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>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, next week will see a large number of listings across the region.</li>
<li>On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.</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, next week will see a large number of listings across the region.
On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.


ECM Weekly (7 July 2025) - IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs (0568874D IN)</a> is looking to raise up to US$1bn in its upcoming India IPO. The deal will be run by Axis, Citi, MS, JPM and Jefferies.</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>According to a Redseer Report, PL was the largest player in issuances of closed and semi-closed loop gift cards by transaction value in India in FY24.</li>
</ul>



Pine Labs (0568874D IN) is looking to raise up to US$1bn in its upcoming India IPO. The deal will be run by Axis, Citi, MS, JPM and Jefferies.
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.
According to a Redseer Report, PL was the largest player in issuances of closed and semi-closed loop gift cards by transaction value in India in FY24.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/oswal-pumps" target="_blank" data-smartkarma-citation="entities:43952:1" rel="noopener">Oswal Pumps (1019841D IN)</a> is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.</li>
<li>Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Oswal Pumps (1019841D IN) is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.
Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Private Capital Markets

<ul>
<li>Pine Labs is a leading merchant commerce platform. It provides a merchant platform and software for point of sales machines.</li>
<li>Its Feb 22 round was said to have been done at a rumored valuation of over US$5bn.</li>
<li>In Jan 2022, the company filed confidentially for an initial public offering worth $500m with the US Securities and Exchange Commission.</li>
</ul>


Pine Labs is a leading merchant commerce platform. It provides a merchant platform and software for point of sales machines.
Its Feb 22 round was said to have been done at a rumored valuation of over US$5bn.
In Jan 2022, the company filed confidentially for an initial public offering worth $500m with the US Securities and Exchange Commission.


Pine Labs Tearsheet - Driving a PoS Payment Revolution

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)

ECM Weekly (7 July 2025) - IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

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

Pine Labs Pre-IPO Tearsheet

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO. The deal will be run by Axis, Citi, MS, JPM and Jefferies.

Akshat Shah

Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Oswal Pumps is looking to raise about US$162m in its upcoming India IPO. We have looked at the company’s past performance in our previous notes. In...

Akshat Shah

Pine Labs Tearsheet - Driving a PoS Payment Revolution

Pine Labs is a leading merchant commerce platform. It provides a merchant platform and software for point of sales machines. It was last valued at...

Sumeet Singh

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