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>
<a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto</a> is looking to raise about US$1bn in its upcoming India IPO. </li>
<li>Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.</li>
<li>In this note, we talk about the positive aspects of the deal. </li>
</ul>



Zepto is looking to raise about US$1bn in its upcoming India IPO. 
Zepto Ltd is a quick-commerce company, focused on delivering groceries and everyday essentials within minutes through a network of dark stores and a technology-enabled logistics platform.
In this note, we talk about the positive aspects of the deal. 


Aequitas - Zepto - The Positives - Has Grown Very Fast

Kioxia Holdings  / 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)'s</a> succesful listing appears to have set off a deal frenzy in Hong Kong.</li>
<li>Over the past week, there were a number of placements in India, along with a few large deals in Hong Kong as well.</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)'s succesful listing appears to have set off a deal frenzy in Hong Kong.
Over the past week, there were a number of placements in India, along with a few large deals in Hong Kong as well.


Aequitas ECM Weekly (22 June 2026) - SpaceX, GO, Lingyi, SG Micro, Circuit Fab, Merdeka, Kioxia, NSE

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma. </li>
<li>In this cut, we cover the fast growth of levered ETFs including in Asia, weigh two exchange plays in India and Japan, and assess the competing models in robotaxi.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma. 
In this cut, we cover the fast growth of levered ETFs including in Asia, weigh two exchange plays in India and Japan, and assess the competing models in robotaxi.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Levered ETFs in Asia, Listed and Listing Exchanges & Robotaxis' Road Ahead

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

<ul>
<li>The RBI's revised Commercial Banks Credit Facilities Amendment Directions, 2026, now take effect on 1 July 2026, introducing 100% collateral mandates for bank guarantees, a ban on intraday margin funding.</li>
<li>Proprietary desks, accounting for roughly 40% of F&amp;O turnover, face materially higher capital intensity. Combined with STT changes and end of weekly expiry cycles, this could reduce derivative-volumes by 15–20%.</li>
<li>The shift rewards well-capitalized, self-clearing brokers while punishing balance-sheet-light participants. The open question is whether MTF collateral ambiguity gets clarified before implementation, which could define the magnitude of the shock.</li>
</ul>


The RBI's revised Commercial Banks Credit Facilities Amendment Directions, 2026, now take effect on 1 July 2026, introducing 100% collateral mandates for bank guarantees, a ban on intraday margin funding.
Proprietary desks, accounting for roughly 40% of F&amp;O turnover, face materially higher capital intensity. Combined with STT changes and end of weekly expiry cycles, this could reduce derivative-volumes by 15–20%.
The shift rewards well-capitalized, self-clearing brokers while punishing balance-sheet-light participants. The open question is whether MTF collateral ambiguity gets clarified before implementation, which could define the magnitude of the shock.


RBI's New Bank Funding Rules: The Slow Squeeze on India's Derivatives Ecosystem

India focused Portfolio Advisory - Exp of 40+years, Das Capital Management and Advisors

Arun Thirumalai

India focused Portfolio Advisory - Exp of 40+years

Das Capital Management and Advisors

Das Capital is a research boutique with an aim to continuously map and plan the investment needs of investors focused on India. We have a six member research team with a combined experience of over 40 years as a part of our investment wing. Our team assisted in the setup of Premji Investments, which was one of India’s first family offices focused to managing Mr.Azim Premji personal wealth. We also serve as a research team to two Indian private equity energy funds “Small is Beautiful” and “KSK Emerging India Energy Fund”.

Macroeconomics

For the month of Jan'18 India's main equity indices Nifty 50 and Sensex increased 5.67% and 6.37% receptively, second best among the world markets behind the Hang Seng.During the Jan'18, Indian sectoral indices such as Nifty IT, Nifty Pvt Bank and Nifty Financial services rose 12.3%, 9.2%, and 8.6% respectively, Nifty Pharma saw the biggest fall among the sectoral indices with losing -2.4%.We will be discussing the IIP data for the month Dec'17, CPI data for Jan'18, Purchasing Managers Index for…

For the month of Jan'18 India's main equity indices Nifty 50 and Sensex increased 5.67% and 6.37% receptively, second best among the world markets behind the Hang Seng.During the Jan'18, Indian sectoral indices such as Nifty IT, Nifty Pvt Bank and Nifty Financial services rose 12.3%, 9.2%, and 8.6% respectively, Nifty Pharma saw the biggest fall among the sectoral indices with losing -2.4%.We will be discussing the IIP data for the month Dec'17, CPI data for Jan'18, Purchasing Managers Index for…

India

National Stock Exchange of India Ltd. provides securities exchange and market infrastructure services. The Company offers trading, clearing-related services, market data, indexes, listings, and investor education. The company serves investors, brokers, listed companies, financial institutions, and market participants in India.

National Stock Exchange of India (NSE IN)

Price Gauge
52-week Range	0.00 - 0.00
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National Stock Exchange of India (NSE IN)

Aequitas - Zepto - The Positives - Has Grown Very Fast

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Aequitas ECM Weekly (22 June 2026) - SpaceX, GO, Lingyi, SG Micro, Circuit Fab, Merdeka, Kioxia, NSE

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

Curator's Cut: Levered ETFs in Asia, Listed and Listing Exchanges & Robotaxis' Road Ahead

In this Curator's Cut, we review levered ETF growth in Asia, exchange plays in India and Japan, and different robotaxi models. Share your theme...

Pranav Rao

RBI's New Bank Funding Rules: The Slow Squeeze on India's Derivatives Ecosystem

RBI's new rules on bank guarantees and margin funding could lead to lower derivative volumes and favor well-capitalized brokers over others....

Nimish Maheshwari

India Monthly Report Jan'18 - Feb'18

For the month of Jan'18 India's main equity indices Nifty 50 and Sensex increased 5.67% and 6.37% receptively, second best among the world markets...

Das Capital Management and Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas - Zepto - The Positives - Has Grown Very Fast

Zepto is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Aequitas ECM Weekly (22 June 2026) - SpaceX, GO, Lingyi, SG Micro, Circuit Fab, Merdeka, Kioxia, NSE

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

Curator's Cut: Levered ETFs in Asia, Listed and Listing Exchanges & Robotaxis' Road Ahead

In this ​Curator's Cut, we review levered ETF growth in Asia, exchange plays in India and Japan, and different robotaxi models. Share your theme...

Pranav Rao

RBI's New Bank Funding Rules: The Slow Squeeze on India's Derivatives Ecosystem

​RBI's new rules on bank guarantees and margin funding could lead to lower derivative volumes and favor well-capitalized brokers over others....

Nimish Maheshwari

India Monthly Report Jan'18 - Feb'18

For the month of Jan'18 India's main equity indices Nifty 50 and Sensex increased 5.67% and 6.37% receptively, second best among the world markets...

Das Capital Management and Advisors

In this Curator's Cut, we review levered ETF growth in Asia, exchange plays in India and Japan, and different robotaxi models. Share your theme...

RBI's new rules on bank guarantees and margin funding could lead to lower derivative volumes and favor well-capitalized brokers over others....