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

Dr Agarwal's Health Care Ltd / Equity Capital Markets

Dr Agarwal's Health Care Ltd (8140044Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we will talk about the lockup dynamics and possible placement.


Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Manipal Health Enterprises Ltd / Equity Capital Markets

Manipal Health Enterprises Ltd (1217834D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health Enterprises</a>  (MHEL) raised around US$960m in its India IPO.</li>
<li>MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Manipal Health Enterprises  (MHEL) raised around US$960m in its India IPO.
MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Manipal Health IPO Trading - Lukewarm Demand

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Event-Driven

Manipal Health Enterprises Ltd / Event-Driven

<ul>
<li>Manipal Health Enterprises operates 49 hospitals with 13,037 licensed beds across 14 states, generating nearly ₹11,000 crore in revenue via aggressive acquisitions and brownfield expansion opportunities.;</li>
<li>Leading in CONGO-R specialties, Manipal boasts high ARPOB (₹66,145) and low ALOS (2.8 days), backed by lean opex, high EBITDA per employee, and strong institutional governance.</li>
<li>Priced at ₹560–590 (FY26 EV/EBITDA 30.5x), the IPO offers limited listing gains. Long-term upside hinges on brownfield bed operationalization, doctor retention, and navigating Metro overcapacity.</li>
</ul>


Manipal Health Enterprises operates 49 hospitals with 13,037 licensed beds across 14 states, generating nearly ₹11,000 crore in revenue via aggressive acquisitions and brownfield expansion opportunities.;
Leading in CONGO-R specialties, Manipal boasts high ARPOB (₹66,145) and low ALOS (2.8 days), backed by lean opex, high EBITDA per employee, and strong institutional governance.
Priced at ₹560–590 (FY26 EV/EBITDA 30.5x), the IPO offers limited listing gains. Long-term upside hinges on brownfield bed operationalization, doctor retention, and navigating Metro overcapacity.


Manipal Health IPO: Skip the Listing, Buy the Dips?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health Enterprises </a> (MHEL) is looking to raise up to US$960m in its upcoming India IPO.</li>
<li>MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Manipal Health Enterprises  (MHEL) is looking to raise up to US$960m in its upcoming India IPO.
MHEL operates a pan‑India network of multispecialty hospitals delivering a range of care services, from outpatient services to complex tertiary and quaternary interventions.
We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.


Aequitas: Manipal Health IPO - RHP Updates and Thoughts on Valuations

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

Equity Bottom-Up

<ul>
<li>Yatharth is an NCR-anchored quaternary hospital chain compounding revenue at 40% CAGR, the fastest in India's listed hospital universe.</li>
<li>From a current 2,550 beds, Yatharth targets 5,000 beds by FY29, deploying <strong>Rs. 1,500 crore capex</strong> over the next 4-5 years across NCR and North India.</li>
<li>Trading at a <strong>38-60% discount to large-cap peers</strong> purely on ramp-up drag and high government receivables, both of which are structurally reversing over the next 12-18 months.</li>
</ul>


Yatharth is an NCR-anchored quaternary hospital chain compounding revenue at 40% CAGR, the fastest in India's listed hospital universe.
From a current 2,550 beds, Yatharth targets 5,000 beds by FY29, deploying Rs. 1,500 crore capex over the next 4-5 years across NCR and North India.
Trading at a 38-60% discount to large-cap peers purely on ramp-up drag and high government receivables, both of which are structurally reversing over the next 12-18 months.


Yatharth Hospital: The Small-Cap Riding India's Hospital Capex Supercycle

India

Narayana Hrudayalaya Ltd. operates a network of multi-specialty and tertiary healthcare facilities, providing advanced medical care across specialties such as cardiac sciences, oncology, neurosciences, and renal sciences. The company manages hospitals and heart centers, offering services including medical, surgical, and diagnostic support. It is headquartered in Bengaluru, India, and was founded in 2000.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Narayana Health (NARH IN)

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

TPG and Temasek are selling part of their stakes , around 11% of Dr Agarwal Health Care's existing share capital, to raise around US$183m, at a...

Akshat Shah

Aequitas: Manipal Health IPO Trading - Lukewarm Demand

Manipal Health Enterprises (MHEL) raised around US$960m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Manipal Health IPO: Skip the Listing, Buy the Dips?

Manipal Health Enterprises is a leading hospital operator with strong financials and growth potential, but the IPO may not offer immediate gains...

Himanshu Dugar

Aequitas: Manipal Health IPO - RHP Updates and Thoughts on Valuations

Manipal Health Enterprises (MHEL) is looking to raise up to US$960m in its upcoming India IPO. In this note, we talk about the recent updates and...

Sumeet Singh

Yatharth Hospital: The Small-Cap Riding India's Hospital Capex Supercycle

Yatharth, a fast-growing hospital chain in NCR, aims to double its bed capacity by FY29 with significant capex, poised for growth despite current...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

TPG and Temasek are selling part of their stakes , around 11% of Dr Agarwal Health Care's existing share capital, to raise around US$183m, at a...

Akshat Shah

Aequitas: Manipal Health IPO Trading - Lukewarm Demand

Manipal Health Enterprises (MHEL) raised around US$960m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Manipal Health IPO: Skip the Listing, Buy the Dips?

​Manipal Health Enterprises is a leading hospital operator with strong financials and growth potential, but the IPO may not offer immediate gains...

Himanshu Dugar

Aequitas: Manipal Health IPO - RHP Updates and Thoughts on Valuations

Manipal Health Enterprises (MHEL) is looking to raise up to US$960m in its upcoming India IPO. In this note, we talk about the recent updates and...

Sumeet Singh

Yatharth Hospital: The Small-Cap Riding India's Hospital Capex Supercycle

​Yatharth, a fast-growing hospital chain in NCR, aims to double its bed capacity by FY29 with significant capex, poised for growth despite current...

Nimish Maheshwari

Manipal Health Enterprises is a leading hospital operator with strong financials and growth potential, but the IPO may not offer immediate gains...

Yatharth, a fast-growing hospital chain in NCR, aims to double its bed capacity by FY29 with significant capex, poised for growth despite current...