Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a> is now looking to raise about US$350m in its upcoming India IPO.</li>
<li>Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about the updates since then and valuations.</li>
</ul>



Ather Energy is now looking to raise about US$350m in its upcoming India IPO.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In our previous note, we looked at the company’s past performance. In this note, we talk about the updates since then and valuations.


Ather Energy IPO - Still Not Cheap Enough

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

<ul>
<li>We currently forecast 10 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 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 the <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 (NIFTYJR INDEX)</a> and/or Nifty Midcap 150 Index in September.</li>
</ul>


We currently forecast 10 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
From the new listings, 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 the NSE Nifty Next 50 Index (NIFTYJR INDEX) and/or Nifty Midcap 150 Index in September.


AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

<ul>
<li>The <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">Nifty Next 50 Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index</a>, <a href="https://www.smartkarma.com/entities/nifty-it-index" target="_blank" data-smartkarma-citation="entities:36059:1" rel="noopener">Nifty IT Index</a>, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the <a href="https://www.smartkarma.com/entities/cpse-etf" target="_blank" data-smartkarma-citation="entities:28191:1" rel="noopener">CPSE ETF</a> rebalance at the close today.</li>
<li>The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.</li>
<li>Stocks with the largest impact are <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries</a>, <a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum</a>, <a href="https://www.smartkarma.com/entities/adani-total-gas-ltd" target="_blank" data-smartkarma-citation="entities:28352:1" rel="noopener">Adani Total Gas</a>, <a href="https://www.smartkarma.com/entities/indian-hotels-co-ltd" target="_blank" data-smartkarma-citation="entities:5774:1" rel="noopener">Indian Hotels</a>, <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial</a>, <a href="https://www.smartkarma.com/entities/indian-railway-catering-and-tourism-corporation-limited" target="_blank" data-smartkarma-citation="entities:33951:1" rel="noopener">IRCTC</a>, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato</a>, <a href="https://www.smartkarma.com/entities/federal-bank-ltd" target="_blank" data-smartkarma-citation="entities:11784:1" rel="noopener">Federal Bank</a>, <a href="https://www.smartkarma.com/entities/union-bank-of-india" target="_blank" data-smartkarma-citation="entities:546:1" rel="noopener">Union Bank Of India</a> and <a href="https://www.smartkarma.com/entities/crompton-greaves-ltd" target="_blank" data-smartkarma-citation="entities:6248:1" rel="noopener">Crompton Greaves</a>.</li>
</ul>


The NIFTY Index, Nifty Next 50 Index, Nifty Bank Index, Nifty IT Index, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the CPSE ETF rebalance at the close today.
The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.
Stocks with the largest impact are Britannia Industries, Bharat Petroleum, Adani Total Gas, Indian Hotels, Jio Financial, IRCTC, Zomato, Federal Bank, Union Bank Of India and Crompton Greaves.


NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise up to US$400m in its upcoming India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise up to US$400m in its upcoming India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
In this note, we talk about the not-so-positive aspects of the deal.


Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$238m in its upcoming India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$238m in its upcoming India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
In this note, we talk about the company’s historical performance.


Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

India

Ola Electric is an Indian electric vehicle manufacturer that designs and manufactures electric two-wheelers, including the Ola S1 series, and produces battery cells. The company also offers charging solutions and energy storage products. Ola Electric is headquartered in Bengaluru, India, and was founded in 2017.

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Ola Electric (OLAELEC IN)

Ather Energy IPO - Still Not Cheap Enough

Ather Energy is now looking to raise about US$350m in its upcoming India IPO. In this note, we talk about valuations for the IPO.

Sumeet Singh

AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely

We currently forecast 40 migrations for the AMFI July reclassification. There are 2 new listings that could be added to MidCap. The forecast upward...

Brian Freitas

NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn

The March rebalance of the Nifty family of indices takes place at the close today. The round-trip trade is US$2.6bn and there are 26 stocks with...

Brian Freitas

Anthem Biosciences Pre-IPO - The Negatives- Margins Aren't There Yet

Anthem Biosciences is looking to raise up to US$400m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Akshat Shah

Travel Food Services Pre-IPO - Flourishing Takeoff and Takeout Services

Travel Food Services is looking to raise about US$238m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

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