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

SAI Life Sciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences (SAILS12 IN)</a> raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



SAI Life Sciences (SAILS12 IN) raised around US$360m in its India IPO in Dec 2024. The lockup on its pre-IPO investors is set to expire soon.
Sai Life Sciences is a contract research, development and manufacturing organisation providing end-to-end services across drug discovery, development and manufacturing value-chain, for small to global pharmaceutical innovators and biotechnology firms.
In this note, we will talk about the lockup dynamics and possible placement.


Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

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

Equity Bottom-Up

<ul>
<li>The Lok Sabha passed the Online Gaming Bill, 2025, banning all RMG platforms and putting Nazara’s PokerBaazi investment at significant risk.</li>
<li>While Nazara has no direct RMG exposure, its INR 805 crore PokerBaazi bet could turn worthless, raising concerns over capital allocation and valuation pressure. </li>
<li>Core businesses remain strong, but regulatory uncertainty warrants caution. Near-term downside risks persist; long-term clarity hinges on execution and policy direction. </li>
</ul>


The Lok Sabha passed the Online Gaming Bill, 2025, banning all RMG platforms and putting Nazara’s PokerBaazi investment at significant risk.
While Nazara has no direct RMG exposure, its INR 805 crore PokerBaazi bet could turn worthless, raising concerns over capital allocation and valuation pressure. 
Core businesses remain strong, but regulatory uncertainty warrants caution. Near-term downside risks persist; long-term clarity hinges on execution and policy direction. 


Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>We increase our top-line estimates by ~12% over next 2 years to accommodate the change in revenue recognition policy of Space &amp; Time (Ad-Tech subsidiary).</li><li>However, our PAT estimates have been revised downwards by 15%/7% in FY26E/FY27E as we re-align our growth &amp; profitability assumptions for Nodwin.</li><li>Nazara reported a revenue beat of 32% as the new policy of Space &amp; Time recognized revenues on either gross or net basis depending on client agreements.</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.

We increase our top-line estimates by ~12% over next 2 years to accommodate the change in revenue recognition policy of Space &amp; Time (Ad-Tech subsidiary).However, our PAT estimates have been revised downwards by 15%/7% in FY26E/FY27E as we re-align our growth &amp; profitability assumptions for Nodwin.Nazara reported a revenue beat of 32% as the new policy of Space &amp; Time recognized revenues on either gross or net basis depending on client agreements.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.

Nazara Technologies (NAZARA IN) - Well Poised for Strong Growth Ahead

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

ICICI Securities Limited

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.

<ul><li>Nazara Technologies (Nazara) delivered robust Q3FY25 growth, led by ad-tech and gaming segments.</li><li>Growth in ad-tech was led by the recent acquisition in the UK (Space and Time Media).</li><li>As this is integrated, it should aid margin improvement.</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.

Nazara Technologies (Nazara) delivered robust Q3FY25 growth, led by ad-tech and gaming segments.Growth in ad-tech was led by the recent acquisition in the UK (Space and Time Media).As this is integrated, it should aid margin improvement.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.

Nazara Technologies - Recent Acquisitions Beginning to Contribute Meaningfully

India

Nazara Technologies is an Indian diversified gaming and sports media platform with a global presence. It specializes in mobile games, esports, and gamified early learning, offering a broad spectrum of gaming content and solutions. The company was founded in 1999 and is headquartered in Mumbai, India.

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

Nazara Technologies (NAZARA IN)

Sai Life Sciences IPO Lockup - US$840m Lockup Release; TPG Asia up 5.8x with a 24.8% Stake

TPG Asia has launched an INR26.4bn (US$302m) cleanup block (14.7% stake) in Sai Life Sciences at a floor price of INR860/share, a 5.2% discount to...

Akshat Shah

Nazara Technologies in Turbulence: Temporary Setback or Lasting Damage?

The Lok Sabha passes Online Gaming Bill, putting Nazara's PokerBaazi investment at risk; regulatory uncertainty raises concerns over capital...

Sudarshan Bhandari

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah