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/physicswallah-limited" target="_blank" data-smartkarma-citation="entities:45792:1" rel="noopener">Physicswallah</a> raised around US$430m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Physicswallah raised around US$430m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.
Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Physicswallah Lockup Expiry - US$2.2bn Lockup Release with Everyone Well in the Money

Thoughtful, Tactical, and Tangible Insights, All Things VC

All Things VC

Thoughtful, Tactical, and Tangible Insights

With All Things VC, I’m striving to connect the dots from our fast-paced world of venture capital and present it to you in a Thoughtful, Tactical, and Tangible (3T’s) manner.

Private Capital Markets

Imagine Marketing (boAt) / Private Capital Markets

<ul>
<li>Vivek Gambhir is a Venture Partner at Lightspeed India and Chairperson of Imagine Marketing , the parent company of boAT.</li>
<li>Before that, he spent over three decades in Indian consumer, most recently as the CEO and Managing Director of Godrej Consumer Products.</li>
<li>In this conversation, part of our India Series, Vivek breaks down why the playbook for building consumer companies in India is fundamentally different from the US or China, why the Indian consumer ecosystem is more nuanced than most global investors realize, and why the biggest talent gap in Indian startups today is not in building, but in scaling up.</li>
</ul>


Vivek Gambhir is a Venture Partner at Lightspeed India and Chairperson of Imagine Marketing , the parent company of boAT.
Before that, he spent over three decades in Indian consumer, most recently as the CEO and Managing Director of Godrej Consumer Products.
In this conversation, part of our India Series, Vivek breaks down why the playbook for building consumer companies in India is fundamentally different from the US or China, why the Indian consumer ecosystem is more nuanced than most global investors realize, and why the biggest talent gap in Indian startups today is not in building, but in scaling up.


India Is Not the Next China. India Is the Next India.

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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> raised about US$750m in its India IPO in Nov 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.</li>
<li>Groww is a direct-to-customer digital investment platform, where customers can invest and trade in stocks, derivatives, bonds, mutual funds etc., and also avail margin trading facility and personal loans.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Groww (1573648D IN) raised about US$750m in its India IPO in Nov 2025. The lockup on its promoters and pre-IPO investors is set to expire soon.
Groww is a direct-to-customer digital investment platform, where customers can invest and trade in stocks, derivatives, bonds, mutual funds etc., and also avail margin trading facility and personal loans.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/metis-techbio-co-ltd" target="_blank" data-smartkarma-citation="entities:48022:1" rel="noopener">Metis TechBio</a> appears to be ticking the right boxes to be doing well.</li>
<li>On the placement front, there were selldowns in <a href="https://www.smartkarma.com/entities/doosan-robotics-inc" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a> and <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>.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Metis TechBio appears to be ticking the right boxes to be doing well.
On the placement front, there were selldowns in Doosan Robotics (454910 KS) and Lenskart Solutions (LENSKART IN).


Aequitas ECM Weekly (11 May 2026)- TFC Optical, Tinci, Dajin Heavy, Metis, LDRobot, Lenskart, Pine

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

<ul>
<li>We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.</li>
<li>From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.</li>
<li>SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.</li>
</ul>


We forecast 7 stocks moving from MidCap to LargeCap, 11 stocks moving from LargeCap to MidCap, 3 stocks from SmallCap to MidCap, and 15 stocks from MidCap to SmallCap.
From the new listings, 4 stocks are expected to be added to Large Cap, 8 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
SEBI has reclassified Real Estate Investment Trusts (REIT) as equity related instruments and REITs will be added to the AMFI classification from the upcoming review.


AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

India

Pine Labs is an Indian multinational financial technology company specializing in point-of-sale (POS) systems and digital payment solutions. It offers in-store and online payment, prepaid, and financial solutions, including Android-based POS machines, Buy Now Pay Later (BNPL) options, loyalty programs, and small business loans. The company is headquartered in Noida, India, and was founded in 1998.

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Pine Labs (PINELABS IN)

Aequitas: Physicswallah Lockup Expiry - US$2.2bn Lockup Release with Everyone Well in the Money

Physicswallah raised around US$430m in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

India Is Not the Next China. India Is the Next India.

Vivek Gambhir is a Venture Partner at Lightspeed India and Chairperson of Imagine Marketing , the parent company of boAT. Before that, he spent...

All Things VC

Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money

A bunch of pre-IPO investors have launched a ~US$500m placement amounting to 4.3% of Groww's shares right on the day of lockup expiry. Hence, the...

Akshat Shah

Aequitas ECM Weekly (11 May 2026)- TFC Optical, Tinci, Dajin Heavy, Metis, LDRobot, Lenskart, Pine

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

AMFI Stock Reclassification Preview (Dec 2025): New Listings and REIT Inclusion Drive Changes

36 stocks could see size reclassification in Jan. 12 new stocks could be added to Large and Mid-cap. REITs will be added to the AMFI classification...

Brian Freitas

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