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.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lenskart-solutions-limited" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions (LENSKART IN)</a> (LS) raised around US$825m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Lenskart Solutions (LENSKART IN) (LS) raised around US$825m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.
Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Lenskart Lockup Expiry - US$6.7bn Lockup Release with Everyone Well in the Money

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Thematic (Sector/Industry)

Paytm Money wealth app launch by the popular digital wallet firm Paytm has excited the street about prospects of a large number of first-time investors entering the wealth products as against bank deposits.The app is user-friendly and currently offers 25 top mutual funds to investors (without charging any advisory fee). It is targeting to reach 50m users in five years time but the app is not linked to the popular wallet Paytm.As SEBI does not allow any cash back or offers for using the app, growth will be difficult given low levels of financial literacy. Any projections based on success Chinese fintech industry may only lead to disappointmentSmall investors also prefer fixed return products or money market funds where the risk are low as many are moving away from FDs for first time. As a result inflows to equity markets from the platform may not be high.The app will have to offer innovative products giving superior returns with least risk to entice small investors to park their surplus savings.

Paytm Money wealth app launch by the popular digital wallet firm Paytm has excited the street about prospects of a large number of first-time investors entering the wealth products as against bank deposits.The app is user-friendly and currently offers 25 top mutual funds to investors (without charging any advisory fee). It is targeting to reach 50m users in five years time but the app is not linked to the popular wallet Paytm.As SEBI does not allow any cash back or offers for using the app, growth will be difficult given low levels of financial literacy. Any projections based on success Chinese fintech industry may only lead to disappointmentSmall investors also prefer fixed return products or money market funds where the risk are low as many are moving away from FDs for first time. As a result inflows to equity markets from the platform may not be high.The app will have to offer innovative products giving superior returns with least risk to entice small investors to park their surplus savings.

India Fintech: Paytm Wealth App Unlikely to Grow As Fast As Wallet; Lack of Wallet Link Key Drawback

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li>The Open Banking initiative in the UK, the PSD2 directive in the EU and a Japanese equivalent are forcing banks to provide third party access via software APIs to customer data and accounts.</li>
<li>In effect, the new regulations will enable a separation of the functions of money i.e. the traditional bundling role of banks is being disintermediated in an ‘open source’ financial data world.</li>
<li>From being financial department stores, banks will have to become more like malls, hosting a range of independent…</li>
</ul>


The Open Banking initiative in the UK, the PSD2 directive in the EU and a Japanese equivalent are forcing banks to provide third party access via software APIs to customer data and accounts.
In effect, the new regulations will enable a separation of the functions of money i.e. the traditional bundling role of banks is being disintermediated in an ‘open source’ financial data world.
From being financial department stores, banks will have to become more like malls, hosting a range of independent…


Payments Battle Goes Global, as Fintech Threat Evolves…

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-limited" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs (PINELABS IN)</a> raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

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

<ul>
<li>SBI targets balance sheet expansion from ~20% to 25% of GDP by 2030, driven by district-level market share strategy across ~800 districts</li>
<li>Scale isn’t the story; execution is. Growth depends on micro-market share gains while managing YONO 2.0, Seva Sarathis and unclaimed deposits.</li>
<li>If GDP hits Rs. 357 lakh crore by FY26, SBI needs Rs. 130+ lakh crore balance sheet. Key risk: funding growth without margin pressure</li>
</ul>


SBI targets balance sheet expansion from ~20% to 25% of GDP by 2030, driven by district-level market share strategy across ~800 districts
Scale isn’t the story; execution is. Growth depends on micro-market share gains while managing YONO 2.0, Seva Sarathis and unclaimed deposits.
If GDP hits Rs. 357 lakh crore by FY26, SBI needs Rs. 130+ lakh crore balance sheet. Key risk: funding growth without margin pressure


SBI 2030: Growing the Balance Sheet to 25% of India's GDP

India

One97 Communications Ltd. is an Indian multinational technology company that provides digital payment and financial services to consumers and merchants. Its core offerings include payment services, lending, insurance, and wealth management, primarily through its flagship mobile wallet, Paytm. The company is headquartered in Noida, India, and was founded in 2000.

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Paytm (PAYTM IN)

Aequitas: Lenskart Lockup Expiry - US$6.7bn Lockup Release with Everyone Well in the Money

This time around softbank is looking to raise around US$300m via selling some of its stake in Lenskart. The deal is being run by GS.

Sumeet Singh

India Fintech: Paytm Wealth App Unlikely to Grow As Fast As Wallet; Lack of Wallet Link Key Drawback

Paytm Money wealth app launch by the popular digital wallet firm Paytm has excited the street about prospects of a large number of first-time...

Asia Advisors

Payments Battle Goes Global, as Fintech Threat Evolves…

The Open Banking initiative in the UK, the PSD2 directive in the EU and a Japanese equivalent are forcing banks to provide third party access via...

Sean Maher

Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to...

Sumeet Singh

SBI 2030: Growing the Balance Sheet to 25% of India's GDP

SBI aims to grow balance sheet to 25% of GDP by 2030 through district-level market strategy, focusing on micro-market share gains and managing key...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Lenskart Lockup Expiry - US$6.7bn Lockup Release with Everyone Well in the Money

This time around softbank is looking to raise around US$300m via selling some of its stake in Lenskart. The deal is being run by GS.

Sumeet Singh

India Fintech: Paytm Wealth App Unlikely to Grow As Fast As Wallet; Lack of Wallet Link Key Drawback

Paytm Money wealth app launch by the popular digital wallet firm Paytm has excited the street about prospects of a large number of first-time...

Asia Advisors

Payments Battle Goes Global, as Fintech Threat Evolves…

The Open Banking initiative in the UK, the PSD2 directive in the EU and a Japanese equivalent are forcing banks to provide third party access via...

Sean Maher

Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company

Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to...

Sumeet Singh

SBI 2030: Growing the Balance Sheet to 25% of India's GDP

​SBI aims to grow balance sheet to 25% of GDP by 2030 through district-level market strategy, focusing on micro-market share gains and managing key...

Sudarshan Bhandari

SBI aims to grow balance sheet to 25% of GDP by 2030 through district-level market strategy, focusing on micro-market share gains and managing key...