APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

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-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a> is looking to raise about US$484m in its upcoming India IPO. The deal will be run by Axis, Citi, Kotak, JPM and MS.</li>
<li>ML is an e-commerce marketplace which offers a wide assortment of products ranging from low cost unbranded products, regional brands and national brands at affordable prices to consumers.</li>
<li>The platform connects four key stakeholders: consumers, sellers, logistics partners, and content creators. It monetizes its platform through services provided to sellers such as order fulfilment, advertising, and data insights.</li>
</ul>



Meesho (1546271D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by Axis, Citi, Kotak, JPM and MS.
ML is an e-commerce marketplace which offers a wide assortment of products ranging from low cost unbranded products, regional brands and national brands at affordable prices to consumers.
The platform connects four key stakeholders: consumers, sellers, logistics partners, and content creators. It monetizes its platform through services provided to sellers such as order fulfilment, advertising, and data insights.


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Thematic (Sector/Industry)

<ul>
<li>Ecom Express has been absorbed by Delhivery, Meesho has shifted most fulfilment control to Valmo, and Shadowfax has emerged as the listed high-growth challenger.</li>
<li>Indian parcel demand is expanding rapidly, but the addressable pool for independent end-to-end carriers is being compressed by marketplace-owned orchestration.</li>
<li>Fewer 3PLs do not automatically mean pricing power. Investors must underwrite outsourced wallet share, network density, customer diversity and labour-adjusted margins.</li>
</ul>


Ecom Express has been absorbed by Delhivery, Meesho has shifted most fulfilment control to Valmo, and Shadowfax has emerged as the listed high-growth challenger.
Indian parcel demand is expanding rapidly, but the addressable pool for independent end-to-end carriers is being compressed by marketplace-owned orchestration.
Fewer 3PLs do not automatically mean pricing power. Investors must underwrite outsourced wallet share, network density, customer diversity and labour-adjusted margins.


India’s E-Commerce Logistics Consolidation: Valmo Vs Delhivery Vs Shadowfax

<ul>
<li>India's central government has cleared a series of regulatory reforms, culminating in a fast-track cross-border merger route triggering a wave of reverse domiciliation by Indian unicorns from Singapore &amp; US.</li>
<li>Over a dozen unicorns, including Flipkart, Razorpay, Meesho, Zepto, and Groww, are redomiciling to India.</li>
<li>The regulatory arc is decisively favorable, but tax costs remain steep and Press Note 3 compliance adds a sovereign-risk layer for China-funded cap tables.</li>
</ul>


India's central government has cleared a series of regulatory reforms, culminating in a fast-track cross-border merger route triggering a wave of reverse domiciliation by Indian unicorns from Singapore &amp; US.
Over a dozen unicorns, including Flipkart, Razorpay, Meesho, Zepto, and Groww, are redomiciling to India.
The regulatory arc is decisively favorable, but tax costs remain steep and Press Note 3 compliance adds a sovereign-risk layer for China-funded cap tables.


Reverse Flip: Why Indian Startups Are Coming Back Home Again?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India plans to cut tariffs on US imports to protect $66B in exports, negotiating trade deal amid Trump’s tariff threat.</li>
<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a> plans $1 Bn IPO at $10B valuation, picking top bankers; aiming for Diwali 2025 listing, surpassing Flipkart.</li>
<li>
<a href="https://www.smartkarma.com/entities/temasek-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:28816:1" rel="noopener">Temasek Holdings Pte Ltd (TMSK SP)</a> seeks CCI approval to acquire 10% stake in Haldiram Snacks at $10B valuation, aiming to fuel expansion.</li>
</ul>


India plans to cut tariffs on US imports to protect $66B in exports, negotiating trade deal amid Trump’s tariff threat.

Meesho (1546271D IN) plans $1 Bn IPO at $10B valuation, picking top bankers; aiming for Diwali 2025 listing, surpassing Flipkart.

Temasek Holdings Pte Ltd (TMSK SP) seeks CCI approval to acquire 10% stake in Haldiram Snacks at $10B valuation, aiming to fuel expansion.


#126 India Insight: India Plans US Tariff Cuts to Protect $66B, Meesho IPO, Temasek's Haldiram Stake

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, both <a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a> and <a href="https://www.smartkarma.com/entities/mech-mind-robotics-technologies" target="_blank" data-smartkarma-citation="entities:55473:1" rel="noopener">Mech-Mind Robotics Technologies</a>  failed to do much.</li>
<li>On the placement front, deals continued to flow in across the region, throughout the week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, both SHEIN Global Holdings (625 HK) and Mech-Mind Robotics Technologies  failed to do much.
On the placement front, deals continued to flow in across the region, throughout the week.


Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

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 Ltd Pre-IPO Tearsheet

Meesho set to raise $484m in India IPO, connecting consumers, sellers, logistics partners, and content creators in e-commerce marketplace.

Hong Jie Seow

India’s E-Commerce Logistics Consolidation: Valmo Vs Delhivery Vs Shadowfax

Indian parcel delivery market sees consolidation and competition as major players like Delhivery, Meesho, and Shadowfax navigate marketplace-owned...

Nimish Maheshwari

Reverse Flip: Why Indian Startups Are Coming Back Home Again?

Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Nimish Maheshwari

#126 India Insight: India Plans US Tariff Cuts to Protect $66B, Meesho IPO, Temasek's Haldiram Stake

India cuts tariffs on US imports to protect exports amid Trump's threats; Meesho plans $1B IPO, Temasek seeks CCI approval for Haldiram stake...

Sudarshan Bhandari

Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meesho Ltd Pre-IPO Tearsheet

​Meesho set to raise $484m in India IPO, connecting consumers, sellers, logistics partners, and content creators in e-commerce marketplace.

Hong Jie Seow

India’s E-Commerce Logistics Consolidation: Valmo Vs Delhivery Vs Shadowfax

​Indian parcel delivery market sees consolidation and competition as major players like Delhivery, Meesho, and Shadowfax navigate marketplace-owned...

Nimish Maheshwari

Reverse Flip: Why Indian Startups Are Coming Back Home Again?

​Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

Nimish Maheshwari

#126 India Insight: India Plans US Tariff Cuts to Protect $66B, Meesho IPO, Temasek's Haldiram Stake

​India cuts tariffs on US imports to protect exports amid Trump's threats; Meesho plans $1B IPO, Temasek seeks CCI approval for Haldiram stake...

Sudarshan Bhandari

Aequitas ECM Weekly (7 September 2026)-Shein, Mech-Mind, Longsys, Jio, Elice, Cathay, Bilibili,

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Meesho set to raise $484m in India IPO, connecting consumers, sellers, logistics partners, and content creators in e-commerce marketplace.

Indian parcel delivery market sees consolidation and competition as major players like Delhivery, Meesho, and Shadowfax navigate marketplace-owned...

Indian unicorns are moving back to India from Singapore and the US due to regulatory reforms, but tax costs and compliance issues remain.

India cuts tariffs on US imports to protect exports amid Trump's threats; Meesho plans $1B IPO, Temasek seeks CCI approval for Haldiram stake...