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/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a> is looking to raise around US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Blackbuck (1355652D IN) is looking to raise around US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
In this note, we talk about the company’s historical performance.


Zinka Logistics Pre-IPO - Continued Financial Underperformance in a Highly Fragmented Market

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ntpc-green-energy-ltd" target="_blank" data-smartkarma-citation="entities:43951:1" rel="noopener">NTPC Green Energy Ltd (2214556D IN)</a> is looking to raise INR 100bn (US$1.19bn) in its IPO. That will value the company at INR 910bn (US$10.8bn) at the top end. </li>
<li>The anchor allocations will be completed early next week, and the stock is expected to start trading on 27 November.</li>
<li>The stock will not get Fast Entry to global indices with the earliest inclusion scheduled for June 2025. So, limited passive buying in the medium-term.</li>
</ul>



NTPC Green Energy Ltd (2214556D IN) is looking to raise INR 100bn (US$1.19bn) in its IPO. That will value the company at INR 910bn (US$10.8bn) at the top end. 
The anchor allocations will be completed early next week, and the stock is expected to start trading on 27 November.
The stock will not get Fast Entry to global indices with the earliest inclusion scheduled for June 2025. So, limited passive buying in the medium-term.


NTPC Green Energy IPO: Offer Details & Index Inclusion Timeline

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

ACME Solar Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/acme-solar-holdings" target="_blank" data-smartkarma-citation="entities:43723:1" rel="noopener">ACME Solar Holdings</a> raised around US$345m in its India IPO.</li>
<li>ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



ACME Solar Holdings raised around US$345m in its India IPO.
ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


ACME Solar Holdings IPO Trading - No Sunshine

<ul>
<li>
<a href="https://www.smartkarma.com/entities/acme-solar-holdings" target="_blank" data-smartkarma-citation="entities:43723:1" rel="noopener">ACME Solar Holdings</a> is looking to raise up to US$345m in its India IPO. </li>
<li>ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates and IPO valuations</li>
</ul>



ACME Solar Holdings is looking to raise up to US$345m in its India IPO. 
ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates and IPO valuations


ACME Solar Holdings IPO - Needs Lots of Sunscreen and an Umbrella as Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies</a> raised around US$514m in its India IPO, with robust demand.</li>
<li>Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Waaree Energies raised around US$514m in its India IPO, with robust demand.
Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Waaree Energies IPO Trading - Robust Demand Should Lead to Good Gains

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)

Zinka Logistics Pre-IPO - Continued Financial Underperformance in a Highly Fragmented Market

Zinka Logistics (Blackbuck) is looking to raise around US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

NTPC Green Energy IPO: Offer Details & Index Inclusion Timeline

NTPC Green Energy is looking to raise INR 100bn (US$1.19bn) in its IPO, valuing the company at up to INR 910bn (US$10.8bn). The earliest index...

Brian Freitas

ACME Solar Holdings IPO Trading - No Sunshine

ACME Solar Holdings raised around US$345m in its India IPO. In this note, we talk about the demand and trading dynamics.

Sumeet Singh

ACME Solar Holdings IPO - Needs Lots of Sunscreen and an Umbrella as Well

ACME Solar Holdings is looking to raise up to US$345m in its India IPO. We have looked at the company's past performance in our earlier note. In...

Sumeet Singh

Waaree Energies IPO Trading - Robust Demand Should Lead to Good Gains

Waaree Energies raised around US$514m in its India IPO, with robust demand. In this note, we talk about the trading dynamics.

Sumeet Singh

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