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

Aditya Infotech Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aditya-infotech-ltd" target="_blank" data-smartkarma-citation="entities:43994:1" rel="noopener">Aditya Infotech Ltd (6596564Z IN)</a> is looking to raise about US$155m in its upcoming India IPO.</li>
<li>Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Aditya Infotech Ltd (6596564Z IN) is looking to raise about US$155m in its upcoming India IPO.
Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
In this note, we talk about the company’s historical performance.


Aditya Infotech Pre-IPO - Expanding Channel Network and Increased Production Capacity to Drive Sales

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>There are multiple stocks among the AMFI changes that will be changes for global indices, <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a> and/or Nifty Midcap 150 Index in September.</li>
</ul>


We forecast 10 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 10 stocks from SmallCap to MidCap, and 13 stocks from MidCap to SmallCap.
From the new listings, 1 stock is expected to be added to Large cap, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
There are multiple stocks among the AMFI changes that will be changes for global indices, NIFTY Index, NSE Nifty Next 50 Index and/or Nifty Midcap 150 Index in September.


AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

Kaynes Technology India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.</li>
<li>The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.</li>
</ul>



Kaynes Technology India (KAYNES IN) is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).
In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.
The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.


Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Niva Bupa Health Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/niva-bupa-health-insurance" target="_blank" data-smartkarma-citation="entities:43716:1" rel="noopener">Niva Bupa Health Insurance (1226871D IN)</a> (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Niva Bupa Health Insurance (1226871D IN) (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

India

NTPC Green Energy Limited provides green energy solutions. The Company develops renewable energy projects, and also generates electricity via hydro, solar, wind, and other renewable energy sources. NTPC Green Energy serves customers in India.

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NTPC Green Energy (NTPCGREE IN)

Aditya Infotech Pre-IPO - Expanding Channel Network and Increased Production Capacity to Drive Sales

Aditya Infotech has launched an INR 13bn (US$151m) IPO. We had looked at the company's past performance in our prior note.

Akshat Shah

AMFI Stock Reclassification Preview (Jun 2025): Active Flows Lead to Passive Flows

We currently forecast 44 migrations for the AMFI July reclassification. Some IPOs could be added to Large/Mid cap. The forecast upward migrations...

Brian Freitas

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

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