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

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> raised about US$155m in its India IPO.</li>
<li>Rubicon Research has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.</li>
<li>In this note, we will talk about the trading dynamics.</li>
</ul>



Rubicon Research Limited (1453591D IN) raised about US$155m in its India IPO.
Rubicon Research has shown strong FY25–1Q26 growth, driven by expanding product launches, ANDA approvals, and higher US market penetration, while margins improved with operating leverage and lower R&amp;D intensity.
In this note, we will talk about the trading dynamics.


Rubicon Research IPO Trading - Strongest IPO Demand of 2025 Yet

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>Surging DPSU order books ensure revenue visibility, supported by FY26's 9.5% budget increase and 75% capital outlay for domestic industry.   </li>
<li>The future outlook appears robust, driven by policy and a 20% production CAGR target, aiming for INR 5 lakh crore in exports by 2029.   </li>
<li>High valuations driven by P/E re-rating and heavy dependence on Ministry of Defence  as a single buyer are key sector risks.</li>
</ul>


Surging DPSU order books ensure revenue visibility, supported by FY26's 9.5% budget increase and 75% capital outlay for domestic industry.   
The future outlook appears robust, driven by policy and a 20% production CAGR target, aiming for INR 5 lakh crore in exports by 2029.   
High valuations driven by P/E re-rating and heavy dependence on Ministry of Defence  as a single buyer are key sector risks.


Indian Defence Sector: A Sustainable Boom Or A Trap?

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

Equity Bottom-Up

Mishra Dhatu Nigam Ltd / Equity Bottom-Up

<ul><li>Mishra Dhatu Nigam (Midhani) is a leading manufacturer of special steel, super alloys and titanium alloys catering to niche end-user segments like space, defence, etc.</li><li>Within the overall steel market, Midhani’s area of focus is specialty steel</li><li>Midhani’s product range includes super alloys, titanium and titanium alloys, special purpose steels and other special alloys.</li></ul><p><em>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.</em></p>

Mishra Dhatu Nigam (Midhani) is a leading manufacturer of special steel, super alloys and titanium alloys catering to niche end-user segments like space, defence, etc.Within the overall steel market, Midhani’s area of focus is specialty steelMidhani’s product range includes super alloys, titanium and titanium alloys, special purpose steels and other special alloys.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.

Mishra Dhatu Nigam (Midhani) - Targets Topline of ~| 1000 Crore for FY23E….

India

Mishra Dhatu Nigam Limited (MIDHANI) manufactures metals and metal alloys. The Company produces titanium tubes, fastners, castings, and electrical alloys. MIDHANI also offers chemical analysis, mechanical, non-destructive, and magnetic testing and consultancy services for the aerospace, defence, atomic energy, power generation, chemical, and technology industries.

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Mishra Dhatu Nigam Ltd (MIDHANI IN)

Rubicon Research IPO Trading - Strongest IPO Demand of 2025 Yet

Rubicon Research Limited (RR) raised about US$155m in its India IPO. In this note, we will talk about the trading dynamics.

Akshat Shah

Indian Defence Sector: A Sustainable Boom Or A Trap?

Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...

Sudarshan Bhandari

Mishra Dhatu Nigam (Midhani) - Targets Topline of ~| 1000 Crore for FY23E….

Mishra Dhatu Nigam (Midhani) is a leading manufacturer of special steel, super alloys and titanium alloys catering to niche end-user segments like...

ICICI Securities Limited

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Rubicon Research IPO Trading - Strongest IPO Demand of 2025 Yet

Rubicon Research Limited (RR) raised about US$155m in its India IPO. In this note, we will talk about the trading dynamics.

Akshat Shah

Indian Defence Sector: A Sustainable Boom Or A Trap?

​Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...

Sudarshan Bhandari

Mishra Dhatu Nigam (Midhani) - Targets Topline of ~| 1000 Crore for FY23E….

Mishra Dhatu Nigam (Midhani) is a leading manufacturer of special steel, super alloys and titanium alloys catering to niche end-user segments like...

ICICI Securities Limited

Defense PSUs benefit from strong order books and government support, but face risks from high valuations and reliance on a single buyer. Future...