Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>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, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> kicked off the process for what will be the largest global IPO ever.</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.</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, SpaceX (SPCX US) kicked off the process for what will be the largest global IPO ever.
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<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

<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

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

Authum Investment & Infrastructure / Index Rebalance

Authum Investment & Infrastructure (AIIL IN)

<ul>
<li>With the review period now complete, there could be 15 changes for the NIFTY Midcap 150 Index at the March rebalance.</li>
<li>Estimated one-way turnover is 9.8% resulting in a round-trip trade of INR 26.5bn (US$290m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>Removing the newly listed stocks and upward/downward migrations, the remaining potential inclusions have outperformed the potential deletions over the last 6 months. Near-term performance has suffered.</li>
</ul>


With the review period now complete, there could be 15 changes for the NIFTY Midcap 150 Index at the March rebalance.
Estimated one-way turnover is 9.8% resulting in a round-trip trade of INR 26.5bn (US$290m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
Removing the newly listed stocks and upward/downward migrations, the remaining potential inclusions have outperformed the potential deletions over the last 6 months. Near-term performance has suffered.


NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March

Kajal Jain

RSB Retail India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rsb-retail-india-limited" target="_blank" data-smartkarma-citation="entities:45690:1" rel="noopener">RSB Retail India Limited (1633680D IN)</a> is looking to raise US$171m in its upcoming India IPO. </li>
<li>RSB Retail India is a Hyderabad-based multi-format apparel and lifestyle retailer, operating 70 stores across 22 cities in Telangana, Andhra Pradesh, and Karnataka as of August 2025.</li>
<li>In this note, we discuss about the company’s historical performance.</li>
</ul>



RSB Retail India Limited (1633680D IN) is looking to raise US$171m in its upcoming India IPO. 
RSB Retail India is a Hyderabad-based multi-format apparel and lifestyle retailer, operating 70 stores across 22 cities in Telangana, Andhra Pradesh, and Karnataka as of August 2025.
In this note, we discuss about the company’s historical performance.


Aequitas: RSB Retail India Limited Pre-IPO - Leading Multi-Format Retailer in South India

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)

Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

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

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: 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

NIFTY MIDCAP150 Index Rebalance Preview: 15 Potential Changes in March

There could be 15 changes in March. Estimated one-way turnover is 9.8% and round-trip trade is INR 26.5bn. With over US$43bn tracking the index...

Brian Freitas

Aequitas: RSB Retail India Limited Pre-IPO - Leading Multi-Format Retailer in South India

RSB Retail India is looking to raise US$171m in its upcoming India IPO. It is a multi-format apparel and lifestyle retailer headquartered in...

Kajal Jain

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