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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> is looking to raise up to US$803m in its upcoming India IPO. The deal will be run by JPM, Kotak, Axis, Citi and Motilal Oswal.</li>
<li>Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer (D2C) digital investment platform that provides multiple financial products and services.</li>
<li>According to the Redseer Report, Groww was India’s largest and fastest growing investment platform by active users on NSE as of June 30, 2025.</li>
</ul>



Groww (1573648D IN) is looking to raise up to US$803m in its upcoming India IPO. The deal will be run by JPM, Kotak, Axis, Citi and Motilal Oswal.
Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer (D2C) digital investment platform that provides multiple financial products and services.
According to the Redseer Report, Groww was India’s largest and fastest growing investment platform by active users on NSE as of June 30, 2025.


Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

National Securities Depository / Equity Capital Markets

<ul>
<li>This insight describes about <a href="https://www.smartkarma.com/entities/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> 's complete overhaul in top management team over the last 12 months.</li>
<li>The mandate for new team is to arrest the market share loss with new age/ discount brokers. The revised strategy seems to be working.</li>
<li>The IPO provides investors a front-row seat opportunity to witness this turnaround.</li>
</ul>


This insight describes about NSDL (NSDL IN) 's complete overhaul in top management team over the last 12 months.
The mandate for new team is to arrest the market share loss with new age/ discount brokers. The revised strategy seems to be working.
The IPO provides investors a front-row seat opportunity to witness this turnaround.


NSDL - New Management, Revised Strategy — The Battle for Market Share Continues

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Private Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> is a wealth management and investment platform designed to simplify investing especially for first-time investors. </li>
<li>Channel feedback indicates Groww's simple UI, and lower cost/fees as the primary reasons for them investing via the platform. </li>
<li>Revenues have seen a COVID-led sharp jump, and growth with low marketing expenses and operational profitability offer a compelling narrative. </li>
</ul>



Groww (1573648D IN) is a wealth management and investment platform designed to simplify investing especially for first-time investors. 
Channel feedback indicates Groww's simple UI, and lower cost/fees as the primary reasons for them investing via the platform. 
Revenues have seen a COVID-led sharp jump, and growth with low marketing expenses and operational profitability offer a compelling narrative. 


Groww Tearsheet - Simplifying Investments and Savings

India

Groww is a direct-to-customer digital investment platform offering a wide range of financial products and services, including stocks, direct mutual funds, exchange-traded funds (ETFs), initial public offerings (IPOs), derivatives, bonds, and gold. The company also provides margin trading facilities and personal loans. Groww is headquartered in Bengaluru, Karnataka, India, and was founded in 2018.

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Groww (GROWW IN)

Groww Pre-IPO Tearsheet

Groww is looking to raise up to US$803m in its upcoming India IPO. The deal will be run by JPM, Kotak, Axis, Citi and Motilal Oswal.

Akshat Shah

Groww Tearsheet - Simplifying Investments and Savings

India Unicorn Series: We profile India's Investment platform "Groww". Encouraging user feedback, growth in spite of tight marketing spends &...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Groww Pre-IPO Tearsheet

Groww is looking to raise up to US$803m in its upcoming India IPO. The deal will be run by JPM, Kotak, Axis, Citi and Motilal Oswal.

Akshat Shah

NSDL - New Management, Revised Strategy — The Battle for Market Share Continues

NSDL has moved sharply post listing. It is up 56% from the IPO price. The stock now trades (73x P/E FY25) at premium to CDSL (62x P/E FY25). One...

Sreemant Dudhoria

Groww Tearsheet - Simplifying Investments and Savings

India Unicorn Series: We profile India's Investment platform "Groww". Encouraging user feedback, growth in spite of tight marketing spends &...

Pranav Bhavsar