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

Canara HSBC Life Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener">Canara HSBC Life Insurance (CHLI) (2908709Z IJ)</a> raised about US$284m from its India IPO.</li>
<li>CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Canara HSBC Life Insurance (CHLI) (2908709Z IJ) raised about US$284m from its India IPO.
CHLI is an Indian private life insurer, promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, offering a range of life insurance products tailored for both individual and group customers.
In this note, we will talk about the trading dynamics.


Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

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 peer comparison and IPO valuations.</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 peer comparison and IPO valuations.


Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Tata Motors: While the US tariffs have come down from the peak tariffs of 27.5% for both Europe and UK exports, they nevertheless remain higher than the earlier tariffs of 2.5%, up 300% for UK exports and 500% for EU exports</li><li>Additionally, lowering of the price threshold for luxury taxes has further impacted demand in China</li><li>Considering a weak demand situation in most markets for JLR, with additional operating costs, we expect volumes to decline 12.3% in FY26, with a rebound of 10.9% in FY27</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Motors: While the US tariffs have come down from the peak tariffs of 27.5% for both Europe and UK exports, they nevertheless remain higher than the earlier tariffs of 2.5%, up 300% for UK exports and 500% for EU exportsAdditionally, lowering of the price threshold for luxury taxes has further impacted demand in ChinaConsidering a weak demand situation in most markets for JLR, with additional operating costs, we expect volumes to decline 12.3% in FY26, with a rebound of 10.9% in FY27Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Tata Motors, Siemens, Voltas, Metro Brands, Apollo Tyres

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$407m in its upcoming India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$407m in its upcoming India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices; enterprise office suites; private offices; co-working spaces; customized managed offices; and hybrid digital solutions.
In this note, we talk about the not-so-positive aspects of the deal.


WeWork India Pre-IPO - Lease Mismatch and Structural Strains

India

Metro Brands Limited designs and manufactures footwear. The Company offers men's and women's footwear, footcare products, and related accessories. Metro Brands serves customers in India.

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Metro Brands (METROBRA IN)

Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

Canara HSBC Life Insurance raised about US$284m from its India IPO. In this note, we will talk about the trading dynamics.

Akshat Shah

Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

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

Akshat Shah

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

HSIE Results Daily: Tata Motors, Siemens, Voltas, Metro Brands, Apollo Tyres

Tata Motors: While the US tariffs have come down from the peak tariffs of 27.5% for both Europe and UK exports, they nevertheless remain higher...

HDFC Securities

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Canara HSBC Life Insurance IPO Trading - Muted Demand All Round

Canara HSBC Life Insurance raised about US$284m from its India IPO. In this note, we will talk about the trading dynamics.

Akshat Shah

Jain Resource Recycling IPO - Quick Thoughts on Peer Comp and Valuation

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

Akshat Shah

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

HSIE Results Daily: Tata Motors, Siemens, Voltas, Metro Brands, Apollo Tyres

Tata Motors: While the US tariffs have come down from the peak tariffs of 27.5% for both Europe and UK exports, they nevertheless remain higher...

HDFC Securities

WeWork India Pre-IPO - Lease Mismatch and Structural Strains

WeWork India Management Ltd is looking to raise about US$407m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.