Vs "Reality" | Q1 2027 | Meesho, Bluestone, IndiaMart

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meesho-limited" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (MEESHO IN)</a> is scaling rapidly, but ultra-low AOVs, weak demand density, and elevated returns may continue constraining durable earnings quality.</li>
<li>Management highlights improving margins and logistics efficiency, while channel checks still point to leakage, seller adaptation, and persistent operational fragility.</li>
<li>The central debate is no longer growth, but whether Meesho can evolve beyond a low-quality equilibrium into durable free cash flow.</li>
</ul>



Meesho (MEESHO IN) is scaling rapidly, but ultra-low AOVs, weak demand density, and elevated returns may continue constraining durable earnings quality.
Management highlights improving margins and logistics efficiency, while channel checks still point to leakage, seller adaptation, and persistent operational fragility.
The central debate is no longer growth, but whether Meesho can evolve beyond a low-quality equilibrium into durable free cash flow.


Meesho (MEESHO IN) | Scale Without Structural Leverage?

<ul>
<li>We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.
From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.


AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

India

Meesho Limited is an Indian e-commerce company operating an online marketplace across various categories such as fashion, home and kitchen, beauty and personal care, electronics accessories, and daily use products. It aims to democratize internet commerce by enabling individuals and small businesses to sell products across India. The company is headquartered in Bengaluru, India, and was founded in December 2015.

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Meesho (MEESHO IN)

Meesho (MEESHO IN): Higher Float & Global Index Inclusion

Following lock-up expiry, foreign investors have been selling Meesho and that results in a big increase in free float. Global index inclusion in...

Brian Freitas

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

Reported Vs "Reality" | Q1 2027 | Meesho, Bluestone, IndiaMart

We compare reported highlights from management with the reality of true economics and thesis implications for Meesho, Bluestone Jewellery, and...

Pranav Bhavsar

Meesho (MEESHO IN) | Scale Without Structural Leverage?

Meesho is growing fast, but faces challenges with low AOVs, weak demand density, and high returns impacting earnings quality.

Pranav Bhavsar

AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

36 stocks could see size reclassification in Jan. 12 new stocks could be added to Large and Mid-cap. REITs will be added to the AMFI classification...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meesho (MEESHO IN): Higher Float & Global Index Inclusion

Following lock-up expiry, foreign investors have been selling Meesho and that results in a big increase in free float. Global index inclusion in...

Brian Freitas

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

Reported Vs "Reality" | Q1 2027 | Meesho, Bluestone, IndiaMart

We compare reported highlights from management with the reality of true economics and thesis implications for Meesho, Bluestone Jewellery, and...

Pranav Bhavsar

Meesho (MEESHO IN) | Scale Without Structural Leverage?

​Meesho is growing fast, but faces challenges with low AOVs, weak demand density, and high returns impacting earnings quality.

Pranav Bhavsar

AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

36 stocks could see size reclassification in Jan. 12 new stocks could be added to Large and Mid-cap. REITs will be added to the AMFI classification...

Brian Freitas

Meesho is growing fast, but faces challenges with low AOVs, weak demand density, and high returns impacting earnings quality.