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$736m in its upcoming India IPO.</li>
<li>Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Groww (1573648D IN) is looking to raise up to US$736m in its upcoming India IPO.
Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.
In this note, we talk about the company’s historical performance.


Groww Pre-IPO - Scaling Fast in a Competitive Market

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

Nuvama Wealth Management / Equity Bottom-Up

<ul>
<li>Nuvama Wealth is capitalizing on India's burgeoning financialization trend, with its re-branding and strategic focus on affluent and ultra-high-net-worth individuals (UHNIs) driving strong growth in client assets and profitability. 
</li>
<li>As India’s wealth management market matures and faces increasing regulatory scrutiny, Nuvama’s differentiated model position it uniquely to capture a larger share of the shifting landscape.</li>
<li>
Nuvama’s integrated platform and execution-focused management team are navigating industry-wide challenges, from tightening regulatory framework to sustain a growth trajectory that is outperforming peers and creating long-term value.</li>
</ul>


Nuvama Wealth is capitalizing on India's burgeoning financialization trend, with its re-branding and strategic focus on affluent and ultra-high-net-worth individuals (UHNIs) driving strong growth in client assets and profitability. 

As India’s wealth management market matures and faces increasing regulatory scrutiny, Nuvama’s differentiated model position it uniquely to capture a larger share of the shifting landscape.

Nuvama’s integrated platform and execution-focused management team are navigating industry-wide challenges, from tightening regulatory framework to sustain a growth trajectory that is outperforming peers and creating long-term value.


The Beat Ideas: Nuvama Wealth – India’s Affluence Story at the Right Price?

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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<ul>
<li>
<a href="https://www.smartkarma.com/entities/nuvama-wealth-management-ltd" target="_blank" data-smartkarma-citation="entities:40316:1" rel="noopener">Nuvama Wealth Management ("Nuvama")</a> posted a strong Q1FY26 despite a challenging market environment. Q1FY26 revenue grew 15% YoY and PAT grew 19% YoY led by improved cost efficiency.</li>
<li>Managed Products and Investment Solutions (MPIS) which is a core focus area for Nuvama Wealth saw strong inflows representing 77% of the INR 2900cr total inflows.</li>
<li>Even within Nuvama Private, the recurring assets net flows were INR 2900cr+, which on an annualized basis implies a growth of 25%+ YoY.</li>
</ul>



Nuvama Wealth Management ("Nuvama") posted a strong Q1FY26 despite a challenging market environment. Q1FY26 revenue grew 15% YoY and PAT grew 19% YoY led by improved cost efficiency.
Managed Products and Investment Solutions (MPIS) which is a core focus area for Nuvama Wealth saw strong inflows representing 77% of the INR 2900cr total inflows.
Even within Nuvama Private, the recurring assets net flows were INR 2900cr+, which on an annualized basis implies a growth of 25%+ YoY.


Equity Derivatives

<ul>
<li>BSE’s Option Premium ADTO in July MTD is down 25% MoM to INR 105bn amid lower market volatility and regulatory overhang from SEBI’s ban on Jane Street.</li>
<li>This weakness has triggered another 6–8% volume cut assumption in the market, on top of the 4–5% volume cut in June 2025.</li>
<li>BSE will face pressure in the near-term due to lower volume and valuation pressure, but long-term optimism tied to earnings if volumes normalize and reforms push investors toward cash equities.</li>
</ul>


BSE’s Option Premium ADTO in July MTD is down 25% MoM to INR 105bn amid lower market volatility and regulatory overhang from SEBI’s ban on Jane Street.
This weakness has triggered another 6–8% volume cut assumption in the market, on top of the 4–5% volume cut in June 2025.
BSE will face pressure in the near-term due to lower volume and valuation pressure, but long-term optimism tied to earnings if volumes normalize and reforms push investors toward cash equities.


BSE Derivative Volumes Hit by Jane Street Ban, Volatility Slump: EPS Cuts & Near-Term Downgrade

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nuvama-wealth-management-ltd" target="_blank" data-smartkarma-citation="entities:40316:1" rel="noopener">Nuvama Wealth Management (NUVAMA IN)</a>'s stock fell sharply due to SEBI barring Jane Street, its domestic trading partner, over alleged market manipulation, despite no direct accusations against Nuvama.</li>
<li>This dip is an overreaction; Nuvama's strong wealth/asset management (74% revenue) and robust FY26 growth guidance insulate it from Capital Markets segment impact (26%). PAG's ongoing exit also signals value.</li>
<li>The market correction presents a "blessing in disguise," opportunity  into a fundamentally strong, diversified Indian financial services firm.</li>
</ul>



Nuvama Wealth Management (NUVAMA IN)'s stock fell sharply due to SEBI barring Jane Street, its domestic trading partner, over alleged market manipulation, despite no direct accusations against Nuvama.
This dip is an overreaction; Nuvama's strong wealth/asset management (74% revenue) and robust FY26 growth guidance insulate it from Capital Markets segment impact (26%). PAG's ongoing exit also signals value.
The market correction presents a "blessing in disguise," opportunity  into a fundamentally strong, diversified Indian financial services firm.


Nuvama Wealth: The "Blessing in Disguise" Amidst Market Jitters in Jane Street Case

India

Nuvama Wealth Management Limited is an Indian multinational wealth management company offering services in wealth management, asset management, asset servicing, and capital markets, catering to affluent, HNI, and UHNI clients. The company provides solutions across various asset classes including equities, fixed income, mutual funds, and alternative investments. Headquartered in Mumbai, India, it was established in 1993.

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Nuvama Wealth Management (NUVAMA IN)

Groww Pre-IPO - Scaling Fast in a Competitive Market

Groww is looking to raise up to US$736m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

The Beat Ideas: Nuvama Wealth – India’s Affluence Story at the Right Price?

SEBI has granted approval on October 1, 2025, for the Company to act as sponsor and set up Nuvama Mutual Fund, including schemes under the...

Sudarshan Bhandari

Nuvama: Consistent Strong Execution

Nuvama continues to execute well, enabling it to post a strong Q1FY26 despite challenging market conditions. At current valuation, it has potential...

Ankit Agrawal, CFA

BSE Derivative Volumes Hit by Jane Street Ban, Volatility Slump: EPS Cuts & Near-Term Downgrade

BSE's Option Premium ADTO in July down 25% MoM to INR 105bn, triggering volume cuts and near-term pressure, but long-term optimism if volumes...

Sudarshan Bhandari

Nuvama Wealth: The "Blessing in Disguise" Amidst Market Jitters in Jane Street Case

NUVAMA WEALTH MANAGEMENT: CO CLARIFIES REGARDING LINK BETWEEN THE COMPANY AND SEBI’S ACTION AGAINST JANE STREET CO SAYS IT IS NOT PRIVY TO ANY...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Groww Pre-IPO - Scaling Fast in a Competitive Market

Groww is looking to raise up to US$736m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

The Beat Ideas: Nuvama Wealth – India’s Affluence Story at the Right Price?

SEBI has granted approval on October 1, 2025, for the Company to act as sponsor and set up Nuvama Mutual Fund, including schemes under the...

Sudarshan Bhandari

Nuvama: Consistent Strong Execution

Nuvama continues to execute well, enabling it to post a strong Q1FY26 despite challenging market conditions. At current valuation, it has potential...

Ankit Agrawal, CFA

BSE Derivative Volumes Hit by Jane Street Ban, Volatility Slump: EPS Cuts & Near-Term Downgrade

​BSE's Option Premium ADTO in July down 25% MoM to INR 105bn, triggering volume cuts and near-term pressure, but long-term optimism if volumes...

Sudarshan Bhandari

Nuvama Wealth: The "Blessing in Disguise" Amidst Market Jitters in Jane Street Case

NUVAMA WEALTH MANAGEMENT: CO CLARIFIES REGARDING LINK BETWEEN THE COMPANY AND SEBI’S ACTION AGAINST JANE STREET CO SAYS IT IS NOT PRIVY TO ANY...

Sudarshan Bhandari

BSE's Option Premium ADTO in July down 25% MoM to INR 105bn, triggering volume cuts and near-term pressure, but long-term optimism if volumes...